Global Digital Pen Market Report, published by Variant Market Research, forecast that the global market is expected to reach $4,260 million by 2024 from $1,146 million in 2016, growing at a CAGR of 17.8% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 19.0% and 18.4%, respectively, during the forecast period.
"Digital Pen Market (By Platform: Android, Windows, and IOS; By Technology: Camera, Accelerometer, Active, Position, Trackball, And Others; By Application: Communication, Education, Clinical Documentation, Billing and Back Office, and Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the factors supporting the growth of the global digital pen market includes technological advancements, demand for pens with innovative features, rising use of pens in arts and designing, and growing digital learning. Additionally, market expansion and advancements in feature could provide future scope for competitors. Though, high costs of these pens may limit the adoption in forecast periods.
Platform, technology, application, and geography are the key segments included in the global digital pen market. Platform is sub-segmented into android, windows, and IOS. IOS and android accounted for the maximum segment share in 2016. Technology is bifurcated into camera, accelerometer, active, position, trackball, and others. Among them, active held the major segment share and is also expected to grow with the fastest CAGR. Furthermore, application is categorized into communication, education, clinical documentation, billing and back office, and others. Clinical documentations and education dominated the segment with largest market share in 2016.
Geographically, the global digital pen market is categorized into North America, Europe, Asia-Pacific, and Rest of the world (RoW). In 2016, North America held the major market share with 49.5%, followed by Europe with 23.1%. In terms of growth, Asia-Pacific is likely to attain the fastest CAGR, owing to increased adoption of advanced technologies, rise in disposable income, and rising R&D activities.
The major players operating in the market include Toshiba Corporation, E-pens Ltd., Apple Inc., Canon Inc., Wacom Co. Ltd., Hewlett-Packard Company, Logitech International S.A., Hanvon Technology Co.Ltd., Moleskine S.p.A, and Anoto Group AB, among others.