The global Handwriting Digital Pen market size is expected to be worth around US$ 14.7 billion by 2030, according to a new report by Vision Research Reports.
The global Handwriting Digital Pen market size was valued at US$ 5.2 billion in 2020 and is anticipated to grow at a CAGR of 10.3% during forecast period 2021 to 2030.
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The implementation of supportive digitalization policies by governments in emerging economies like China and India is expected to push the healthcare and BFSI sectors to use as a tool for error-proof data collection and transfer. For instance, banking institutions are likely to rely on these devices as they convert manual data into digital content, which makes it easier to maintain the personal information and financial transactions of their customers. In addition, these tools can be used to edit stored data as and when required.
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. 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 built-in it is Electro-Magnetic Resonance (EMR), which eliminates the need for battery and recharge. Such innovations are estimated to boost product penetration and market growth over the forecast period.
The growing need to digitize businesses 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 gaining an edge over competitors. Handwriting digital pens have been gaining significant traction across the globe owing to the rising adoption of e-learning sites and apps among students and educators. E-educators have also been striving to provide education through the online medium, offering greater convenience to students as compared to conventional offline education methods.
The majority of manufacturers are located in China, Japan, and South Korea as a result of easy access to electronic raw materials like chips and sensors from domestic raw material suppliers. However, the rising production costs in developed economies, such as Japan and South Korea, in recent years are expected to force industry participants to shift their production bases to developing economies, such as China and India.
The tablet segment dominated the market with a revenue share of over 68% in 2020. This segment is also projected to witness the highest CAGR from 2021 to 2028. The growing target population base, which includes young and tech-savvy consumers most of whom are heavily dependent on digital devices for education and business, is projected to drive the segment growth. According to a survey conducted in January 2020 by Campus Technology, 52% of college students owned tablets. The benefits of digital signatures on a tablet across industries and workplaces include fast turnaround, cost savings, workflow efficiency, strengthened security, and cloud storage.
The healthcare segment led the market with a revenue share of over 32% in 2020 and is projected to grow at a steady CAGR of over 10% from 2021 to 2030. The handwriting digital pen technology is increasingly being adopted by many healthcare companies to eliminate the time consumed in tedious paperwork for recording patient information and prescriptions. Pacific Cataract and Laser Institute use Anoto’s technology as part of its NextPen electronic medical records rollout as it addresses several concerns. The technology was introduced across the organization’s six-state operating region and digital pens are being used to collect patients’ historical data and consent forms.
The BFSI segment is expected to record the fastest CAGR of more than 10.5% from 2021 to 2030. With the help of handwriting digital pens, bank tellers and clients can easily fill forms or basic information, wherein all the annotations will be automatically saved in the document. Wacom handwriting digital pens have been ensuring familiar handwritten signatures and form processing experience for financial service professionals as well as customers.
North America was the dominant regional market in 2020 and accounted for a revenue share of over 42%. The rapid product adoption 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. In addition, the presence of several leading manufacturers and a well-established education sector in the U.S. are boosting the growth of the regional market.
|Market Size||US$ 14.7 billion by 2030|
|Growth Rate||CAGR of 10.3% From 2021 to 2030|
|Forecast Year||2021 to 2030|
|Segments Covered||Usage, Application, Region|
|Companies Mentioned||Apple Inc.; Samsung Electronics Co. Ltd; Huawei Technologies Co. Ltd.; Lenovo; Sony Corporation; Wacom Co. Ltd.; Google LLC; Dell Technologies Inc.; Microsoft Corporation; and Hewlett-Packard Development Company L.P., Google LLC, Sony Corp.|
- Apple, Inc.
- Samsung Electronics Co., Ltd.
- Wacom Co., Ltd.
- Microsoft Corp.
- Huawei Technologies Co., Ltd.
- Dell Technologies, Inc.
- Hewlett-Packard Development Company, L.P.
- Google LLC
- Sony Corp.
- Usage Outlook
- Application Outlook
- Media & Entertainment
- Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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