Growing usage of digital pens in education and health sectors, increased usage of smart devices, advancements in digital technology, and high per capita income are some of the major factors driving the growth of the market.
Insights on Market Segments
Of all applications of digital pen market, clinical documentation will contribute the highest shipment globally, with a projected share of more than 20% in 2023. It is also expected to be the fastest growing category during the forecast period, registering a CAGR of 21.3%. This is due to improving healthcare infrastructure and increasing demand for digital healthcare technologies.
North America Stands as the Largest Digital Pen Market
North America has been the largest digital pen market, accounting for 44.5% and 40.6% shares in terms of value and volume respectively in 2017, followed by Asia-Pacific. It is mainly attributed to the increased usage of tablets and personal computers, and increasing penetration of internet.
Surging Adoption of Digital Pens in Art and Design Works Is a Key Market Trend
Increasing use of digital pens in art and design works is a key trend observed in the digital pen market. Application of digital pens in art and design-related works, such as sketching and drawing, provides almost a natural experience to users, by facilitating development of freehand illustrations and designs, which can be modified once they are transferred to a computer. Digital pens with character recognition software are very helpful in presentations, as the written text can be directly converted into typed text and recorded in a device.
Increasing Use of Digital Pens to Eliminate Paper Work Is the Key Growth Driver
Digital pen market has been growing at a high rate, as they are being widely used to eliminate paper work. They help reduce the enormous amount of time involved in filling forms for various purposes. For example, in developed countries, such as the U.S. and Germany, police officers and other authorities use these pens to generate intelligence and crime reports, record information on missing people, and fill incident and crime-reporting forms. Moreover, they often need to maintain information in multiple records. These pens help save time by recording information on a device and multiplying it into several records, by transferring it to a computer or sharing it through various connecting technologies.
In the banking sector, digital pen help reduce operational costs and improve customer services in areas such as new account creation and loan application, by reducing the response time to days or even hours. Similarly, these pens help insurance companies to save money by minimizing their costs linked to paper processing and to increase revenue by not losing clients during extended approval processes.
These pens are also helpful in maintaining the legal security of original signatures in forms and the human touch factor (in contrast to mechanical), which is essential when recording and discussing sensitive information. The digital pen technology offers promising prospects for digitized paper-based processes and therefore can be seen as a growth driver for the digital pen market.
Digital Pen Market Competitiveness
Owing to large demand for Wacom digital pens, the company enjoys economies of scale. Wacom’s OEM partnerships is the key reason for the large demand of its digital pens. However, the other major players, including Anoto, are also trying to establish OEM partnerships, which has resulted in its increased market share in the recent past. Increasing investment of companies on interoperability is further expected to make the market competition intense during the coming years.
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation By Compatibility
1.3.2 Market Segmentation By Technology
1.3.3 Market Segmentation By Application
1.3.4 Market Segmentation By Region
1.3.5 Analysis Period
1.3.6 Market Data Reporting Unit
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown Of Primary Research Respondents
126.96.36.199 By Region
188.8.131.52 By Industry Participant
184.108.40.206 By Company Type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions For The Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition Of Market Segments
4.1.1 By Compatibility
220.127.116.11 Single Operating System
18.104.22.168 Multiple Operating System
4.1.2 By Technology
4.1.3 By Application
22.214.171.124 Clinical Documentation
126.96.36.199 Billing And Back Office
4.2 Market Dynamics
188.8.131.52 Deployment Of Digital Tools For Learning
184.108.40.206 Increasing Use Of Digital Pens In Art And Design Works
220.127.116.11 Rising Disposable Income
18.104.22.168 Increasing Use Of Digital Pens To Eliminate Paper Work
22.214.171.124 Growing Demand For Advanced Features Offered By Digital Pens
126.96.36.199 Impact Analysis Of Drivers On Market Forecast
188.8.131.52 High Cost Of Digital Pens
184.108.40.206 Impact Analysis Of Restraints On Market Forecast
220.127.116.11 Untapped Market Potential In Developing Economies
4.3 Porter’S Five Forces Analysis
4.3.1 Bargaining Power Of Buyers
4.3.2 Bargaining Power Of Suppliers
4.3.3 Intensity Of Rivalry
4.3.4 Threat Of New Entrants
4.3.5 Threat Of Substitutes
Chapter 5. Global Market Size And Forecast
5.1 By Compatibility
5.2 By Technology
5.3 By Application
5.4 By Region
Chapter 6. North America Market Size And Forecast
6.1 By Compatibility
6.2 By Technology
6.3 By Application
6.4 By Country
Chapter 7. Europe Market Size And Forecast
7.1 By Compatibility
7.2 By Technology
7.3 By Application
7.4 By Country
Chapter 8. Asia-Pacific Market Size And Forecast
8.1 By Compatibility
8.2 By Technology
8.3 By Application
8.4 By Country
Chapter 9. Rest Of The World Market Size And Forecast
9.1 By Compatibility
9.2 By Technology
9.3 By Application
Chapter 10. Competitive Landscape
10.1 Market Share Analysis
10.2 Recent Developments Of Major Players
10.3 Strategic Developments In The Global Digital Pen Market
10.3.1 Product Launches
10.3.2 Distributors Agreement
10.3.3 Other Developments
Chapter 11. Company Profiles
11.1 Apple Inc.
11.1.1 Business Overview
11.1.2 Product And Service Offerings
11.1.3 Revenue Split
11.1.4 Digital Pens Solutions
11.2 Hp Inc.
11.2.1 Business Overview
11.2.2 Product And Service Offerings
11.2.3 Revenue Split
11.2.4 Digital Pens Solutions
11.3 Microsoft Corporation
11.3.1 Business Overview
11.3.2 Product And Service Offerings
11.3.3 Revenue Split
11.3.4 Digital Pens Solutions
11.4 Anoto Group Ab
11.4.1 Business Overview
11.4.2 Product And Service Offerings
11.4.3 Revenue Split
11.5 Wacom Co. Ltd.
11.5.1 Business Overview
11.5.2 Product And Service Offerings
11.5.3 Revenue Split
11.5.4 Digital Pens Solutions
11.6 Toshiba Corporation
11.6.1 Business Overview
11.6.2 Product And Service Offerings
11.6.3 Revenue Split
11.6.4 Digital Pens Solutions
11.7 Canon Inc.
11.7.1 Business Overview
11.7.2 Product And Service Offerings
11.7.3 Revenue Split
11.7.4 Digital Pens Solutions
11.8 Staedtler Mars Gmbh & Co. Kg
11.8.1 Business Overview
11.8.2 Product And Service Offerings
11.8.3 Digital Pens Solutions
11.9 Hanwang Technology Co. Ltd.
11.9.1 Business Overview
11.9.2 Product And Service Offerings
11.9.3 Digital Pens Solutions
11.1 Neolab Convergence
11.10.1 Business Overview
11.10.2 Product And Service Offerings
11.11 Luidia Inc.
11.11.1 Business Overview
11.11.2 Product And Service Offerings
11.12 Moleskine S.P.A.
11.12.1 Business Overview
11.12.2 Product And Service Offerings
11.12.3 Revenue Split
11.12.4 Digital Pen Solutions
Chapter 12. Appendix
12.2 Sources And References
12.3 Related Reports
- Apple Inc.
- HP Inc.
- Microsoft Corporation
- Anoto Group AB
- Wacom Co. Ltd.
- Toshiba Corporation
- Canon Inc.
- STAEDTLER Mars GmbH & Co. KG
- Hanwang Technology Co. Ltd. NeoLAB Convergnece
- Luidia Inc.
- Moleskine S.p.A.