USD 714.32 million
Report ID: SQSG45I2028 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 91 | Figures: 66
Global Graphics Tablet Market was valued at USD 714.32 million in 2021, and it is expected to reach a value of USD 1196.72 million by 2028, at a CAGR of 7.65% over the forecast period (2022 - 2028).
A graphics tablet, also known as a drawing tablet, is a piece of hardware used for digital artistry. They are also used by a variety of professionals in entertainment, art, architecture, prototype design, and other fields. It consists of a touch-sensitive surface or screen with multiple pressure levels to provide greater usability to the user. The growing demand for media and entertainment tablets will drive up demand for these tablets. Furthermore, as automation increases in the designing and prototyping segments of various industries such as building and construction, automotive, healthcare, and others, demand for these devices will skyrocket.
The rapid expansion of the creation of digital content in nations like the US, Japan, and especially China, as well as the expanding animation and design industries globally, are all contributing to the steady growth of the global graphics tablet market during the forecast period. The graphics tablet market is also anticipated to be significantly impacted by an exponential rise in the number of digital artists across a variety of industry verticals, including graphic design, fashion design, and architectural and industrial design. Another factor driving the demand for graphics tablets is the rise in consumer disposable income and the demand for technologically advanced features in graphics tablets across various industries. The combination of all the following factors is anticipated to grow the graphics tablet market globally.
Global Market Size
USD 714.32 million
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The Global graphics tablet market is segmented based on the Component, Application, Distribution Channel, type, and region. Based on the Component, the market is segmented into Tablet, Stylus, and Software. Based on the Application, the market is segmented into Industrial Design, Animation, Special Effects Film, Advertising, and Other. Based on the Distribution Channel, the market is bifurcated into Online, and Offline. By type, the market is segmented into Passive Tablet, Acoustic tablet, Optical Tablet, Capacitive Tablet, Active Tablet and Electromagnetic Tablet. Based on Region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Application
Based on Application, the graphics tablet market is segmented into Industrial Design, Animation, Special Effects Film, Advertising, and Other. In 2021, the Animation segment dominated the global graphics tablet market. The animation industry has been prominent for decades, and as the importance of animation and prototyping in various industry verticals has grown. In addition, creative professionals in the photography industry have consistently adopted innovations in order to deliver a higher quality product. The Global Animation Market was worth US$ 351.58 billion in 2021 and is expected to be worth US$ 530.19 billion by 2030, growing at a CAGR of 5.26% between 2022 and 2030. The growing advancement in the communications and technology sectors, expansion of the media and entertainment industry, and increasing internet penetration around the world are the factors driving the market's growth.
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The North American region accounts for the majority of the graphics tablet market and is expected to grow significantly during the forecast period. The region's market is primarily driven by the trend of early adoption of advanced technologies in the region's developed countries. Early digitization increased the use of graphics tablets for architects, engineers, comics, animations, drafting, designing, and graphic novels in countries such as the United States and Canada. Furthermore, the presence of major market players has aided the market by developing technologies and introducing new products.
The Latin American region offers huge opportunities for the companies operating in this market. This is because of a number of factors, such as rising demand for electronic and digital signage and increased awareness about the benefits associated with touch technology solutions among key industry players. The European region is expected to witness a high growth rate during the forecast period. The growing demand for these tablets in various industries, such as animation and special effects film, industrial design, advertising, etc., is mainly responsible for this market’s trend.
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Rise In Digitization and Technology Upgradation
High Cost of Graphic Tablet
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The market is dominated by few global players. The companies in the graphics tablet market are competitive based on pricing. Key players in the graphics tablet market are adopting strategies like product launch, mergers, and acquisition, and high R&D investments to gain a significant market share. Based on revenue, WACOM is a major player in the graphics market. According to WACOM's annual report from April 2019 to March 2020, net sales reached $765.6 million, up from $773.6 million in the previous year. However, sales of the graphics tablet increased exponentially due to the growing culture of working or studying from home, as well as increased media consumption. According to WACOM's annual report from April 2020 to March 2021, net sales reached $ 938.1 million, a 21% increase over the previous year.
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According to our Global Graphics Tablet market analysis, the market is expected to grow steadily over the forecast period, owing to rapid expansion in digital content creation in countries such as the United States, Japan, and, in particular, China, as well as a growing animation and design industry globally. Based on region, the North America region dominates the global market. During the forecasted period, Asia pacific accounted fastest growing region. Based on application, the Animation segment dominates the global market.
|Market size value in 2021||USD 714.32 million|
|Market size value in 2028||USD 1196.72 million|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Graphics Tablet Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Graphics Tablet Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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