Digital Pen Market
Digital Pen Market Forecasts to 2028 – Global Analysis By Platform (Android, Windows, iPhone Operating System (iOS)), Category (Wired, Wireless), Technology (Active Digital Pen, Accelerometer Digital Pen, Positional Digital Pen), and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2021) |
US $616.85 MN |
|
Projected Year Value (2028) |
US $1640.82 MN |
|
CAGR (2021 - 2028) |
15.0% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Digital Pen Market is accounted for $616.85 million in 2021 and is expected to reach $1640.82 million by 2028 growing at a CAGR of 15.0% during the forecast period. Digital Pens are pen like structure that help in writing digitally. A digital pen is an input device that captures handwriting of the user and converts the handwritten information into digital data. It is usually used in conjunction with a computer, enabling graphic designers to create art on tablet PCs. Some companies have manufactured advanced wireless high-end digital pens equipped with Bluetooth technology to transfer data into computers. These pens usually come with USB which means universal serial bus which helps in cradling the handwritten notes to a personal computers or laptops. These pens require digital papers, which can look like sticky note or a traditional pad. Digital pens are also called electronic pens because of its nature of capturing handwritten notes digitally. These are at a greater extent bigger that the normal pens but looks like traditional pens. Android based digital pens have a wider user base which is followed by windows operating systems. Digital pens are packed with electronic circuits, and Bluetooth. The digital pens have ink refills which leave ink trails on the page and infrared LED detects it.
Market Dynamics:
Driver:
Growing inclination from healthcare industry
Increasing demand for digital pens in various sectors, including healthcare, is enhancing the growth of the digital pen market. In healthcare, digital pens enable capturing precise and reliable patient data digitally, especially in the areas of physiotherapy, occupational therapy, and midwife services. This information is time-stamped and is automatically sent to an EMR or hospital medical system for further processing.
Restraint:
High cost
The high cost associated with these pens due to the integration of multiple features, which requires extensive hardware integration is hampering the growth of the market. Also, these pens are not suitable for usage for longer hours as these need to be charged at regular intervals. Moreover, large necessities of the R&D investments in developing digital ink-based cartridges for such pens by the associated companies are anticipated to restrain the market growth. Additionally, the higher cost of digital pens is expected to limit their demand in the future.
Opportunity:
Increasing utilization in educational sector for interactive learning
In this digital printing market analysis educational era, digital pen is seen as a valuable device for students as well as teachers and are replacing books, traditional pens, and other tools of learning for better understanding and convenience. Also, the increasing usage of digital pens on interactive whiteboards for interactive learning is propelling the growth of this market. Moreover, various features of this pen, including audio recording, data sharing, and data transformation into audio-based text, are driving the growth of the digital pen market across the world. Moreover, the advent of digital platform in educational applications, including smart class and cloud storage is expected to create abundant opportunities for digital pen market in the coming years.
Threat:
Lack of technology readiness
One of the barriers for using digital technologies in the higher education classroom is instructor’s lack of knowledge/skill about technology. Developing the skills required for the use of digital technologies which play important roles in education brings instructors’ professional success. Due to lack of technology readiness in various underdeveloped nations such as Africa, Ethiopia, and others restrict the adoption of digital pen in these markets.
The banking financial services and insurance (BFSI) segment is expected to be the largest during the forecast period
The banking financial services and insurance (BFSI) segment is estimated to have a lucrative growth. The growing use of online banking services is positively influencing the adoption of digital pens in the banking, financial services, and insurance (BFSI) sector worldwide. Digital pens help digitize documents, improve document management, cut down processing costs, enhance authentication, speed up workflow, and improve customer satisfaction.
