Digital Pen Market Size, Share, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Digital Pen Market


The global digital pen market size was valued at USD 1.5 billion in 2018. Growing need to digitize business in various sectors including banking, healthcare, education, and retail is expected to have a positive impact on the market growth. It has been proved that digitization enhances productivity and helps in getting an edge over the competitors.
The product is gaining significant traction across the globe owing to 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, utilization of 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 be 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 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, digital pen can be used to edit the stored data easily as and when required.

Product Insights of Digital Pen Market

Handwriting pen accounted for a share of more than 70.0% in 2018. 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. Collaboration of various sensors in the device including IR cameras, pressure sensitivity, positional sensors, and accelerometers has bestowed the product with enormous benefits. These products allow the users to record text, diagrams, drawings, and quick notes by transferring it to a computer.

Scanning pen is expected to register the fastest CAGR of 10.8% from 2019 to 2025 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. These pens exhibit excellent compatibility with various tools including the most common Word, Excel, and PowerPoint.

Application Insights of Digital Pen Market

Healthcare accounted for the largest share of exceeding 20.0% in 2018. The product is widely accepted by majority of the hospitals and pharmacies. The industry has understood the value of electronic medical record concerning patients safety and thus, adopted the product rapidly. This combination of electronic circuits, optical devices, and Bluetooth has revolutionized the process of digitization by simplifying the process of storing every single piece of information about the patients. Many products are modified to make them wireless for the convenience of free locomotion.

The BFSI sector is expected to witness the fastest growth owing to rapidly changing environment of the sector to improve the customer services. Furthermore, it helps in reducing the labor and time consumed in the process of moving the data from analog to digital version. Majority of the banks have been rapidly adopting integrated solutions of tablets and digital pens. For instance, in July 2016, Citi bank Korea Inc. announced a completely paper less and convenient method for opening accounts. The customers can fill the forms on their own device and can further submit their signature via the Wacoms tablets and digital pens in the nearest branch.

Regional Insights of Digital Pen Market

North America was the largest market, accounting for more than 35.0% share of the global revenue in 2018. Rapid adoption of digital pen in the countries such as 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. In addition, majority of the leading manufacturers are U.S. based and thus the market in the region has been influenced by their strong presence.
The U.S. education sector has been boosting the industry growth. Digital pen helps the students in taking notes and sharing it in the digital format easier. The advent of digital textbooks and notebooks has made the interface interactive. Many schools in U.S. and Canada are adopting the system of e-exams and e-notes to improve the scenario of education, which is propelling the market growth consequentially.

Asia Pacific is expected to be fastest growing market, expanding at a CAGR of 11.4% from 2019 to 2025. 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 growing popularity of the product. Furthermore, the device has gained significant traction in countries including Japan, India, and China, where the government is focusing on going completely digital, thereby leading to the growth of the market.

Market Share Insights of Digital Pen Market

Some of the key players in the digital pen market are I.R.I.S., Luidia, Sony, Livescribe, Kent Displays, Wacom, e-Pens, ACE CAD, Neo Smart Pens, and Neo Slate. The manufacturers of independent digital pen are facing major competition from the manufacturers of integrated solutions, who are creating a combination of tablet and digital pens. As these do not require paper at all, they are preferred by the environmentally conscious population segment to deter the use of paper completely.

The ideology among majority of the manufacturers to reduce their carbon footprint is also making them adopt the device to get rid of paperwork completely. Even then, the preference for the device in certain industries has witnessed rapid growth. For instance, use of the product in the animation industry has increased over the years and seems to be unhindered by any other upcoming technology.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Digital Pen Market Research Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global digital pen market report on the basis of product, application, and region:

Product Outlook (Revenue, USD Million, 2019 - 2030)

  
Scanning
  
Handwriting

Application Outlook (Revenue, USD Million, 2019 - 2030)

  
BFSI
  
Healthcare
  
Government
  
Media & Entertainment
  
Education
  
Retail
  
Others