Advancing technology is driving the growth in Global Smart Pen Market in the forecast period, 2022-2026.
Under the observance of lockdown, schools, colleges, and other learning institutes shifted their education processes to online mode, that surged the demand and thus driving the growth of the global smart pens market in the upcoming five years. Also, the advantages of smart pen like able to write, to record, to replay audio files and also to transmit information to other devices, along with features like translator demo, dictionary, games, etc. is aiding the growth of the global smart pens market in the next five years. Technological advancement like location features, scanning and recording features etc. are further inclining the consumer to opt for the product and thus substantiating the growth of the global smart pens market in the future five years.
Smart pens are electronic device that helps with converting handwritten notes into digital format. The technologically advanced device is a major competition to multiple regular stationary devices like scanner, printer, digital pens, recorder, etc. The internal operations of a smart pen include the usage of a triaxial accelerometer, a microcontroller, and an RF wireless transmission module for sensing and collecting accelerations of handwriting and gesture trajectories.
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The global smart pens market is segmented on the basis of technology, end use, sales channel, competitional landscape, and regional distribution. Based on end use, the market is further fragmented into BFSI, healthcare, government, IT & telecom, and others. Healthcare sub-segment is anticipated to hold the largest revenue shares of the market and dominate the segment in the upcoming five years on the account of increased research and drug development procedures being carried out.
The research scientists and drug development experts often conduct elaborative and extensive research and experiments that requires data collection and smart pens often aid the purpose thereby supporting the growth of the global smart pens market in the future five years. Moreover, BFSI is also registering significant growth in the next five years on the account of advantages of smart pens in securing the digitized format of the important document. Also, digital signature trends are further aiding the growth of the global smart pens market in the forecast period.
HP Inc., Apple Inc., Microsoft Corporation, Wacom Co. Ltd., Anoto Group AB, Canon Inc., Toshiba Corporation, STAEDTLER Mars GmbH & Co.KG, NeoLAB Convergence Inc., Hanwang Technology Co. Ltd., Moleskine S.p.A., Luidia Inc, make it to the list of major shareholders of the market among others. Market players are actively involved in the research and technological development in the product developments. The advanced technology has made it possible for the industry to provide excellent services through smart pen.
Further advancement would aid the market value and brand establishment in the future five years. New market players may focus on the research and development to provide options that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“Asia Pacific is anticipated to hold the largest revenue shares as well as it is expected to have the most promising future. The market is anticipated to grow on the backbone of the tech-savvy countries like South Korea, India, Japan, and China. Advancing technology and extended research is aiding the market growth as well as future product development. Moreover, the consumers are more inclined to the technologically advanced products and thus supporting the growth of the market. New market players are advised to focus and invest their funds in the research and development segment and with the launch of innovative products the brand establishment process for the new market entrant would be more convenient. Collaborations with the existent players may also help them in understanding the consumer demands,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Smart Pens Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Application (Oncology, Cardiology, Endocrinology, Rare Genetic Disorders, Others), By End User (Hospitals & Clinics, Academic & Research Institutes, Others), By Region”, has evaluated the future growth potential of global smart pens and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global smart pens market.
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