The disposable income of people is increasing in emerging economies; for example, the per capita disposable income in China rose by 8.3% in 2017, as per the National Bureau of Statistics of China. This is encouraging people in these countries to spend more money on digital technology solutions, including digital pens.
Digital pens enable the user to capture a drawing or a handwritten note digitally. These pens are being increasingly used for several purposes, including creating instructional content and note-taking. As the spare income of people is rising, they are investing more on digital technological tools in order to save manual labor and time.
Attributed to this, the requirement for digital pens is increasing. According to a P&S Intelligence report, in 2017, the global digital pen market generated a revenue of $773.5 million and is projected to advance at a 18.4% CAGR during the forecast period (2018–2023). Single OS and multiple OS are the two digital pen types, in terms of compatibility.
Between these two, the larger demand during 2013–2017 was created for multiple OS digital pens, which are further projected to be more in demand during the forecast period. The faster growth in demand is expected to be registered by single OS digital pens in the coming years.
Different technologies on which digital pens are based include trackball-based, positional, accelerometer-based, camera-based, and active. Out of these, active digital pens were used the most during 2013–2017 and the situation is projected to remain the same in the coming years as well.
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These pens are preferred the most among consumers as they allow the user to write directly on the screen of computing devices, such as laptops. The fastest growth in demand is expected to be witnessed by positional digital pens during the forecast period.