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Digital Pen Market Growing at 14.7% CAGR to Hit USD 2.26 Billion by 2030 | Growth, Share Analysis, Company Profiles
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Drivers, Restraints, and Opportunities
Increase in the utilization of IoT solutions, rise in the adoption of business process automation, surge in the adoption of smart devices, and increase in the adoption of bring your own device (BYOD) policy drive the growth of the global digital pen market. However, lack of technology readiness in various underdeveloped countries hinders the market growth. On the other hand, emergence of digital platforms and surge in investments in digitization present new opportunities in the coming years.
The Android Segment to Maintain its Lead Position throughout the Forecast Period
Based on platform type, the Android segment accounted for the highest share in 2020, contributing to more than two-thirds of the global digital pen market, and is projected to maintain its lead position throughout the forecast period. This is due to easy integration with Google-based products and services, ability to run multiple apps, and ease of synchronization. However, the iOS segment is projected to register the highest CAGR of 15.2% from 2021 to 2030, owing to surge in demand for devices such as smartphones and tablets by Apple Inc.
The Healthcare Segment to Maintain its Leadership Status during the Forecast Period
Based on end user, the healthcare segment held the largest share in 2020, accounting for nearly one-fifth of the global digital pen market, and is projected to maintain its leadership status during the forecast period. However, the BFSI segment is projected to portray the highest CAGR of 17.1% from 2021 to 2030.
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North America to Continue its Dominance in Terms of Revenue by 2030
Based on region, North America accounted for the highest market share in 2020, holding more than one-third of the global digital pen market, and is expected to continue its dominance in terms of revenue by 2030. This is attributed to surge in investments by prominent players in internet of things
(IoT) solutions. However, Asia-Pacific is estimated to manifest the fastest CAGR of 15.6% from 2021 to 2030. This is due to rise in awareness regarding artificial intelligence (AI) and IoT technologies.
Leading Market Players
Moleskine
Apple Inc.
Canon Inc.
Hanvon Technology Co. Ltd.
HP Enterprise Development
Livescribe inc.
NeoLab Convergence, Inc.
Toshiba Corporation
Wacom
Xcallibre
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