In 2022, the digital pen market was worth around USD 2,311 million, and it is projected to advance at a 13.6% CAGR from 2022 to 2030, hitting USD 6,410 million in 2030, according to P&S Intelligence. This growth can be credited to the growing usage of digital pens to remove paperwork, increasing demand for enhanced features provided by digital pens, and mounting per-capita income.
Furthermore, digital devices, including computers, digital pens, and other hand-held computing devices are helpful for teachers as well as students, as they are constantly replacing books, pens, and other means of studying.
In 2022, the active pen category had the largest market share, at 46%. Such pens enable the utilizer to write straight onto the display of a computation device, such as a tablet, smartphone, ultra-book, or computer, The cursor is permanently underneath the tip; therefore, they are precise to a superior extent.
In 2022, the multiple OS category held the larger share, of above 70%. Furthermore, presently digital with greater than one operating system compatibility pens are gaining more traction among users. Additionally, numerous customers nowadays own more than one phone, with dissimilar operating systems, because of which the need for digital pens with multiple operating system compatibility is quickly growing.
The clinical documentation category is leading the industry, generating the largest revenue share. These pens enable clinicians to utilize their ideal technique of documentation, such as voice recognition, dictation, and transcription of medicinal documentation, into digitalized forms. It also supports the merger of natural language processing and clinical language understanding, which supports study the of clinical information.
In 2022, The healthcare industry, had the largest digital pen market share, at 25%. A specialist can easily access the cloud storage and join it to an automated medical record when the pen immediately transfers the stored information over Bluetooth. To guarantee accurate handwriting acknowledgment, the technology makes utilization of artificial intelligence. Furthermore, prescriptions can be modified to be used with the encoded paper for a diversity of applications.
The North American industry had the largest market share, at 38%. The rising use of digital pens in the healthcare and education sectors is contributing to the development of the regional market. Between 2020 and 2030, the service in healthcare professions is projected to raise by almost 16%.
Furthermore, the snowballing utilization of smart device enhancements in digital technology, and rising disposal income are solidifying the progress of the industry. The U.S. is ranked sixth worldwide and first in North and Central America for IT invention and fourth for technical information.
Hence, the rising usage of digital pens to remove paperwork, increasing demand for enhanced features provided by digital pens, and mounting per-capita income, are the major factors, driving the digital pen industry.
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