Printing Software Market to reach $6.3 billion by 2031, growing at a CAGR of 18.4%
According to the report, the global printing
software market size generated $1.2 billion in
2021, and is expected to reach $6.3 billion by 2031, witnessing a CAGR of 18.4%
from 2022 to 2031.
Asia-Pacific is expected to observe highest
growth rate during the forecast period. Increase in investments for Printing
Software solution among countries such as China, Japan, India, Australia, South
Korea, and rest of Asia-Pacific fuel growth of the market. Moreover, adoption
of 3rd platform technologies, notably those related to cloud, Big Data, and
mobility, which support the market expansion drives a significant change in
Asia-Pacific imaging and printing environment. From the desktop level to the
industrial level, end users continue to assess and implement new technologies
to improve their work environments. In addition, businesses in developing
nations such as China and India are beginning to recognize the value of implementing
document-related solutions. Printing service is particularly interesting as
they directly affect cost reduction through infrastructure optimization, energy
reduction, and print-related cost reduction.
The global printing software market is influenced
by a number of factors, including growth in the use of big data platform,
measures to cut down on office paper usage, and strengthened information
security primarily drive growth of the global printing software market.
However, recurring expense hamper the market growth to some extent.
Post COVID-19, the Printing Software market size
is estimated to grow from $1,205 million in 2021 to reach $6337.4 million by
2031, at a CAGR of 18.4%. The current estimation of 2031 is projected to be
higher than pre-COVID-19 estimates. The COVID-19 outbreak has high impact on the
growth of printing software market, as increasing number of smartphone users,
growing adoption of connected devices, and surging e-commerce sector provide
lucrative opportunities for the growth of the printing software market. COVID
has caused crises in social, economic, and energy areas and medical life
worldwide throughout 2020. This crisis had many direct and indirect effects on
all areas of society. In the meantime, the digital and artificial intelligence
industry can be used as a professional assistant to manage and control the
outbreak of the virus. In post-pandemic circumstances, organizations strived to
minimize operational and running costs around all the business functions to
recover the losses incurred in covid times. Companies rapidly adopted print
management software to track printer usage and department costs. Companies are
now seeking platform that are capable of consolidating and optimizing their
printer fleets. Therefore, during the forecast period, the need to manage costs
in post-COVID-19 environments will undoubtedly be a significant growth driver
for the use of print management software across various enterprises.
Some of the key Printing Software industry players
profiled in the report include Canon, Inc., Epaper Ltd., Seiko Epson
Corporation, Hewlett-Packard Inc., HID Global, Honeywell International Inc.,
Lenovo Group Ltd., L.P. Printing, MaPrinter Ltd, Nuance Communications,
PaperCut Software International, Pcounter, Print Manager, Printix.net, Ringdale
UK Ltd., Te Connectivity, Xerox Corporation. This study includes Printing
Software market share, trends, Printing Software market analysis, and future
estimations to determine the imminent investment pockets.
KEY FINDINGS OF THE STUDY
On the basis of component, in 2021, the software
segment dominated the printing software market size. However, the services
segment is expected to exhibit significant growth during the forecast period.
Depending on end user, the retail segment
generated highest revenue in 2021.
On the basis of organization size, the large
enterprises segment generated the highest revenue in 2021. However, the small
& medium enterprises segment is expected to exhibit significant growth
during the forecast period
On the basis of region, North America dominated
the market in 2021. However, Asia-Pacific is expected to witness significant
growth in the upcoming years.
Leave A Comment