Portland, OR -- (SBWire) -- 06/08/2018 --According to a new report by Allied Market Research, titled, Digital Pen Market by Platform Type, Technology and End User Opportunity Analysis and Industry Forecast, 2017-2023. The digital pen market was valued at $326.79 million in 2016, and is projected to reach at $815.78 million by 2023, growing at a CAGR of 14.5% from 2017 to 2023.
The report features a competitive scenario of the digital pen market and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are Apple Inc., Canon Inc., Hanvon Technology Co. Ltd, HP Enterprise Development, Livescribe Inc., Moleskine, NeoLab Convergence, Inc., Toshiba Corporation, Wacom, and Xcallibre. These players have adopted competitive strategies such as innovation, new product development, and market expansion to boost the growth of the market.
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Digital pen allows user to capture the handwritten notes or drawing digitally. The digital pen market is expected to reach $815.78 million by 2023, owing to rise in adoption of business process automation, growth in internet penetration, and increase in adoption of smart and connected devices. However, lack of technology readiness in various underdeveloped nations might limit the adoption of digital pen.
Need for data integrity, easy traceability, and accuracy & data precision are the necessary requirements for various end users, which drive the demand for digital pen. This enables the end users to perform the tasks and maintain documentation at office space or remote location as per the requirement or based on the need to capture the data.
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Key Findings of the Digital Pen Market:-
- The android digital pen market segment accounted for the highest share of the global digital pen market in 2016, growing at a CAGR of 14.40% from 2017 to 2023.
- Camera digital pen generated the highest revenue, accounting for $122.4 million in 2016.
- The others segment across the end user is expected to dominate the market, in terms of market share, during the forecast period.
Key market players have adopted various strategies, such as new product launch, business expansion, and strategic alliances, to increase awareness about digital pen across various countries.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. The data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online
and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Digital Pen Market Expected to Grow at a CAGR of 14.5% by 2023
Key players are profiled and their strategies are analyzed thoroughly to understand the competitive outlook of the global digital pen market.