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)

Growth in disposable income, increase in demand for data integrity, and the increase in investment on digitization by the government drive the adoption of digital pen in the market. Moreover, various benefits offered by digital pen such as data integration, reduced administration & processing cost, and low training & support cost fuel the digital pen market. Asia-Pacific is expected to be the fastest growing regional segment in the near future, with the highest CAGR. The Asian region, with countries such as China, India, and Australia is an emerging market for digital pen market.

The government is also investing huge on internet connectivity and digitalization across different countries in Asia. The increase in penetration of handheld devices such as smartphone and tablet across the region is driving the market growth in the region. The benefits of digital pen include easy data management and storage using Bluetooth or USB drives, increased productivity, and visual recordings.

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According to a new report by Allied Market Research, titled,"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,"the digital pen market size 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 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. The features such as touch sensitivity, memory, and electronic erasing capability made it suitable for the different industry verticals such as BFSI, healthcare, government, IT & telecom, and others. The others include education and retail sector. At present, digital pen are categorized as Android, iOS, and windows based on the platform type. This enables faster & accurate data processing, eliminate data loss, and effective data management. Increase in government spending on digitization drives the demand for digital pen.

In 2016, android segment dominated the digital pen market in platform type segment, in terms of revenue. The features such as easy integration with Google-based products and services, ability to run multiple apps, and easily synchronization, drives the demand for android-based digital pen in the market. Moreover, camera digital pen segment witnessed significant growth, due to intuitive design, require minimal training, and effortless data transmission facility. The rise in demand for digital learning with effective pictorial representations across various industry such as education, media, drives the demand for camera digital pen in the market.

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

Analyst Review:

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.

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.

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.

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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