Digital Pen Market Estimated to Grow with a Healthy CAGR During Forecast Period 2020-2027

Market Analysis 

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

Key contenders profiled in the Digital Pen Market report include NEO SMARTPEN Inc. (South Korea), Luidia, Inc. (US), Microsoft Corporation (US), Novo Nordisk (Denmark), IRIS SA (China), Anoto Group AB (Sweden), XCALLIBRE (South Africa), Wacom (Japan), Toshiba Corporation (Japan), NeoLab Convergence, Inc. (South Korea), Moleskine (Italy), HP Enterprise Development (US), Hanvon Technology Co. Ltd (China), Canon Inc.(Japan), and Apple Inc. (US).

Market Segmentation

The MRFR report highlights an inclusive segmental analysis of the global digital pen market based on end user, application, and type. 

By type, the global digital pen market is segmented into trackball-based digital pen, positioned digital pen, accelerometer-based digital pen, camera-based digital pen, and active digital pen. Of these, the active digital pen will lead the market over the forecast period. 

By application, the global digital pen market is segmented into communication, billing and back-office, clinical documentation, and others. Of these, clinical documentation will dominate the market over the forecast period. 

By end user, the global digital pen market is segmented into education, IT and telecom, government, healthcare, BFSI, and others. Of these, the BFSI segment will spearhead the market over the forecast period. 

Regional Analysis 

By region, the global digital pen market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), Central and South America, and the Middle East and Africa (MEA). Of these, North America will dominate the market over the forecast period. Presence of tech-savvy citizens, adoption of smart devices such as digital notebook, android devices, audio recordings and mobile app in Canada and the US, the advent of digital textbooks, use of digital pens by the police to generate crime and intelligence reports, adoption of e-notes and e-exams, and the presence of leading manufacturers are adding to the global digital pen market growth in the region. 

In the APAC region, the global digital pen market is predicted to have healthy growth over the forecast period. Increasing use of digital pens by companies to save time and effort, the focus of the government to go completely digital, and growing demand in India, China, and Japan are adding to the global digital pen market growth in the region. 

In Europe, the global digital pen market is predicted to have sound growth over the forecast period. Rapid adoption in different sectors such as BFSI, IT and telecom, education, and healthcare and an increase in digital pen suppliers are adding to the global digital pen market growth in the region. 

In Central and South America and the MEA, the digital pen market is predicted to have steady growth over the forecast period. 

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