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The market for digital notepads is expected to exhibit significant growth opportunities during the forecast period 2021-2028.
The digital notepad is an electronic writing device that assists users in sketching or writing on the notepad's screen and help in storing the written documents. Such pads are highly responsive and accurate in pen strokes and drawing style and are a perfect creative tool for sketch artists. Therefore, increasing consumer leisure towards drawing and sketching is likely to drive the demand for such products.
Nowadays, companies are offering digital display technology-based notepads to offer innovative writing solutions to people. For instance, The reMarkable has launched the new generation e-ink tablet 'the remarkable 2' on its official website in 2020. The second-generation model supports 33 languages and provides the user with an eye-friendly reading experience.
Advancement in digital display technologies significantly favors the consumer demand for such innovative notepads, thereby driving the market growth. Additionally, rising working professionals' demand for touch-screen-based notepads for billing, graphic design, and communication-related tasks will likely uplift product revenues worldwide.
Moreover, rising consumer demand for WiFi and built-in storage technology-based devices supports the demand for such products. Paper production is mainly done by wood pulp obtained from cutting trees and bamboo, which leads to deteriorating environmental impacts such as deforestation and global warming. The growing awareness regarding reducing wood-based paper usage is likely to favor the consumer demand for digital notepads.
Nowadays, to avoid coronavirus infection, students prefer taking school classes remotely by using digital notepads. This will accelerate the students' demand for such items, thereby driving market growth.
Key Market Driver -
Regular introduction of the innovative digital notepads by companies is expected to drive the market growth
Key Market Restraint -
The familiarity of writing with pen & paper is anticipated to pose challenges to the market growth
The surge in the prices of digital notepads makes the purchase process difficult for the low-income section of the population, and also, the slower internet accessibility in rural areas creates a barrier in demand for such products. It ultimately results in restraining the market growth of digital notepads.
Wacom Co. Ltd., Sony Group Corporation, Livescribe Inc., Neo smartpen Inc., Microsoft Corporation, Kent Displays Inc., Luidia Inc., ACE CAD Enterprises Co. Ltd., NoteSlate, and IRIS Software Inc. are prominent market players.
The digital notepad market is segmented based on type, application, distribution channel, and geography. Based on type, the market is segmented into screen-based and paper-based. The paper-based digital notepad segment is expected to lead the global market as users can better illustrate ideas and information by using such a product. Additionally, users can flexibly transfer handwritten documents into digital formats with such devices. Such a factor makes the paper-based segment generate product revenues considerably.
The market is segmented into billing, corporates, educational institutions, healthcare, and others based on application. The billing segment is expected to hold a dominant market share due to the extensive use of digital notepads for billing and data calculation purposes. Besides, banking organizations extensively require data security in their daily billing activities. Users in these organizations can flexibly create and store drafting bills with such devices. Such a factor makes the billing segment generate considerable product revenues.
Based on distribution channels, the market is segmented offline and online. The Offline store segment holds a major share as users can easily purchase the products by visiting the stores and can make an instant buying decision as and when required. These offline electronic stores are growing in numbers across the towns and cities, which results in considerable product demand from such retail establishments. Also, customers can make an effective purchase decision by comparing the products in terms of price and other features, which will help the offline retail stores generate required product revenues. Additionally, discount policies and other pricing offers are likely to uplift product sales, driving the market growth.
By geography, the global digital notepad market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The North American digital notepad market accounts for a dominant share in the global digital notepad market, owing to the region's rising consumer preference for luxurious consumer goods. According to the report ‘2018 Annual Report for the North American Electronic Manufacturing Services (EMS) Industry', published by the IPC International Inc. Out of all the available markets globally, 28 % of the market is captured by the North American EMS industry based on what OEMs outsource, which indicates the region with great potential for further growth.
Nowadays, U.S. educational institutions are increasingly adopting digital modes of education for their students, thereby fuel the students' demand for digital notepads in the region. According to the Learning Counsel's Digital Transition survey, the schools and institutions in the U.S. have seen an increase in spending on digital curriculum from USD 13.1 billion in 2020 to USD 15.1 billion in 2021. This has made the schools adopt the digital modes of imparting education, thereby influencing the digital technology sectors in making stellar sales in the U.S. Besides, key manufacturers are consistently offering highly featured billing & communication purpose notepads to scale up their overall business in the region. This will help companies in generating considerable product revenues from the region. Apple Inc. introduced the new iPad mini 6 and iPad 9th generation at the 'Apple's California streaming' event in the U.S. The product comes with elegant features, including the Touch ID embedded in the power button, Apple Pencil, and a 5G network support. Also, the A13 Bionic chip makes the Apple Ipad faster for simultaneous tasks.
The Asia Pacific region is expected to display significant growth in the global digital market owing to greater penetration of cloud computing and mobile internet technologies that creates newer opportunities for the digital notepad market in its growth. The overall cloud spending in the Asia Pacific region is expected to reach USD 200 billion by 2024, according to a published report by Cisco and Boston Consulting Group (BCG) on the 'Future of Cloud in the Asia Pacific. The investments in cloud technology were anticipated to grow at a robust pace of 20 % since 2018, and the overall I.T. and digital technology spending was highest in Singapore.
The rapidly rising population in China, India, and Japan and massive spending on home appliances are growth drivers for the Asia Pacific market.
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