Digital Pen Market Wiil Reach $2.0 Billion by 2023 and Is Growing at a CAGR of 18.4% During 2018 – 2023

The global digital pen market is estimated to be valued at $773.5 million in 2017 and is forecasted to witness a CAGR of 18.4% during 2018–2023 and is expected to reach $2,098.1 million by 2023. 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.

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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 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. 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 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. 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.

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Some of the key players in the global digital pen market are 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. and Moleskine S.p.A.

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