Increase in the utilization of IoT solutions, rise in the adoption of business process automation, and increase in the adoption of bring your own device (BYOD) policy drive the growth of the global digital pen market
Allied Market Research published a report, titled, “Digital Pen Market by Platform Type (Android, iOS, Window), by Technology (Camera Digital Pen, Accelerometer Digital Pen, Trackball Digital Pen, Others), by End User (BFSI, Healthcare, Manufacturing, Government, It & Telecom, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030.” According to the report, the global digital pen industry generated $586.20 million in 2020, and is expected to reach $2.26 billion by 2030, witnessing a CAGR of 14.7% from 2021 to 2030.
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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 increase in demand for smart infrastructure solutions across various sectors including healthcare, IT & telecom, and BFSI led to surge in the growth of the digital pen market during the pandemic. However, disruptions in the supply chain and lockdown restrictions hindered the market growth.
- Lack of availability of skilled workforce and cancelation or postponement of many projects with implementation of partial or complete lockdown posed hindrances in manufacturing activities.
- However, the surge in adoption of industrial automation solutions is projected to surge the demand for digital pens post-lockdown.
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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.
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.
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Leading Market Players
- Apple Inc.
- Canon Inc.
- Hanvon Technology Co. Ltd.
- HP Enterprise Development
- Livescribe inc.
- NeoLab Convergence, Inc.
- Toshiba Corporation
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