According to a new report published by Allied Market Research, titled, “Printing Software Market," 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.
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.
On the basis of component, the software segment dominated the Printing Software Industry in 2021, and is expected to maintain the dominance in the upcoming years. Printing software joins with existing printing infrastructure and opens the possibility to save vast amount of money on toner, paper, electricity, and costly maintenance. However, the services is expected to witness the highest growth rate during the Printing Software Market Forecast period. Print service helps to find out true cost per-page, discover actual cost of ownership for each printer, error, and history reports deliver valuable information to improve fleet management, optimize fleet for improved workflows, easy-to-use web interfaces provide visibility to help staff members and its teams do their jobs more efficiently and free up IT staff to focus on core business objectives and training.
On the basis of deployment model, the on-premise segment dominated the printing software market in 2021, and is expected to maintain the dominance in the upcoming years. It is because it gives users more control over how security is established, monitored, and contained. However, the cloud is expected to witness the highest growth rate during the forecast period, as cloud-based print services can dramatically lower the IT workload and costs related to print server management while achieving further cost and productivity benefits.
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.
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.
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.