The Global Photo Printing Market 2020, according to the analysis of Market Research Future (MRFR), is slated to acquire a substantial market valuation of USD 26.1 billion by 2023, at a moderate CAGR of 12.3% over the review period (2018 to 2023).
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
Drivers and Restraints
The demand for photo printing is changing as photo capture technology is expanding globally. Factors such as the growing adoption of products and services for photo printing and a move to flexible data printing and customization are likely to contribute to the growth of the global photo printing market over the review period. The expansion of advanced photo-printing technology has also influenced the use of images. The range of products and services used to store, select, save, view, pass, and archive images are continuously expanding. This increase in end-use goods is expected to fuel demand for advanced photographic printing. 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 manufacture of stationery 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.
Moreover, the integration of artificial intelligence with digital printing technology can offer a multitude of market opportunities for present market players over the review period. The broad fields within the photographic printing industry where artificial intelligence can be useful are secured from security risks, predictive maintenance, and paper-to-digital automation. Many big players in the industry, including Xerox, are exploring the advantages of artificial intelligence (A.I.) to manage their multi-function printers predictively. In the near future, the initial innovators in the photo printing industry are expected to show substantial progress. On the other hand, the relatively higher cost associated with building and maintaining self-printing kiosks is expected to hinder the growth of the market over the evaluation period.
Based on type, Photo Printing Market Share 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 the 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 the photo printing market positively in this region.
Furthermore, the purchase rate of mobile / portable picture printers for personal use in the U.S. and Canada developed countries is high, driving the growth of this sector in North America over the review period. In addition, Asia-Pacific is expected to be the fastest-growing region over the forecast period as major Asian companies such as Panasonic Corporation and Sony Corporation have built digital cameras and empowered consumers to directly print their images on products, albums, mugs, wall decor, cards, and gifts. It is projected that the photo printing market in China will expand at a higher CAGR than most country-specific markets around the globe.
Key Market Players
The key players of the global photo printing market are Perion Network Ltd (Israel), Cimpress (Netherlands), Mpix (U.S.), Digitalab (U.K.), Snapfish (U.S.), Shutterfly, Inc. (U.S.), Bay Photo Lab (U.S.), Eastman Kodak Company (Japan), AdorPix LLC (U.S.), and ProDPI (U.S.).
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