SAN FRANCISCO, June 23, 2021 /PRNewswire/ -- The global handwriting digital pen market size is anticipated to reach USD 4.78 billion by 2028, registering a CAGR of 8.3% over the forecast period, according to a new report by Grand View Research, Inc. The implementation of supportive digitalization policies by governments in emerging economies like China and India is expected to push the healthcare and BFSI sectors to use digital pens as a tool for error-proof data collection and transfer. For instance, banking institutions are likely to rely on these devices as they convert manual data into digital content, which makes it easier to maintain the personal information and financial transactions of their customers. In addition, these tools can be used to edit stored data as and when required.
Key Insights & Findings:
The tablet usage segment is projected to register the fastest CAGR of 8.6% over the forecast period.
BFSI is projected to be the fastest-growing application segment from 2021 to 2028. On the other hand, the healthcare application segment is expected to account for the highest revenue share by 2028.
The growing e-commerce sector and increasing preference for online shopping have compelled manufacturers to lean on online distribution for better visibility and greater reach
Several manufacturers are increasingly focusing on implementing the direct-to-consumer approach to generate more sales through their online retail platforms.
The use of digital pens in the animation industry has increased over the years and will continue to grow unhindered in the coming years. Companies are focusing on launching digital pens for students and professionals in the field of creative arts. For instance, Wacom Cintiq 16 was launched in January 2019 to assist students in digital sketching, illustration, and drawing. The product is embedded with Wacom's Pro Pen 2 technology. It has 8,192 levels of pressure sensitivity and tilt, which makes it precise and accurate. Another important technology built-in it is Electro-Magnetic Resonance (EMR), which eliminates the need for battery and recharge. Such innovations are estimated to boost product penetration and market growth over the forecast period.
Asia Pacific is a larger contributor to the production of digital pens, compared to Europe and North America. Major market players have been showing increasing interest in the Asia Pacific region owing to the availability of highly skilled labor at low cost, tax waivers on establishing production plants, and trade benefits, which directly boost the profit margin of a company. The majority of manufacturers are located in China, Japan, and South Korea as a result of easy access to electronic raw materials like chips and sensors from domestic raw material suppliers. However, the rising production costs in developed economies, such as Japan and South Korea, in recent years are expected to force industry participants to shift their production bases to developing economies, such as China and India.
Grand View Research has segmented the global handwriting digital pen market on the basis of usage, application, and region:
Handwriting Digital Pen Usage Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2028)
Muslin Bandage Rolls
Handwriting Digital Pen Application Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2028)
Media & Entertainment
Handwriting Digital Pen Regional Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Handwriting Digital Pen Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.