Digital Pen Market Expected to Boost Moderately over 2024
Market Highlights
The Global Digital
Pen Market is
Expected to Grow from USD 790.1 million in 2018 to USD 2,044.8 Million by 2024,
at a CAGR of 17.5% during the forecast period.
A digital pen is an electronic writing
instrument that captures handwritten notes or drawings and converts the analog
data into a digital form. A digital pen helps in saving time and cost of
entering data manually; it also reduces the costs of mailing and faxing.
Moreover, it eliminates the need to store outsourced printing and forms, and
enables capturing and transmitting data in real time. Digital pens have
applications in clinical documentation, billing & back office, and
communication, among others.
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Key Players
The key players in the global digital pen
market are Apple Inc. (US), Canon Inc.(Japan), Hanvon Technology Co. Ltd
(China), HP Enterprise Development (US), Moleskine (Italy), NeoLab Convergence,
Inc. (South Korea), Toshiba Corporation (Japan), Wacom(Japan), XCALLIBRE( South
Africa) and Anoto Group AB (Sweden).
Other prominent players studied for the
global digital pen market are IRIS SA (China), Novo Nordisk (Denmark),
Microsoft Corporation (US), Luidia, Inc. (US), and NEO SMARTPEN Inc. (South
Korea) among others.
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Regional Analysis
The global digital pen market is
projected to grow at a significant rate during the forecast period from 2019 to
2024. The geographical analysis of the global digital pen market has been
conducted for North America, Europe, Asia-Pacific, the Middle East and Africa,
Central and South America.
North America accounts for the largest
market share in the digital pen market as the citizens in this region are tech
savvy, and the adoption of smart devices in the US and Canada is high as
compared to other countries. Europe holds the second largest market share in
the digital pen market as the countries in this region including Germany and
the UK are making rapid innovations in automotive and electronic industries.
For instance, in US and Germany, the police officers and other authorities use
these pens to generate intelligence and crime reports, as it save time by
recording information on a device and transferring it to a computer or sharing
it through various connecting technologies. Asia-Pacific is expected to be the
fastest growing market as companies are largely investing in digital technology
tools to save effort as well as time. The digital pen market in the Middle East
and Africa, and Central and South America are in a nascent stage, but are expected
to show significant growth during the forecast period. However, a lack of
technology readiness across various underdeveloped nations may limit the growth
of this market.
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