- Technological advancement and rising digitalization are driving the global market.
- The arts & design segment is expected to be the fastest growing segment.
- Asia-Pacific is expected to be the fastest growing region.
According to a new market research report published by Credence Research “Global Digital Writing Instruments Market (Product Type (Digital Pens/Pencils, Digital Styli); Modularity (PCs/Laptops, Tablets, Smartphones); Application (Digital Scanning, Digital Learning, Art & Design, Gesture Recognition, Others), Channel (E-commerce, Retail Stores), Technology (Wired, Wireless) – Growth, Future Prospects and Competitive Analysis,2019 – 2027”, the overall digital writing instruments market worldwide is has registered a value of $230 million in 2018 and is set to grow with a CAGR of 8.6 % during the forecast period.
The global digital writing instruments market is highly driven due to technological advancement and rising digitalization globally. The increasing utilization of smartphones, laptops, tablets and others are one of the major factors which is driving the digital writing instrument market, as these devices are being adopted rapidly by the individuals globally due to additional features and advance technologies integrated into the devices.
Moreover, the rising demand for better services and functionality for digital devices is an another factor for the markets growth as these writing instruments reduces the human efforts and also captures the interest of individuals.
Based on application, the digital learning segment held the largest market share of over 45% in 2018. The segment is driven due to increasing demand for smart phones and rising utilization of e-commerce. The digital learning utilizes all the blended and virtual technologies to increase the effectiveness of learning among the users and individuals.
The digital pens are used during the lectures, trainings and others that make the learning more attractive. Thus these factors led to drive the market. However, the arts & design segment is expected to be the fastest growing segment during the forecast period.
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Asia-Pacific is expected to be the fastest growing region due rising digitalization and adoption of new technologies among the users. Additionally, the increasing disposable income among the individuals and government initiatives for development of digital and technological infrastructure in the region is one of the major factors driving the market. The Asia-Pacific is expected to account a market share of more than 25.0% during the year 2027.
Some of the prominent players operating in the digital writing instruments market include Microsoft Corporation, Apple Inc., Anoto Group AB, Dell Technologies, Wacom Co., Ltd., Moleskine Srl, FiftyThree, Inc., Hanvon Technology Co., Ltd., Neo Smartpen Inc. , Luidia, Inc., Lenovo Group, HP, Acer Inc., AsusTek Computers Inc., Adonit, Staedtler Noris Digital, and I.R.I.S. Inc.