Increase in investments for Printing Software solution among countries such as China, Japan, Australia, South Korea & rest of Asia-Pacific fuel growth of market
WILMINGTON, DE, UNITED STATES, November 20, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Printing Software Market by Component (Software, Services), by Deployment Model (On-premise, Cloud), by Organization Size (Large Enteprises, Small and Medium-sized Enteprises), by End User (Retail, BFSI, Food and Beverages, Travel And Hospitality, Healthcare, IT and communication, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.
The printing software market was valued at $1.2 billion in 2021, and is estimated to reach $6.3 billion by 2031, growing at a CAGR of 18.4% from 2022 to 2031.
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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.
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. In addition, countries such as Korea, Australia
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The competitive environment of Printing Software Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Printing Software Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Seiko Epson Corporation
Honeywell International Inc.
Lenovo Group Ltd.
PaperCut Software International
Ringdale UK Ltd.
Xerox Corporation and Many More
Region-wise, North America dominated the market in 2021. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
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.
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