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Global Digital Pen Market

  • 4100.00 Dollar US$
  • Published date: July 31, 2020
    • Pune, Maharashtra, India [ Ads Views - 6 ]

Global Digital Pen Market was valued US$ XX Bn in 2018 and is expected to reach XX Bn by 2026, at a CAGR of XX % during a forecast period. The digital pen is an instrument, which permits the user to digitally capture handwritten notes or drawing, provides and used in conjunction with a digital notebook, smartphones, or tablets.

An increase in adoption of business process automation, growing internet penetration & adoption of smart devices across the globe, and a rise in BYOD policy are some of the prominent factors behind the growth of the global digital pen market. Additionally, the Introduction of the advanced features related to digital pens is expected to drive the global digital pen market growth. The increasing popularity of electronic gadgets, the demand for innovative pens proposing features beyond just writing is on the growth. The digital pen offers features like time-based and patient-specific reminders, decision support and data interpretation, audio recording, and data storage, data sharing, and data transformation into the audio-based text are expected to boost the

global digital pen market growth. On the other hand, lack of technology readiness in numerous underdeveloped nations like Africa, Ethiopia, and others are expected to limit the global digital pen market growth. The android segment is expected to grow at a XX % rate of CAGR during the forecast period. The Android platform type offers features like easy integration with Google-based products and services, the capability to run multiple apps, and effortlessly synchronization, which is expected to drive digital pen in the market growth. Additionally, the camera digital pen segment is expected to witness significant growth owing to the intuitive design, involve minimal training, and effortless data transmission facility. With the increase in demand for digital learning with effective pictorial representations across the various industry like education, media is expected to increase demand for camera digital pen in the market. Banking, Financial Services, and Insurance sector are expected to dominate the growing global digital pen market. In the banking sector, digital pen aid reduces operational costs and increases customer services in areas like new account creation and loan application, by sinking the response time to days or even hours. These pens also help insurance key players to save money by minimalizing their costs linked to paper processing and to raise revenue by not losing clients during prolonged approval processes. The North America region is estimated to hold a dominant position in the global digital pen market.

The dominant position in the market is attributed to the surge in demand for digital creativity across the media & journalism industry and rapid digitization. Growing adoption of BYOD policy across numerous end users like BFSI, healthcare, manufacturing, and others are expected to drive the digital pen market in the region.

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