Digital Pen Market: Analyze the drivers & restraints that impact the growth of the industry

Digital pen allows user to capture the handwritten notes or drawing digitally. The digital pen market is expected to reach $815.78 million by 2023, owing to rise in adoption of business process automation, growth in internet penetration, and increase in adoption of smart and connected devices. However, lack of technology readiness in various underdeveloped nations might limit the adoption of digital pen.

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Need for data integrity, easy traceability, and accuracy & data precision are the necessary requirements for various end users, which drive the demand for digital pen. This enables the end users to perform the tasks and maintain documentation at office space or remote location as per the requirement or based on the need to capture the data.

Digital Pen Market 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 allows user to capture hand written data and drawing digitally in conjunction with the various devices such as smart phones, tablets, and digital paper. The main components include ink cartridge & force sensor, Bluetooth transceiver, and the image processor.

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In 2016, North America was the highest contributor, in terms of revenue, in the digital pen market. In addition, android platform type has contributed significant revenue to the market, majorly from the U.S. Furthermore, the BFSI segment is anticipated to witness the highest growth rate during the forecast period, due to heavy investment in financial inclusion and various financial products development by the end user.

Digital Pen Market by Platform Type (Android, iOS, and Windows), Technology (Camera Digital Pen, Accelerometer Digital Pen, Trackball Digital Pen, and Others), and End User (BFSI, Healthcare, Manufacturing, Government, IT & Telecom, and Others) - Global Opportunities Analysis and Industry Forecast, 2017-2023

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Key players profiled in the report include Apple Inc., Canon Inc., Hanvon Technology Co. Ltd, HP Enterprise Development, Livescribe Inc., Moleskine, NeoLab Convergence, Inc., Toshiba Corporation, Wacom, and Xcallibre.

Key market players have adopted various strategies, such as new product launch, business expansion, and strategic alliances, to increase awareness about digital pen across various countries.

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