LOS ANGELES, Aug. 19, 2021 (GLOBE NEWSWIRE) -- The Global Handwriting Digital Pen Market is estimated to grow at a CAGR of around 8.2% from 2021 to 2028 and to reach around US$ 4.5 Bn by 2028.
North America dominates, Asia Pacific to register fastest growing CAGR for the handwriting digital pen market
In 2020, North America is expected to hold the lion's share of the handwriting digital pen market, and this trend is expected to continue throughout the forecast period. As the animation industry has grown over the years and will continue to grow at the same rate in the coming years, the use of handwriting digital pens in North America will rise, dominating the regional market to grow exponentially. Such innovations increase product penetration and market growth overall. Furthermore, the presence of key players in the regional market enables regional growth, which will contribute to global growth in the coming years for the handwriting digital pen market.
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In contrast, Asia Pacific is expected to have the fastest growing CAGR in the handwriting digital pen market in the coming years. The rising trend of e-education in many APAC provinces is one of the major factors fostering regional market growth and ultimately contributing to overall growth during the analysis period. Among APAC provinces, India, China, and Japan strongly promote sustainability by encouraging the use of technological advancements such as handwriting digital pen, which shows promising growth for the overall market. Such factors have a positive impact on regional growth, which contributes to overall market growth.
COVID-19 impact on the global handwriting digital pen market
The corona virus pandemic has left an indelible mark on education systems all over the world. The paradigm shift to remote countries has accelerated access to devices and broadband internet across the country. Wacom, a Japanese device manufacturer, announced that its digital pen tablet is now fully compatible with Google OS and Chromebooks. In contrast, in April 2020, Doxper, a healthcare startup, announced a product called "Doxper's digital pen and encoded paper is a clinical documentation system”. The newly released product provides solutions that can be quickly deployed to all COVID-19 screening and testing centers, ensuring that real-time, accurate data is digitized and flows to the appropriate stakeholders for updates and analysis. Furthermore, the technology is cloud-based and offers subscription-based pricing models, and the solution is very affordable for hospitals, according to the company. During the pandemic, the two most recent trends in digital transformation in the education industry have been the expansion of distance education and the rise of educational technology innovations.
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Big calls for handwriting digital pen in clinical documentation fuel the growth of global market
The integration of a digital pen and paper system is a new technology that must overcome these constraints. A slew of new technologies for clinical documentation have emerged. These include barcode systems, speech recognition systems, and pen-based systems, as well as scanning technology. Existing technology for documentation and data entry has proven to be problematic over the years. According to the National Center for Biotechnology Information, U.S. National Library of Medicine, usability testing was conducted to evaluate the new technology, a digital pen and paper system would be integrated for hospital nurses. The research study concluded that because existing technologies for documentation and data entry are problematic, most computer interactions require the use of a keyboard and mouse, which are unsuitable for bedside nursing. As a result, the demand for digital pens outnumbers the demand for traditional pen and paper in clinical documentation. Such factors impact positively for the ultimate growth of global handwriting digital pen market.
Segmental Outlook
The global handwriting digital pen market is segmented as usage and application. Based on usage, the market is segmented as PC, tablet, and smart phone. Based on application, the market is segregated as BFSI, healthcare, government, media & entertainment, education, retail, and others.
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Competitive Landscape
The prominent players of handwriting digital pen involve Doxper, Hanvon Technology Co., Ltd., Seiko Epson Corporation, insignia, Microsoft Corporation, DNS Overseas (XP-Pen), Wacom, and among others.
Some of the key observations regarding handwriting digital pen include:
- In April 2020, Doxper has announced the release of a new product called "AI-powered digital pen and encoded paper solution." The new product will help doctors digitize their patient records. Furthermore, the solution can be quickly deployed at all COVID-19 screening and testing facilities, ensuring that real-time, accurate data is digitized and updated in real-time.
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