Attractive demand for the pen tablet market is anticipated in countries such as China and Japan
Globally, several countries have undertaken initiatives to propel the digitization across industries, which is expected to ease and smoothen various activities in the industries. The rapid escalation in digitalization practices is influencing various industries to procure advanced electronics to shift from paper-based work to digital content based work. The shift towards digital content based work facilitates in completion of desired work in lesser time and with higher accuracy. Countries such as China, India, Japan, the US, and the UK among others are the pioneers in undertaking digitization practices. Some of the prominent initiatives include; Digital China, Digital India, and Horizon 2020 by EU among others. These initiatives are boosting the procurement of pen tablets in respective countries attributing to the advantages of pen tablets and the rising demand for such electronics in various industries. Moreover, various industries in China, the US, and Japan have heavily integrated pen tablets to boost the digital content and the same is expected to continue in the coming years. Thus, the rapid expansion in digital content creation across the globe is driving the pen tablet market.
The global pen tablet market accounted to US$ 348.8 Mn in 2018 and is expected to grow at a CAGR of 9.8% during the forecast period 2019 – 2027, to account to US$ 803.9 Mn by 2027.
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The major companies offering pen tablet market include Adesso Inc., Parblo Tech., GAOMON Technology Corporation, Huion Animation Technology Co., Ltd., Monoprice, Inc., PenPower Technology Ltd., Shenzhen Ugee Technology Co., Ltd., TurcomUSA, and XPPen Technology CO. among others. Several other companies are also offering these pen tablets for various end-uses which is facilitating the market to propel over the years.
The global market for pen tablet market is segmented based on the parameters such as pressure level, end-use, and geography. Based on pressure level, 2048 level segment dominates the pen tablet market heavily, and on the other hand, 8192 Level segment is expected to dominate the market in the forecast period from 2019 – 2027. On the basis of end-use, Illustrators, Animators, Photographers & Graphic Designers segment led the market in 2018 with a maximum market share and is expected to continue its dominance during the forecast period. Key players operating in the market are introducing attractive solutions and are partnering with the small as well as large companies which are helping them to gain customer traction.
The graphics tablets manufacturers across the globe are experiencing fair demands from various industries which are creating a decent business space for the market players and boosting the growth of pen tablet market. According to the Industrial Designer Society of America (IDSA), several small, medium and large enterprises are introducing creative displays and pen tablets for the designing purpose of various products. From ideation to iteration to rendering to modeling, these pen tablets offer designers with exclusive tools to discover digital creation in a natural, ergonomic and comfortable way. In addition, an increasing number of partnerships to boost the usage of pen tablets in the developed countries is posing a prominent future for the pen tablet market. Similarly, Wacom and Magic Leap partnered together with an aim to create an optimistic vision for the future of productivity. The key aim of this partnership is to facilitate the designers during designing their artwork by using Magic Leap’s One Headset connected to a Wacom Intuos Pro pen tablet. With the usage of two advanced technologies, designers can use the separate three-button Pro Pen 3D stylus to control their content on a platform called Spacebridge, which streams 3D data into a spatial computing environment. These partnerships and introduction of pen tablets or graphics tablets in industrial designing are anticipated to accentuate the market growth for the pen tablet market.
New market initiatives were observed off late by companies in global pen tablet market. Few of the recent market initiatives are listed below:
2019: XP-Pen Deco Pro Won the 2019 Red Dot Design Award. In its deliberations, the Red Dot jury honored the Deco Pro for combining traditional input methods with a graphics tablet in an intelligent way and enhancing and enriching the creative process.
2018: Wacom Co., Ltd. team up with Magic Leap to deliver spatial computing and pen input solution. Through this collaboration, both the companies aim to provide the best instruments for creative expression and their unique solution, combining precision pen input with spatial computing.
2018: XP-Pen entered into a strategic and technical cooperation with Ugee Technology Co. Ltd and Hanvon Technology Co., Ltd.
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