Digital Pen Market Growth Outlook Report By 2023 Including Major Key Players: Anoto, Wacom Technology Corp., Apple, Microsoft & Toshiba

Due to strong economic growth in several countries, particularly developing nations, there has been a considerable growth in the disposable income of people. Because of this, the demand for different consumer electronic items is increasing. More people are now able to afford electronic gadgets, which is further leading to technological advancements in the consumer electronics industry. Digital pen is among the major technological innovations in the past few years in the consumer electronics industry. These pens have several advantages over conventional pens, as they allow users to record their diagrams, text entries, drawings, and notes and transfer them to a computer with ease, thereby improving workflow.

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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Attributed to such advantages of these devices, the global digital pen market is predicted to generate a revenue of $2,098.1 million by 2023, rising from $773.5 million in 2017, and is projected to witness a 18.4% CAGR during the forecast period (2018–2023). Digital pens are compatible with single operating system (OS) and multiple OSs. Between these two, the demand for digital pens that are compatible with multiple OSs was higher in the past, which is because of the rising number of consumers that use more than one phone, with different OSs.

Market Segmentation by Compatibility
Single OS
Multiple OS

Market Segmentation by Technology
Active Digital Pen
Camera-Based Digital Pen
Accelerometer-Based Digital Pen
Positional Digital Pen
Trackball-Based Digital Pen

Market Segmentation by Application
Clinical Documentation
Education
Billing & Back Office
Communication
Others

Geographically, North America has been the major consumer of digital pens in the past; however, Asia-Pacific (APAC) is predicted to emerge as the fastest-growing digital pen market in the coming years. This can be attributed to the rising number of consumer electronics users and increasing penetration of internet, primarily in countries such as India and China. In addition to this, the enhancing healthcare infrastructure in APAC is also driving the requirement for digital health technologies. Furthermore, several electronic device manufacturing companies are investing heavily in the domain, owing to the easy availability of skilled manpower and low manufacturing cost in the region.

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Hence, the demand for digital pens is growing because of the increasing disposable income and development of different digital technologies.

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This release was published on openPR.