Digital Pen Market: Bfsi Sector Is Expected To Witness The Fastest Growth
Digital Pen Industry Overview
The global digital pen market size was valued at USD 2.04 billion in 2021 and is expected to expand 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.
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.
Gather more insights about the market drivers, restrains and growth of the Global Digital Pen market
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.
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.
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Digital Pen Market Segmentation
Grand View Research has segmented the digital pen market based on product, usage, end-user, and region.
Digital Pen Product Outlook (Revenue, USD Million, 2017 - 2030)
- Scanning Pen
- Handwriting Pen
Digital Pen Usage Outlook (Revenue, USD Million, 2017 - 2030)
- PC
- Tablet
- Smartphone
Digital Pen End-user Outlook (Revenue, USD Million, 2017 - 2030)
- BFSI
- Healthcare
- Government
- Media & Entertainment
- Education
- Retail
- Others
Digital Pen Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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. The stylus can also be used for capturing and editing screenshots using a pre-installed Screenshot Editor and drawing sketches on a preloaded Coloring Book app. The Moto G Stylus (2022) is also rated to deliver up to two days of battery life on a single charge.
- 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. This phone does not come with a stylus slot, but an S Pen can be bought separately for use on the display.
Key Companies profiled:
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, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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