According to a new report by Allied Market Research, titled,"Digital Pen Market by Platform Type (Android, iOS, Windows), Technology (Camera digital pen, Accelerometer digital pen, trackball digital pen, and Others), and End User (BFSI, Healthcare, Manufacturing, Government, IT & Telecom, and Others): Opportunity Analysis and Industry Forecast, 2017 - 2023,"the digital pen market size was valued at $326.79 million in 2016, and is projected to reach at $815.78 million by 2023, growing at a CAGR of 14.5% from 2017 to 2023.
Digital pen is a writing instrument that allows the user to digitally capture handwritten notes or drawing, provides and used in conjunction with a digital notebook, smartphones, or tablets. The features such as touch sensitivity, memory, and electronic erasing capability made it suitable for the different industry verticals such as BFSI, healthcare, government, IT & telecom, and others. The others include education and retail sector. At present, digital pen are categorized as Android, iOS, and windows based on the platform type. This enables faster & accurate data processing, eliminate data loss, and effective data management. Increase in government spending on digitization drives the demand for digital pen.
In 2016, android segment dominated the digital pen market in platform type segment, in terms of revenue. The features such as easy integration with Google-based products and services, ability to run multiple apps, and easily synchronization, drives the demand for android-based digital pen in the market. Moreover, camera digital pen segment witnessed significant growth, due to intuitive design, require minimal training, and effortless data transmission facility. The rise in demand for digital learning with effective pictorial representations across various industry such as education, media, drives the demand for camera digital pen in the market.
North America was the highest revenue contributor to the digital pen market in 2016, accounting for around 37.70% share, owing to surge in demand for digital creativity across media & journalism industry and rapid digitization has contributed to digital pen market growth in this region. Furthermore, increase in adoption of BYOD policy across various end user such as BFSI, healthcare, manufacturing, and others drive the digital pen market across the country.
The report features a competitive scenario of the digital pen market and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are Apple Inc., Canon Inc., Hanvon Technology Co. Ltd, HP Enterprise Development, Livescribe Inc., Moleskine, NeoLab Convergence, Inc., Toshiba Corporation, Wacom, and Xcallibre. These players have adopted competitive strategies such as innovation, new product development, and market expansion to boost the growth of the market.
Key Findings of the Digital Pen Market:
- The android digital pen market segment accounted for the highest share of the global digital pen market in 2016, growing at a CAGR of 14.40% from 2017 to 2023.
- Camera digital pen generated the highest revenue, accounting for $122.4 million in 2016.
- The others segment across the end user is expected to dominate the market, in terms of digital pen market share, during the forecast period.