February 25 2021
Market Research Future published a research report on “Photo Printing Market Research Report - Global Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Global Photo Printing Market 2020 is estimated with a valuation of USD 26,113.0 Million by 2023 from USD 13,125.4 Million in 2017, according to the report found by Market Research Future. The report also reveals that the market is set to grow at a rate of 12.3% during the assessment period (2018–2023).
Top Market Players
The factors such as the growing adoption of photo printing products, services, and rising inclination towards variable data print and customization are fuelling the growth of the Photo Printing Market. The development of advanced technology in photo printing and the availability of instant printing are also positively impacting the growth of the photo printing market in the current years. Innovative printing technologies and mounting demand for printing in packaging are likely to fuel the growth of the photo printing market.
At the same time, the global market of photo printing has also observed an extreme shift in the purchasing way of consumers from mass production of static prints and a growing share of small digital prints to individually customized prints. The industry is also observing a high demand for variable photo prints as a requirement for customization, which is thus taking the market to earn more and more valuation in the forecast period.
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Furthermore, more factors, such as the incorporation of artificial intelligence with digital printing technology, have come up to offer a multitude of market opportunities for existing market players. The various areas where artificial intelligence can be applied within the photograph printing industry are prognostic maintenance, protection from security threats, and paper to digital automation. Several prime companies, such as Xerox and similar to this, are exploring the profit of artificial intelligence for predictive maintenance of multi-function printers. All these have been beneficial for the market’s growth over the forecast period.
The premature innovators in the photo printing industry are anticipated to observe a significant growth in the years to come. In contrast, the high cost related to the installation and maintenance of self-printing kiosks is likely to hamper the market growth during the foretell period. The regular cost of the machine ranges from USD10, 000 to USD20, 000. The upholding cost of photo kiosk is also high as it requires regular refurbishment of supplies, such as paper and ribbon.
The significant players of the global photo printing market are included as Snapfish (US), Cimpress (Netherlands), Mpix (US), Digitalab (UK), Eastman Kodak Company (Japan), Perion Network Ltd (Israel), Bay Photo Lab (US), Shutterfly, Inc. (US), ProDPI (US) and AdorPix LLC (US).
Photo Printing Market – Segmentation
The global market of photo printing has been segmented among the various segments of type, printing device, and end-use application.
Global Photo Printing Market – Regional Analysis
Europe, Asia-Pacific, North America, and the Rest of the World are the regions included in the study of the global market of photo printing regional analysis.
The region of North America acquired the largest market share back in the year 2017, owing to the rising trend of content sharing on social media platforms. This has indirectly impacted the growth of the photo printing market in this region.
In fact, the purchase rate of mobile or portable photo printers for individual use in the US and Canada is elevated, which leads to the augmentation of this market. In fact, the region of Asia-Pacific is also likely to be the fastest-growing region throughout the estimated period as the innovation in digital cameras by companies such as Sony Corporation and Panasonic Corporation. These companies have enabled the consumers to directly print their photos on merchandise, albums, mugs, cards, wall decor, and gifts. The market in China is likely to expand at an advanced rate than most of the countries around North America and Europe at an average year on year growth of nearly 20%.
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