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Digital Pen Market-Opportunities to 2027
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Market Highlights
The Global Digital Pen Market is Expected to Grow from USD 790.1 million in 2018 to USD 2,044.8 Million by 2024, at a CAGR of 17.5% during the forecast period.
A digital pen is an electronic writing instrument that captures handwritten notes or drawings and converts the analog data into a digital form. A digital pen helps in saving time and cost of entering data manually; it also reduces the costs of mailing and faxing. Moreover, it eliminates the need to store outsourced printing and forms, and enables capturing and transmitting data in real time. Digital pens have applications in clinical documentation, billing & back office, and communication, among others.
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Key Players
The key players in the global digital pen market are Apple Inc. (US), Canon Inc.(Japan), Hanvon Technology Co. Ltd (China), HP Enterprise Development (US), Moleskine (Italy), NeoLab Convergence, Inc. (South Korea), Toshiba Corporation (Japan), Wacom(Japan), XCALLIBRE( South Africa) and Anoto Group AB (Sweden).
Other prominent players studied for the global digital pen market are IRIS SA (China), Novo Nordisk (Denmark), Microsoft Corporation (US), Luidia, Inc. (US), and NEO SMARTPEN Inc. (South Korea) among others.
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Regional Analysis
The global digital pen market is projected to grow at a significant rate during the forecast period from 2019 to 2024. The geographical analysis of the global digital pen market has been conducted for North America, Europe, Asia-Pacific, the Middle East and Africa, Central and South America.
North America accounts for the largest market share in the digital pen market as the citizens in this region are tech savvy, and the adoption of smart devices in the US and Canada is high as compared to other countries. Europe holds the second largest market share in the digital pen market as the countries in this region including Germany and the UK are making rapid innovations in automotive and electronic industries. For instance, in US and Germany, the police officers and other authorities use these pens to generate intelligence and crime reports, as it save time by recording information on a device and transferring it to a computer or sharing it through various connecting technologies. Asia-Pacific is expected to be the fastest growing market as companies are largely investing in digital technology tools to save effort as well as time. The digital pen market in the Middle East and Africa, and Central and South America are in a nascent stage, but are expected to show significant growth during the forecast period. However, a lack of technology readiness across various underdeveloped nations may limit the growth of this market.
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