The handwriting pen segment is expected to have the highest CAGR during the forecast period
The handwriting pen segment is anticipated to witness the fastest CAGR growth during the forecast period. The handwriting pen segment is expected to hold a major share of the market owing to the availability of a variety of pens such as a trackball, camera, position, and active pens under handwriting type of digital pens. This results in larger revenues from such a segment. Additionally, the growing usage of such kinds of pens for educational purposes is further driving segmental growth
Region with highest share:
North America is projected to hold the largest market share during the forecast period owing to the increased usage of tablets and personal computers, and growing Internet penetration. In North America, digital pens are widely used across various industries, such as IT, telecom, education, BFSI, healthcare, etc. Several educational institutions, across the U.S. and Canada, are adopting digital books for interactive learning experience. The rapid shift towards digital pen has led to the transformation of education from conventional teaching methods to digital education. With the sudden outbreak of COVID-19 in North America, digital pens are increasingly being adopted in virtual training across several sectors, including IT, healthcare, media, banking, education, etc.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period owing to the presence of large manufacturing hub of electronics, especially in China. Moreover, the favorable government support regarding the development of smart classroom infrastructural facilities in the countries such as India and China ia also a major factor for the regional growth. This is likely to ease the consumption rate of digital pens among the population in the region. For instance, in October 2020, the Ministry of Electronics and IT, Government of India proposed a plan to turn 1.2 million schools across 600,000 Indian villages into smart classrooms. Moreover, the rising adoption of innovative and multi-purpose electronic devices among the region’s population is further driving the market growth in the region.
Key players in the market
Some of the key players profiled in the Digital Pen Market include Anoto Group AB, Apple Inc, Canon Inc, Convergene, E-pens Ltd, Hanvon Technology Co.Ltd, Hewlett-Packard Company, Microsoft, Moleskine S.p.A, Neo LAB, STAEDTLER Mars GmbH & Co.KG, Toshiba Corporation, Wacom Co. Ltd, Samsung, Edinburgh MedTech Company, and WOL3D.
Key Developments:
In January 2021, The Samsung Group, a global consumer electronics giant, launched Bluetooth-technology-based S Pen Pro, a smartpen in the Indian market.
In January 2021, Edinburgh MedTech Company, a healthcare products company secured funding of USD 1.64 million to launch a digital pen that helps patients suffering from Parkinson's in better understanding their neurological conditions.
In July 2020, WOL3D, a manufacturer of 3D printing technology-based products such as printers, filaments, and pens launched ITouch 3D Pen, a digital pen for children in India.
Platforms Covered:
• Android
• Windows
• iPhone Operating System (iOS)
Technologies Covered:
• Active Digital Pen
• Accelerometer Digital Pen
• Positional Digital Pen
• Trackball Digital Pen
• Camera Digital Pen
Compatibilities Covered:
• Single Operating System
• Multiple Operating System
Categories Covered:
• Wired
• Wireless
Products Covered:
• Handwriting Pen
• Scanning Pen
Applications Covered:
• Education
• Clinical Documentation
• Communication
• Billing & Back Office
• Retail
• Media & Entertainment
End Users Covered:
• Government
• IT & Telecom
• Banking Financial Services and Insurance (BFSI)
• Manufacturing
• Healthcare
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Technology Analysis
3.8 Application Analysis
3.9 End User Analysis
3.10 Emerging Markets
