Digital Pen Market Likely to Garner $815.78 Million, Globally, by 2023

Allied Market Research’s report on “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,” states that the digital pen market garnered $326.79 million in 2016, and is likely to accrue a sum of $815.78 million by 2023, growing at a CAGR of 14.5% from 2017 to 2023.

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The growth of the digital pen market is backed by factors such as growing government investment in building digital infrastructure, rise in adoption of business process automation, increase in adoption of BYOD policy, increased internet penetration, and rise in adoption of smart devices. However, lack of technology readiness in various underdeveloped nations may restrict the growth of the industry. On the other hand, emergence of digital platform for various applications such as banking, cloud storage, and smart devices and rise in investment on digitization are likely to present numerous opportunities for the growth of the industry.

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. Increase in government spending on digitization drives the demand for digital pen.

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In 2016, android segment dominated the digital pen market in platform type segment, in terms of revenue. Moreover, camera digital pen segment witnessed significant growth, due to intuitive design, require minimal training, and effortless data transmission facility.

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 the growth of the digital pen market in this region. Furthermore, increase in adoption of BYOD policy across various end user such as BFSI, healthcare, manufacturing, and others drive the 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.

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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 market share, during the forecast period.

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