Supply Shortages Prevail During COVID-19 Outbreak, Restricting Growth of Digital Pen Market

Compared to $694.917 in 1970, the average person earned $8,826.15 in 2017, according to the World Bank. This clearly shows that people now have more to spend on products that they wouldn’t dare think of buying until 10¬–15 years ago. Such ‘products’ mainly include smartphones, laptops, computers, tablets, and other high-end consumer electronics.

With the rise in the uptake of smartphones and tablets, the popularity of digital pens is also increasing around the world. Thus, with the surge in the disposable income of people, the digital pen market is projected to grow to $2,098.1 million by 2023 from $773.5 million in 2017, at an 18.4% CAGR during the forecast period (2018–2023).

Just like a regular pen writes on paper, a digital pen writes on a digital pad, like the screen of an iPad, smartphone, or an external writing pad connected to a PC. With such consumer electronics, what people write is instantly converted to a digital form, thereby giving users the convenience of not having to type the text separately on a keyboard or tablet or smartphone screen.

With people owning more than one communication device, often with different operating systems (OS), the sale of multiple-OS digital pens is surging more rapidly than single-OS variants.

The usage of such devices is not just rising at the individual level, but also at the enterprise level. Digitization is picking up pace around the world, as governments and organizations are scrambling to eliminate as much of the paperwork as possible, as quickly as possible.

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For instance, police departments in Germany and the U.S. have begun using digital pens to file crime and missing people reports. Similarly, the banking, financial services, and insurance (BFSI) sector is utilizing these consumer electronics to fill forms for new accounts and loans, to reduce its operational costs incurred by procuring writing paper.