Photo Printing Market Projected to Cross USD 22.70 Billion by 2030, at a Whooping CAGR of 6.1% - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Widespread Use of Tablets and Smartphones to Boost Photo Printing Market Growth
New York, April 21, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Photo Printing Market information by Type, by Printing Device Type,byEnd-Use and Region – forecast to 2030” market size to reach USD 22.70 billion, growing at a compound annual growth rate of 6.1% by 2030.
Market Scope: The development of advanced technology in photo printing as well as the availability of instant printing will offer robust opportunities for the photo printing market over the forecast period. Besides, increasing need for printing in packaging and innovative printing technologies is also adding market growth.
The replacement of paper calendars via digital planners may act as a market challenge over the forecast period. Besides, the low accessibility of trained experts may also impede market growth.
Dominant Key Players on Photo Printing Market Covered are:
Market USP Exclusively Encompassed: Market Drivers Widespread Use of Tablets and Smartphones to Boost Market Growth The widespread use of tablets and smartphones for clicking and processing high-resolution images instead of professional cameras will boost market growth over the forecast period. Such portable devices provide customizability and enhanced flexibility to the merchandize vendors and photo editors thus allowing them to offer innovative printing & merchandise solutions to consumers.
High Cost to act as Market Restraint The high cost of installation & maintenance of self-printing kiosks coupled with negative effects of digitalization may act as a market restraint in the said period.
Segmentation of Market Covered in the Research: The global photo printing market has been bifurcated based on end user application, product type, and printing device type.
By printing device type, mobile type will lead the market over the forecast period.
By product type, digital printing will dominate the market over the forecast period.
By end user application, online segment will spearhead the market over the forecast period.
Regional Analysis North America to Lead Photo Printing Market North America will lead the photo printing market over the forecast period. The growing photo printing trends in Canada and the US, the increasing use of portable photo printers, increasing sales volume of photo merchandise like canvas prints, photo cards, and albums, the growing popularity of tourism amid American citizens, high disposable income of US citizens mostly middle-aged and older US citizens that allows them in travelling all across the globe resulting in prodigious amounts of photos, and younger citizens in the US having emerged as prolific travelers in the last couple of decades are adding to the global photo printing market growth in the region. Besides, rising trend of content sharing in different social media platforms, and Canada and the US reporting high purchase rate of portable/mobile photo printers for individual use are also adding market growth in this region.
APAC to Have Admirable Growth in Photo Printing Market The APAC region will have admirable growth in the photo printing market over the forecast period. Rising innovation of digital cameras via notable companies like Sony Corporation and Panasonic Corporation that aids customers in printing photos online, the growing availability of high speed internet & high end smartphone cameras, consumers growing disposable income that allows them in purchasing higher end smartphones with advanced camera capabilities, the growing need for photo printing, and the strong presence of camera industry giants like Olympus, Samsung, Fujifilm, Sigma, Panasonic, Epson, Sony, Nikon, and Canon are adding to the global photo printing market growth in the region. Besides, growing demand of consumers to directly print their photographs on gifts, cards, mugs, wall décor, merchandise, and albums, increasing adoption in China and other developing Asian economies as well as Southeast Asian countries, thriving e-commerce sector, increasing popularity of smartphone applications for capturing and sharing photos, and the constant improvement of broadband infrastructure & wireless connectivity networks are also fueling market growth.
COVID-19 Impact on the Global Photo Printing Market Disruptions in supply chain, fluctuations in demand share, economic situations, along with immediate & with long term impact of the novel coronavirus possessed a negative impact on the photo printing market growth. Such outbreak has put the economic activity at a halt, thus pushing the worldwide economy in a very steep recession. Besides, with the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. Following the relaxation of lockdowns and restrictions across the globe, the market is likely to get back to usual in the days to come.
Competitive Landscape The global photo printing market is both competitive as well as fragmented for the presence of multiple international and domestic key players. These industry players have incorporated a series of innovative strategies for staying at the forefront along with catering to the surging need of the clients including joint ventures, geographic expansions, collaborations, contracts, partnerships, new product launches, and others. Besides, the players are also devoting in numerous research & development activities.
Industry News Speed3D has showcased the world’s fastest metal 3D printing at formula 1 Australian GP. In fact the technology of Speed3D is the fastest way in the world for making metal parts.
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