Handwriting Digital Pen Market expected to offer lucrative growth opportunities by 2028

Posted on 2022-08-11 by researchinsights in Industrial // 0 Comments

Handwriting Digital Pen Industry Overview

The global handwriting digital pen market size was valued at USD 2.52 billion in 2020 and is anticipated to grow at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028.

The growing need to digitize businesses in various sectors, including banking, healthcare, education, and retail, is expected to have a positive impact on market growth. It has been proved that digitization enhances productivity and helps in gaining an edge over competitors. Handwriting digital pens have been gaining significant traction across the globe owing to the rising adoption of e-learning sites and apps among students and educators. E-educators have also been striving to provide education through the online medium, offering greater convenience to students as compared to conventional offline education methods.

Gather more insights about the market drivers, restrains and growth of the Global Handwriting Digital Pen Market

The outbreak of coronavirus has also driven the product demand over the last six months. The education system has changed considerably over this period. With schools all over the world shut down to avoid the spread of the virus, teaching and learning are being undertaken remotely on various digital platforms. Thus, the distinctive rise of e-learning is expected to offer lucrative growth opportunities for the market. The ease of scanning and reading documents in various languages acts as a major factor boosting the adoption of digital pens in the corporate sector.

Moreover, these tools help reduce the expenses pertaining to general office supplies, resulting in an increase in their usability among consumers. According to an article published in 2018 by Natalya Berdzeni, the executive vice president for spend management services at LAC Group, the group’s clients spend an average of USD 200 per employee annually, or USD 17 per month, on office supplies. Major consumers of paper, such as law firms, spend an average of USD 1,000 per employee annually, or USD 83 per month. Thus, to minimize the expenditure on office supplies, companies are increasingly opting for digital pens.

The emergence of digital platforms for various applications, such as banking and cloud computing, is expected to present numerous growth opportunities to key players in the market. People with high spending power are the major consumers of digital pens. Partnering with companies that offer digital equipment can open new growth avenues for the existing and new players in the market. The rising adoption of digital devices as a primary source of education in several schools worldwide is creating significant growth opportunities for the market.

Governments around the world are focusing on digitalizing the education sector and are distributing laptops and tablets, among other devices, to boost digitalization. Players in the market are partnering with other companies to develop cost-effective products. Moreover, various companies are procuring desktops and other devices on lease. They can tie up with such service providers of laptops and tablets and offer products on lease.

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