LONDON--(BUSINESS WIRE)--The digitizer market is expected to grow by USD 60.22 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. As per Technavio, the impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Digitizers are widely used across end-user industries such as entertainment, automotive, aerospace and defense, industrial machinery, electrical and electronics, and others. In the entertainment industry, digitizers are used to create 3D animation designs and art for animated content. With the rising popularity of animated films and movies, the adoption of digitizers is expected to increase significantly over the forecast period. Similarly, in the automotive industry, rising innovation and R&D activities by automakers have increased the demand for digitized equipment such as digitizers for production and designing applications. The rise in the demand for digitizers from many such end-user applications is expected to fuel the growth of the global digitizer industry during the forecast period.
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As per Technavio, the strategic alliances by vendors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Digitizer Market: Strategic Alliances by Vendors
Growing competition in the market is encouraging many vendors to enter strategic alliances to expand their market share and introduce improved product features. Such growth strategies are crucial in expanding the customer base. For instance, in December 2019, Wacom entered into a strategic partnership with CELSYS Inc. Under the collaboration, users purchasing Wacom’s Cintiq were given a free 12-month subscription to CLIP STUDIO PAINT PRO by CELSYS. Such collaborations are attracting further investments in the development of advanced products and features, which is crucial to the growth of the digitizer market.
“Introduction of digitizers with customizable shortcut keys that are compatible with multiple designs and artist software will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Digitizer Market: Segmentation Analysis
This market research report segments the digitizer market by type (digitizer without screen, and digitizer with screen) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The North America region led the digitizer market in 2019, followed by Europe, APAC, MEA, and South America respectively. However, during the forecast period, Europe is expected to register the highest incremental growth due to the increasing consumer inclination toward advanced and innovative products in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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