Label Printing Software Market Expected to Reach $936.2 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Label Printing Software Market," The label printing software market was valued at $565.15 million in 2021, and is estimated to reach $936.2 million by 2031, growing at a CAGR of 5.2% from 2022 to 2031.

Many business processes such as invoicing, record keeping, and shipping require timely printing of documents. It is essential for a business to handle print jobs effectively to save resources: paper, ink & toner, time and money. Hence, many companies are using software that can make their printing easier, better controlled, and cost effective. Label printing software is designed to coordinate and optimize tasks and processes related to printing. A good print manager should allow to automate printing of files, facilitate print jobs, track printer and/or paper usage, take full control of printing processes, ideally, and cut overall costs.

According to label printing software market analysis, the managed services segment was the highest revenue contributor to the market, with $135.9 million in 2021, and is estimated to reach $278.8 million by 2031, with a CAGR of 7.5%. The professional services segment is estimated to reach $135.1 million by 2031, at a significant CAGR of 5.5% during the forecast period.

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 label printing software industry, as increasing number of smartphone users, growing adoption of connected devices, and surging e-commerce sector provide lucrative opportunities for the growth of the label printing software market size. COVID has caused crises in social, economic, and energy areas and medical life worldwide throughout 2020.

Companies rapidly adopted label 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 label printing software industry across various enterprises.

Region-wise, North America held a significant label printing software market share, owing to presence of a substantial industrial base in the U.S., government initiatives to promote innovation, and large purchasing power. The growth is primarily concentrated in the U.S. Companies that use big data software frequently use print management systems to cut costs, improve operations, and boost worker productivity. Moreover, expansion of the label printing software market in emerging economies such as India and China will be aided by an increase in the number of start-ups and major companies are the primary factors that drive growth of the label printing software market forecast in Asia-Pacific and Europe.

KEY FINDINGS OF THE STUDY

• By component, in 2021 the software segment dominated the label printing software market with $349.9 million. However, the services segment is expected to witness significant CAGR of 6.8% growth during the forecast period.
• By services, in 2021 the print management segment dominated the label printing software market, with $115.3 million. However, the document imaging segment is expected to exhibit significant CAGR of 3.7% growth during the forecast period.
• By deployment model, cloud segment was the highest revenue contributor to the market, with $326.8 million in 2021. However, the on-premises segment is estimated to reach $451.4 million by 2031, at a significant CAGR of 6.6% during the forecast period     .
• By organization size, the SMEs segment was the highest revenue contributor to the market, with $321.6 million in 2021. However, the large enterprises segment is expected to witness highest growth rate with significant CAGR of 6.4% during the forecasted period.
• Region wise, the label printing software market growth was dominated by North America region. However, Europe is expected to witness significant growth rate during the forecasted period.

Key players profiled in the report include Canon, Inc., Epaper Ltd., Hewlett-Packard Inc., HID Global, Honeywell International Inc., Lenovo Group Ltd., Nuance Communications, Ringdale UK Ltd., Seiko Epson Corporation and Xerox Corporation. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the label printing software industry.