The Global Pen Tablet Market has seen various technological advancements in the past couple of years and is foreseen to turn out to be a lot further in the midst of the figure time allotment 2019-2027. The study presents a detailed assessment of the Pen Tablet showcase and contains historical and present growth factors. Additionally, the report comprises current growth factors, industry specialists opinions, convictions, chronicled data, and reinforced and industry affirmed advertise data.
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The global pen tablet market is 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. The global pen tablet market is experiencing steady growth in the forecast period on account of rapid expansion in digital content creation in countries like US, Japan, and especially China and rising animation and designing industry worldwide. Also, an exponential rise in the number of digital artists in various industry verticals such as graphic designing, fashion designing, and architectural and industrial designing is expected to drive the pen tablet market significantly. Rising disposable income of consumers and demand for technologically advanced features in pen tablets in multiple sectors is another factor fuelling the demand for pen tablets. The blend of all the above factors is projected to boost the global pen tablet market.
The continuous evolving technologies and formats in the professional creative digital landscape are some of the trends which would support the players and accelerate the pen tablet market. The players in the pen tablet market are investing in value-added products and exploring new technologies such as the Internet of Things (IoT), Augmented Reality (AR), Virtual Reality (VR), and Artificial Intelligence (AI). These factors are anticipated to gain traction in the coming times and are projected to have a significant effect on the pen tablet market.
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Pen tablet market by end use is segmented into illustrators, animators, photographers & graphic designers; architects, engineers & industrial design; medical & healthcare; education & training; and others. The illustrators, animators, photographers & graphic designers end user of the pen tablet market holds the highest share and is expected to be the fastest growing segment followed by architects, engineers & industrial design and education & training sectors. The animation industry has been in prominence since decades, and with the rising importance of animation and prototyping in various industry verticals, its influence has further increased over the years. Also, creative professionals in the photography industry have consistently adopted innovations for delivering a better quality product. Therefore, the high usage of pen tablet among the creative professionals and animation industry would continue to prosper the entire pen table market towards growth.
The overall pen tablet market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the pen tablet market. Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the pen tablet industry.
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