Technological Advancement to Drive Digital Pen Market Growth Forward
The increasing demand for digital pens owing to their advanced features and rising disposable income have contributed to the growth of digital pen market, which generated a revenue of $773.5 million in 2017.
It is expected to grow at an 18.4% CAGR during the forecast period (2018–2023). Digital pens are tools that capture information on a digital surface, such as a specially designed digital paper or a liquid crystal display (LCD) screen. These pens mostly have built-in scanners and handwriting recognition software, which converts the handwritten text into the typed form.
A shift toward digital learning methods is being observed in the digital pen market. The advancement and ease of use of technology have enabled the students and teachers alike to shift from traditional learning methods, such as books and pens to digital devices including mobile phones, computers, and laptops devices that are compatible with digital pens.
The usage of these pens on digital whiteboards in educational institutes encourage interactive learning among students and help them conveniently share and record the content as per their requirement.
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Another major trend in the digital pen market is the use of such electronics in art and design work. This enables artists to sketch in a freehand manner, but on a digital platform.
The illustrations and designs are then smoothly transferred to a computer, where further modifications can be done with ease, and the work can be stored for a long time without losses in the print quality. Digital pens have also proven to be extremely useful during presentations in corporate setups, as they convert the written information into the typed form.