The global digital pen market size is expected to reach USD 3.0 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.4% over the forecast period. Growing application of digital pen in the field of animation and entertainment as it assists in editing photos and videos, along with creating 3D painting, is expected to have a positive impact on the market growth. These devices are capable of providing a depth to the artwork by making it vibrant and realistic. Furthermore, digital pen finds its use among students and artists as it provides versatility in performing various functions such as drawing, doodling, editing, and note taking.
Shifting trend towards the use of digital pen among students with limited learning is generating the demand for the product. It has been proven to be beneficial for students who are struggling with note taking and comprehension. In 2011, UC Berkeley Disabled Students Program conducted a pilot test of 40 disabled students by providing Livescribe Echo smart pen for taking notes. The results revealed that the students became capable of recording audio, along with converting the handwritten notes into digital format. Later, the audio version can be used by students for review and cross checking. Therefore, the afore-mentioned features of digital pen are expected to promote their utility among students for their course curriculum.
One such product specifically launched for art students and creative professionals and enthusiasts is Wacom Cintiq 16. It was launched in January 2019 to assist the 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 very important technology built in it is EMR (Electro Magnetic Resonance), which removes the need for batter and recharge completely.
Some of the key players are I.R.I.S., Luidia, Sony, Livescribe, Kent Displays, Wacom, e-Pens, ACE CAD, Neo Smart Pens, and Neo Slate. The industry participants are projected to increase their spending on the development of new products in order to expand their market share. Additionally, expansion of middle-income population groups in emerging economies including China and India on account of urbanization and increasing employment opportunities from the service sector at a domestic level is expected to open new avenues for the market.
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Further key findings from the report suggest:
- By product, handwriting pen accounted for more than 70.0% in 2018 due to growing product awareness among students and professionals. Scanning pen is expected to register the fastest CAGR of 10.8% from 2019 to 2025
- By application, the BFSI sector is expected to generate a revenue of exceeding USD 400.0 million by the end of 2025 due to rapid adoption of the device in major banks across the world as an endeavor to go digital
- The healthcare sector accounted for more than 20.0% share of the global digital pen market revenue in 2018
- Asia Pacific is expected to register the fastest CAGR of 11.4% from 2019 to 2025