3.11 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Digital Pen Market, By Platform
5.1 Introduction
5.2 Android
5.3 Windows
5.4 iPhone Operating System (iOS)
6 Global Digital Pen Market, By Technology
6.1 Introduction
6.2 Active Digital Pen
6.3 Accelerometer Digital Pen
6.4 Positional Digital Pen
6.5 Trackball Digital Pen
6.6 Camera Digital Pen
7 Global Digital Pen Market, By Compatibility
7.1 Introduction
7.2 Single Operating System
7.3 Multiple Operating System
8 Global Digital Pen Market, By Category
8.1 Introduction
8.2 Wired
8.3 Wireless
9 Global Digital Pen Market, By Product
9.1 Introduction
9.2 Handwriting Pen
9.3 Scanning Pen
10 Global Digital Pen Market, By Application
10.1 Introduction
10.2 Education
10.3 Clinical Documentation
10.4 Communication
10.5 Billing & Back Office
10.6 Retail
10.7 Media & Entertainment
11 Global Digital Pen Market, By End User
11.1 Introduction
11.2 Government
11.3 IT & Telecom
11.4 Banking Financial Services and Insurance (BFSI)
11.5 Manufacturing
11.6 Healthcare
12 Global Digital Pen Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Anoto Group AB
14.2 Apple Inc
14.3 Canon Inc
14.4 Convergene
14.5 E-pens Ltd
14.6 Hanvon Technology Co.Ltd
14.7 Hewlett-Packard Company
14.8 Microsoft
14.9 Moleskine S.p.A
14.10 Neo LAB
14.11 STAEDTLER Mars GmbH & Co.KG
14.12 Toshiba Corporation
14.13 Wacom Co. Ltd
14.14 Samsung
14.15 Edinburgh MedTech Company
14.16 WOL3D
List of Tables
1 Global Digital Pen Market Outlook, By Region (2020-2028) ($MN)
2 Global Digital Pen Market Outlook, By Platform (2020-2028) ($MN)
3 Global Digital Pen Market Outlook, By Android (2020-2028) ($MN)
4 Global Digital Pen Market Outlook, By Windows (2020-2028) ($MN)
5 Global Digital Pen Market Outlook, By iPhone Operating System (iOS) (2020-2028) ($MN)
6 Global Digital Pen Market Outlook, By Technology (2020-2028) ($MN)
7 Global Digital Pen Market Outlook, By Active Digital Pen (2020-2028) ($MN)
8 Global Digital Pen Market Outlook, By Accelerometer Digital Pen (2020-2028) ($MN)
9 Global Digital Pen Market Outlook, By Positional Digital Pen (2020-2028) ($MN)
10 Global Digital Pen Market Outlook, By Trackball Digital Pen (2020-2028) ($MN)
11 Global Digital Pen Market Outlook, By Camera Digital Pen (2020-2028) ($MN)
12 Global Digital Pen Market Outlook, By Compatibility (2020-2028) ($MN)
13 Global Digital Pen Market Outlook, By Single Operating System (2020-2028) ($MN)
14 Global Digital Pen Market Outlook, By Multiple Operating System (2020-2028) ($MN)
15 Global Digital Pen Market Outlook, By Category (2020-2028) ($MN)
16 Global Digital Pen Market Outlook, By Wired (2020-2028) ($MN)
17 Global Digital Pen Market Outlook, By Wireless (2020-2028) ($MN)
18 Global Digital Pen Market Outlook, By Product (2020-2028) ($MN)
19 Global Digital Pen Market Outlook, By Handwriting Pen (2020-2028) ($MN)
20 Global Digital Pen Market Outlook, By Scanning Pen (2020-2028) ($MN)
21 Global Digital Pen Market Outlook, By Application (2020-2028) ($MN)
22 Global Digital Pen Market Outlook, By Education (2020-2028) ($MN)
23 Global Digital Pen Market Outlook, By Clinical Documentation (2020-2028) ($MN)
24 Global Digital Pen Market Outlook, By Communication (2020-2028) ($MN)
25 Global Digital Pen Market Outlook, By Billing & Back Office (2020-2028) ($MN)
26 Global Digital Pen Market Outlook, By Retail (2020-2028) ($MN)
27 Global Digital Pen Market Outlook, By Media & Entertainment (2020-2028) ($MN)
28 Global Digital Pen Market Outlook, By End User (2020-2028) ($MN)
29 Global Digital Pen Market Outlook, By Government (2020-2028) ($MN)
30 Global Digital Pen Market Outlook, By IT & Telecom (2020-2028) ($MN)
31 Global Digital Pen Market Outlook, By Banking Financial Services and Insurance (BFSI) (2020-2028) ($MN)
32 Global Digital Pen Market Outlook, By Manufacturing (2020-2028) ($MN)
33 Global Digital Pen Market Outlook, By Healthcare (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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