The global Handwriting Digital Pen market size is expected to be worth around US$ 14.7 billion by 2030, according to a new report by Vision Research Reports.
The global Handwriting Digital Pen market size was valued at US$ 5.2 billion in 2020 and is anticipated to grow at a CAGR of 10.3% during forecast period 2021 to 2030.
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 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.
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. 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.
The growing need to digitize businesses in various sectors, including banking, healthcare, education, and retail, is expected to have a positive impact on market growth. It has been proved that digitization enhances productivity and helps in gaining an edge over competitors. Handwriting digital pens have been gaining significant traction across the globe owing to the rising adoption of e-learning sites and apps among students and educators. E-educators have also been striving to provide education through the online medium, offering greater convenience to students as compared to conventional offline education methods.
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.
The tablet segment dominated the market with a revenue share of over 68% in 2020. This segment is also projected to witness the highest CAGR from 2021 to 2028. The growing target population base, which includes young and tech-savvy consumers most of whom are heavily dependent on digital devices for education and business, is projected to drive the segment growth. According to a survey conducted in January 2020 by Campus Technology, 52% of college students owned tablets. The benefits of digital signatures on a tablet across industries and workplaces include fast turnaround, cost savings, workflow efficiency, strengthened security, and cloud storage.
The healthcare segment led the market with a revenue share of over 32% in 2020 and is projected to grow at a steady CAGR of over 10% from 2021 to 2030. The handwriting digital pen technology is increasingly being adopted by many healthcare companies to eliminate the time consumed in tedious paperwork for recording patient information and prescriptions. Pacific Cataract and Laser Institute use Anoto’s technology as part of its NextPen electronic medical records rollout as it addresses several concerns. The technology was introduced across the organization’s six-state operating region and digital pens are being used to collect patients’ historical data and consent forms.
The BFSI segment is expected to record the fastest CAGR of more than 10.5% from 2021 to 2030. With the help of handwriting digital pens, bank tellers and clients can easily fill forms or basic information, wherein all the annotations will be automatically saved in the document. Wacom handwriting digital pens have been ensuring familiar handwritten signatures and form processing experience for financial service professionals as well as customers.
North America was the dominant regional market in 2020 and accounted for a revenue share of over 42%. The rapid product adoption in countries, such as the U.S. and Canada, as a result of increased diffusion of digital technologies in the majority of businesses, is a key factor driving the market. In addition, the presence of several leading manufacturers and a well-established education sector in the U.S. are boosting the growth of the regional market.
|Market Size||US$ 14.7 billion by 2030|
|Growth Rate||CAGR of 10.3% From 2021 to 2030|
|Forecast Year||2021 to 2030|
|Segments Covered||Usage, Application, Region|
|Companies Mentioned||Apple Inc.; Samsung Electronics Co. Ltd; Huawei Technologies Co. Ltd.; Lenovo; Sony Corporation; Wacom Co. Ltd.; Google LLC; Dell Technologies Inc.; Microsoft Corporation; and Hewlett-Packard Development Company L.P., Google LLC, Sony Corp.|
Samsung Electronics Co., Ltd.
Wacom Co., Ltd.
Huawei Technologies Co., Ltd.
Dell Technologies, Inc.
Hewlett-Packard Development Company, L.P.
Media & Entertainment
Central & South America
Middle East & Africa
The Handwriting Digital Pen market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Handwriting Digital Pen market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Handwriting Digital Pen market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Handwriting Digital Pen market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Handwriting Digital Pen market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Handwriting Digital Pen capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Handwriting Digital Pen by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Handwriting Digital Pen market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Handwriting Digital Pen market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Handwriting Digital Pen market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Handwriting Digital Pen industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Handwriting Digital Pen market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Handwriting Digital Pen market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Handwriting Digital Pen market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Handwriting Digital Pen market. These factors have benefited the growth of the global market for Handwriting Digital Pen. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Handwriting Digital Pen. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Handwriting Digital Pen are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: