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Digital Pen Market To Raise Expressively With 13.3% CAGR By 2030 Due To Rising Need To Digitize Business in Banking, Healthcare, Education And Retail Sectors | Grand View Research, Inc.

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Digital Pen Market To Raise Expressively With 13.3% CAGR By 2030 Due To Rising Need To Digitize Business in Banking, Healthcare, Education And Retail Sectors | Grand View Research, Inc.

June 07
07:25 2022
Digital Pen Market To Raise Expressively With 13.3% CAGR By 2030 Due To Rising Need To Digitize Business in Banking, Healthcare, Education And Retail Sectors | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, the emerging economies significantly witnessed the need for a smart infrastructure solution that is expected to boost the digital pen industry growth post-pandemic.

Digital Pen Industry Overview

The global digital pen market size was valued at USD 2.04 billion in 2021 and is expected to reach USD 6.29 billion by 2030, expanding at a compound annual growth rate (CAGR) of 13.3% from 2022 to 2030.

The growing need to digitize business in various sectors including banking, healthcare, education, and retail is expected to have a positive impact on market growth. It has been proved that digitization enhances productivity and helps in getting an edge over competitors. The outbreak of COVID-19 has significantly impacted the market share owing to a significant impact on prime market players. Conversely, the rise in demand for cheap digital pens and IoT-based smart applications, such as smartphone-based applications escalated the demand for digital pen solutions during the pandemic.

Gather more insights about the market drivers, restrains and growth of the Global Digital Pen Market 

However, the lack of availability of a professional workforce due to partial and complete lockdown implemented by governments restrained the growth of the market.  On the contrary, the emerging economies significantly witnessed the need for a smart infrastructure solution that is expected to boost the digital pen market growth post-pandemic.

The use of digital pens in the animation industry has increased over the years and will continue to grow unhindered in the coming years. Companies are focusing on launching digital pens for students and professionals in the field of creative arts. For instance, Wacom Cintiq 16 was launched in January 2019 to assist students in digital sketching, illustration, and drawing. The product is embedded with Wacom’s Pro Pen 2 technology. It has 8,192 levels of pressure sensitivity and tilt, which makes it precise and accurate. Another important technology is built-in Electro-Magnetic Resonance (EMR), which eliminates the need for battery and recharge. Such innovations are estimated to boost product penetration and market growth in the forecast period.

 

U.S. digital pen market size, by product, 2020 - 2030, (USD Million)

The product is gaining significant traction across the globe owing to the rising adoption of e-learning sites and apps among students of all ages. E-educators have been striving to provide education through the online medium, thereby offering more convenience to the students as compared to the conventional offline education medium.

The conventional blackboard method has been proven to be inefficient as it provides low visibility of the written content. Therefore, the utilization of a digital pen as an alternative to chalks results in providing clarity of the content to the viewers. The points scribbled by these products are quickly turned from analog to digital mode, which is easier to read on the screen and quicker than most of the other transformation methods.

Implementation of supportive government policies on digitalization in emerging economies, including China and India, is expected to push the healthcare and BFSI sectors to use the digital pen as a tool for ensuring error-proof database collection. For instance, banking institutions are likely to rely on these objects as they convert manual data into digital formats, which makes it easier to keep the personal information and financial transactions of their customers. Additionally, the digital pen can be used to edit the stored data easily as and when required.

 

Digital Pen Market Segmentation

Based on the Product Insights Insights the market is segmented into Scanning Pen, Handwriting Pen

  • Handwriting pen accounted for a share of more than 70.0% in 2021. These products have been proven to be exceptionally beneficial in managing analog input systems. Additionally, the product is considered to be versatile, precise, and beneficial in various industries including healthcare, education, banking, and retail.
  • The scanning pen is expected to register the fastest CAGR of 13.4% from 2022 to 2030 owing to its portability and simplified USB-based powering system. Scanning products have been made compatible with more than 40 languages and can recognize texts and numbers in different languages including English, German, Mandarin, Spanish, French, and Russian.

 

Based on the End-user Insights the market is segmented into BFSI, Healthcare, Government, Media & Entertainment, Education, Retail, Others

  • Healthcare accounted for the largest share of 23.1% in 2021. The product is widely accepted by the majority of hospitals and pharmacies. The industry has understood the value of electronic medical records concerning the patient’s safety and thus, adopted the product rapidly.
  • The BFSI sector is expected to witness the fastest growth, of 14.5% owing to the rapidly changing environment of the sector to improve customer services. Furthermore, it helps in reducing the labor and time consumed in the process of moving the data from analog to digital versions.

 

Based on the Usage Insights the market is segmented into PC, Tablet, Smartphone

  • Under the usage section, tablets occupy the highest market of 58.6% as of 2021 and also projects the highest CAGR of 13.8%. Increasing growth in the commercial sector, particularly offices, as well as a rise in the number of colleges and universities, has heightened the trend of smart presentations and digital notes in day-to-day life.
  • Moreover, with rapid digitization, the modes of writing have changed in educational and leisurely settings, leading to an increasingly marginalized use of traditional pen and paper and subsequently boosting the adoption of PCs and laptops. Additionally, the rising popularity of pen and paper technologies in vertical markets such as healthcare and manufacturing, both of which make heavy use of standardized forms.

 

Based on the Regional Insights the market is segmented into North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

  • North America was the largest market, accounting for more than 37.0% share of the global revenue in 2021. The rapid adoption of the digital pen in countries such as the U.S. and Canada as a result of increased diffusion of digital technologies in the majority of businesses is a key factor driving the market.
  • The U.S. education sector has been boosting industry growth. The digital pen helps the students in taking notes and sharing them in the digital format easier. The advent of digital textbooks and notebooks has made the interface interactive.
  • Asia Pacific is expected to be the fastest-growing market, with a CAGR of 14.3% from 2021 to 2030. Countries including China and South Korea have been creating products that function similarly but are available to the common mass at an economical price, which has resulted in the growing popularity of the product.

 

Market Share Insights

  • January 2022: Moto G Stylus (2022) has been launched as the company’s latest model bundled with a stylus pen. The Moto G Stylus (2022) also includes a preloaded Moto Note app that lets you write notes using the bundled stylus, even without unlocking the phone.
  • January 2021: Samsung introduced the S Pen Pro – a pencil-sized larger model of the S Pen that is more comfortable to use and hold. This works with Samsung Galaxy S21 Ultra 5Glink Samsung Galaxy S21 Ultra 5G is the first Galaxy S series handset to offer stylus support.
  • April 2020: Doxper has announced the release of a new product called “AI-powered digital pen and encoded paper solution.” The new product will help doctors digitize their patient records.
  • January 2019: Wacom Cintiq 16 was launched to assist students in digital sketching, illustration, and drawing. The product is embedded with Wacom’s Pro Pen 2 technology.

 

Key Companies Profile:

The market is still in its nascent stage, where new entrants are launching products and other key players in the market are planning to launch their products due to the increasing popularity of these technologically advanced products across the globe.

Some of the key players operating in the digital pen market include:

  • IRIS S.A.,
  • Lucidia Inc.,
  • Kent Displays,
  • Wacom Co., Ltd.,
  • ACECAD Digital Corp.,
  • NeoLAB Convergence Lab,
  • Livescribe Inc.,
  • Moleskine S.p.A.,
  • Apple Inc.,
  • Microsoft Inc.

 

Order a free sample PDF of the Digital Pen Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web https://www.grandviewresearch.com/

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Website: https://www.grandviewresearch.com/industry-analysis/digital-pen-market