Handwriting Digital Pen Market Expected to Deliver Dynamic Progression By 2028

 Handwriting Digital Pen Market Growth & Trends

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 2019 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.

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Handwriting Digital Pen Market Report Highlights

• The tablet usage segment is projected to register the fastest CAGR of 8.6% over the forecast period
• BFSI is projected to be the fastest-growing application segment from 2021 to 2028. On the other hand, the healthcare application segment is expected to account for the highest revenue share by 2028
• The growing e-commerce sector and increasing preference for online shopping have compelled manufacturers to lean on online distribution for better visibility and greater reach
• Several manufacturers are increasingly focusing on implementing the direct-to-consumer approach to generate more sales through their online retail platforms

Access Press Release@ https://www.grandviewresearch.com/press-release/global-handwriting-digital-pen-market

Handwriting Digital Pen Market Segmentation

Grand View Research has segmented the global handwriting digital pen market on the basis of usage, application, and region:

Handwriting Digital Pen Usage Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2028)

• PC
• Tablet
• Smartphone

Handwriting Digital Pen Application Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2028)

• BFSI
• Healthcare
• Government
• Media & Entertainment
• Education
• Retail
• Others

Handwriting Digital Pen Regional Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2028)

• North America
  • US.
• Europe
  • Germany
  • UK.
• Asia Pacific
  • China
  • India
  • Japan
• Central & South America
  • Brazil
• Middle East & Africa

List of Key Players of Handwriting Digital Pen Market

• Apple, Inc.
• Samsung Electronics Co., Ltd.
• Wacom Co., Ltd.
• Microsoft Corp.
• Huawei Technologies Co., Ltd.
• Lenovo
• Dell Technologies, Inc.
• Hewlett-Packard Development Company, L.P.
• Google LLC
• Sony Corp.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.