The Global Photo Printing Market, according to the analysis of Market Research Future (MRFR), is slated to acquire a substantial market valuation of USD 26,113.0 million by 2023, at a moderate CAGR of 12.3% over the forecast period (2018 to 2023).
Drivers and Restraints:
The photo printing market is transforming due to the expansion of photo capturing technology globally. Factors such as the growing adoption of photo printing products and services and a shift towards flexible data print and customization are likely to contribute to the growth of the global photo printing market over the review period. The expansion of advanced infrastructure in the photo printing industry has also impacted the use of photographs. The portfolio of products and services for processing, clicking, saving, presenting, transferring, and archiving photographs is unceasingly expanding. This improvement in end-use products is anticipated to fuel the demand for advanced photo printing technology that can sustain fine art and large format prints on numerous substrates. In addition to these factors, the global market has observed a drastic shift in the buying patterns of consumers from mass production of stationary prints and a growing proportion of small runs of digital prints to single runs of customized prints. The industry is observing a higher demand for variable photo prints as a requirement for customization.
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Moreover, the incorporation of artificial intelligence with digital printing technology can provide a multitude of market opportunities for existing market players over the review period. The diverse areas where artificial intelligence can be useful within the photograph printing industry are protection against security threats, predictive maintenance, and paper-to-digital automation. several major market players, including Xerox, are discovering benefits of artificial intelligence (AI) for predictive maintenance of their multi-function printers. The initial innovators in the photo printing industry are anticipated to exhibit significant growth in the foreseeable future. On the other hand, the relatively higher cost related to the installation and preservation of self-printing kiosks is projected to impede the market growth over the assessment period.
Based on type, the market has been bifurcated into digital printing, and film printing. By printing device type, the market has been divided into mobile type and desktop type. Based on the end-use application, the market has been segmented into retail, instant kiosk, online stores, and over-the-counter
The photo printing market, on the basis of region, has been segmented into Europe, North America, Asia-Pacific, and the rest of the world.
North America has been dominating the market share in recent years and is expected to sustain its lead over the review period, owing to the increasing trend of content distribution over social media websites, which has circuitously impacted the growth of photo printing market positively, in this region.
In addition, the purchase rate of mobile/portable photo printers for personal usage in the developed countries of US and Canada is high, which drives the growth of this market in North America over the review period. Additionally, Asia-Pacific is slated to be the fastest-growing region over the forecast period as the development in digital cameras by major Asian companies such as Panasonic Corporation and Sony Corporation and have empowered the consumers to directly print their photos on merchandise, albums, mugs, wall decor, cards, and gifts. The photo printing market in China is estimated to grow at a higher CAGR than most of the country-wise markets across the globe, over the assessment period.
Key Market Players:
The key players of the global photo printing market are Perion Network Ltd (Israel), Cimpress (Netherlands), Digitalab (UK), Snapfish (US), Mpix (US), Shutterfly, Inc. (US), Eastman Kodak Company (Japan), Bay Photo Lab (US), AdorPix LLC (US), and ProDPI (US).
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