In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The pen display consists of an electronic device such as smart pads, tablets or other electronic equipment and the pressure pen that operates on the principle of electromagnetic induction. The global pen display graphic market is driven by its growth in the animation industry. Both 2D and 3D animators uses a graphic tablet along with a pen for drawing storyboards, sketching characters, creating backgrounds, and animating frames on the screen, thus driving the growth of the market. Further, it offers benefits in the classrooms such as teaching the students to use the products that will help them in their professional career and assuring that the students have the tools that are needed for creating a job winning portfolios, thus propelling the global pen display market. Moreover, more and more educational institutions are providing programs on the game development. As a result, it will also boost the growth of the market because of the new customer base developed in the market.
The market size of the global animation industry was estimated to be USD 244 billion in 2015 and is growing at the rate of 5% Y-o-Y. This growth will add to the growth of the global pen display graphic market. This is anticipated to foster the demand for pen display graphic over the forecast period.
Market Segmentation of Global Pen Display Graphic Market: By Type-2016
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The outsourced computer animation production market is increasingly tapped by the North America leading to the growth in the global pen display market, followed by Europe. North America stood at first position in the pen display graphic market in 2016 and is anticipated to growth at an exponential rate over the forecast period. Asia Pacific and Middle East is anticipated to observe significant growth over the forecast period.
Our in depth analysis of the global pen display graphic market is segmented on the following basis:
The applications in illustration, design and photography cannot be ignored. The ability of the artists to tell and communicate the stories to the audience on the digital and the social media has further propelled the growth of the market. Moreover, the students’ need of understanding the entire image editing process and capability of understanding the post-production tasks such as retouching, compositing and the color balancing has pushed the market to the global level. However, the growth of the market is hindered by the high cost of the products as it is a niche market. Moreover, in the developing countries such as India, there still remains a challenge to be adapted to these products due to the high cost of products and lack of awareness among them.