Surge in use of big data platform, strict measures taken to reduce office paper usage, and strengthened information security drive the growth of the global printing software market.
PORTLAND, Ore., Aug. 12, 2022 /PRNewswire/ — Allied Market Research published a report, 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.” According to the report, the global printing software industry 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.
Drivers, Restraints, and Opportunities
Surge in use of big data platform, strict measures taken to reduce office paper usage, and strengthened information security drive the growth of the global printing software market. However, recurring expenses restrain the market growth. On the other hand, the emergence of innovative software and services along with lowered IT workload and costs present new opportunities in the coming years.
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- Owing to economic uncertainty that occurred with the outbreak of the Covid-19 pandemic, business organizations began to find ways for reducing overall operational costs. This led them to adopt print software for tracking printer usage and reduce department costs.
- In addition, post-pandemic, companies are searching for software capable of optimizing and consolidating their printer fleets. Therefore, the need to manage costs during the post-pandemic era will lead to high adoption of print management software across various enterprises.
Get detailed COVID-19 impact analysis on the printing software market:
The software segment to maintain its lead position during the forecast period
Based on component, the software segment accounted for the largest market share in 2021, contributing to more than three-fifths of the global printing software market, and is projected to maintain its lead position during the forecast period. This is due to its ability to join the existing printing infrastructure and save a vast amount of money on toner, paper, electricity, and costly maintenance. However, the services segment is estimated to witness the largest CAGR of 20.1% from 2022 to 2031, owing to its assistance in determining true cost per-page, discovering actual cost of ownership for each printer, and delivering history reports to offer information to improve fleet management and optimize fleet for improved workflows.
The on-premise segment to maintain its dominant share during the forecast period
Based on deployment model, the on-premise segment contributed to the highest market share in 2021, accounting for nearly three-fifths of the global printing software market, and is expected to maintain its dominant share during the forecast period. This is attributed to offering users more control over how security is established, monitored, and contained. However, the cloud segment is projected to manifest the fastest CAGR of 20.0% from 2022 to 2031. This is due to cloud-based print services dramatically lowering the IT workload and costs related to print server management.
The large enterprises segment to continue its dominance during the forecast period
Based on organization size, the large enterprises segment held the largest market share in 2021, contributing to nearly three-fifths of the global printing software industry, and is expected to continue its dominance during the forecast period. This is attributed to adoption of managed print services to monitor their IT costs, human resources, and almost every other area of their business. However, the small and medium-sized enteprises segment is projected to register the largest CAGR of 19.7% during the forecast period, owing to adoption of printing software by SMEs for transitioning toward control their services.
The retail segment to maintain its lead in terms of revenue throughout the forecast period
Based on end user, the retail segment held the largest market share in 2021, accounting for more than one-fourth of the global printing software market, and is projected to maintain its lead in terms of revenue throughout the forecast period. This is due to improved customer communications, content management, and operational workflow automation. However, the food and beverages segment is projected to register the largest CAGR of 21.5% from 2022 to 2031, owing to adoption of printing software to reduce the price of document generation, printing, and dissemination.
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North America to maintain its lead status by 2031
Based on region, North America contributed to the highest market share in 2021, holding nearly two-fifths of the global printing software market, and is expected to maintain its lead status by 2031. This is due to surge in the adoption of advanced technology by several business verticals to optimize operational efficiencies, improve the financial situation, and enhance security. However, Asia-Pacific is projected to grow at the fastest CAGR of 19.7% from 2022 to 2031, owing to adoption of third platform technologies, notably regarding cloud, big data, and mobility.
Leading Market Players
- Canon Inc.
- ePaper Ltd.
- Hewlett-Packard Development Company, L.P.
- Nuance Communications
- PaperCut Software International
- Print Manager
- Ringdale UK Ltd.
- HID Global
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