Printing Software Market

An increase in spending on print security is expected to provide lucrative opportunities for market growth during the forecast period.

PORTLAND, PORTLAND, OR, UNITED STATES, June 26, 2023/EINPresswire.com/ -- 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.

The surge in the use of big data platforms, 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 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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Covid-19 Scenario:

• Owing to the 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 reducing 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 the high adoption of print management software across various enterprises.

Based on components, 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 the true cost per page, discovering the actual cost of ownership for each printer, and delivering history reports to offer information to improve fleet management and optimize fleet for improved workflows.

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Based on the 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.

Based on organization size, the large enterprise's 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 the adoption of managed print services to monitor IT costs, human resources, and almost every other area of their business. However, the small and medium-sized enterprises segment is projected to register the largest CAGR of 19.7% during the forecast period, owing to the adoption of printing software by SMEs for transitioning toward controlling their services.

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Based on end users, 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 the adoption of printing software to reduce the price of document generation, printing, and dissemination.

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 leadership status by 2031. This is due to a 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 the adoption of third-platform technologies, notably regarding cloud, big data, and mobility.

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.

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