Handwriting Digital Pen Market To Hit Value .78 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on April 25th, 2024 San Francisco, 25 April 2024: The ReportHandwriting Digital Pen MarketSize, Share & Trends Analysis Report By Usage (PC, Tablet, Smartphone), By Application (BFSI, Healthcare, Govt.), By Region (Asia Pacific, North America), And Segment Forecasts, 2021 - 2028 The global handwriting digital pen market size is anticipated to reach USD 4.78 billion by 2028, registering a CAGR of 8.3% over the forecast period, according to a new report by Grand View Research, Inc. 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 digital pens 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. For instance, Wacom Cintiq 16 was launched in January 2021 to assist 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 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. Asia Pacific is a larger contributor to the production of digital pens, compared to Europe and North America. Major market players have been showing increasing interest in the Asia Pacific region owing to the availability of highly skilled labor at low cost, tax waivers on establishing production plants, and trade benefits, which directly boost the profit margin of a company. 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 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. Request sample report of Handwriting Digital Pen Market@https://www.grandviewresearch.com/industry-analysis/handwriting-digital-pen-market/request/rs1 The outbreak of coronavirus has also driven the product demand over the last six months. The education system has changed considerably over this period. With schools all over the world shut down to avoid the spread of the virus, teaching and learning are being undertaken remotely on various digital platforms. Thus, the distinctive rise of e-learning is expected to offer lucrative growth opportunities for the market. The ease of scanning and reading documents in various languages acts as a major factor boosting the adoption of digital pens in the corporate sector. Handwriting Digital Pen Market Report Highlights
Moreover, these tools help reduce the expenses pertaining to general office supplies, resulting in an increase in their usability among consumers. According to an article published in 2018 by Natalya Berdzeni, the executive vice president for spend management services at LAC Group, the group’s clients spend an average of USD 200 per employee annually, or USD 17 per month, on office supplies. Major consumers of paper, such as law firms, spend an average of USD 1,000 per employee annually, or USD 83 per month. Thus, to minimize the expenditure on office supplies, companies are increasingly opting for digital pens. The emergence of digital platforms for various applications, such as banking and cloud computing, is expected to present numerous growth opportunities to key players in the market. People with high spending power are the major consumers of digital pens. Partnering with companies that offer digital equipment can open new growth avenues for the existing and new players in the market. The rising adoption of digital devices as a primary source of education in several schools worldwide is creating significant growth opportunities for the market. Governments around the world are focusing on digitalizing the education sector and are distributing laptops and tablets, among other devices, to boost digitalization. Players in the market are partnering with other companies to develop cost-effective products. Moreover, various companies are procuring desktops and other devices on lease. They can tie up with such service providers of laptops and tablets and offer products on lease. Handwriting Digital Pen Market Report Scope
The market is characterized by the presence of various well-established players. The recent developments and strategic initiatives carried out by key players mainly include product launches, collaborations, and acquisitions. For instance, in October 2021, Microsoft launched a Surface Pen at the October Surface event for the Surface Pro X. The Surface Pro X is a 2-in-1, thin-and-light device that features a sleeker design than previous models and is driven by an ARM chip, with a thinner body and bezel. This strategic product launch was aimed at driving the company’s revenue growth and strengthening its position in the global market. List of Key Players of Handwriting Digital Pen Market
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