The global photo printing market is witnessing a constant rise over the past couple of years. The market growth majorly attributes to the emergence of digital photo printing and AI personalized photo printing technology to bring customizable goods to the public. Besides, rising uses of facial detection and application programming interface (APIs) to ensure the best user experience drive the market growth. Moreover, the increasing adoption of photo-based products and services escalate market growth.
According to Market Research Future (MRFR), the global photo printing market is poised to touch a valuation of USD 26,113.0 MN by 2023, registering 12.3?GR throughout the forecast period (2017 – 2023). The shift towards variable data print and customization of gift articles and the development of photo printing technology positively impact the growth of the market. The technology perceives a vast market demand that increases the market size on the global front.
Rising R&D investments and initiatives of public-private sectors are the major growth drivers contributing to the growth of the market. The industry is witnessing a high demand for variable photo prints as a prerequisite for customization. Additionally, a drastic shift in the consumer purchasing patterns and mass production of static prints & small runs of digital prints foster market growth.
Over the last decade, there have been rapid developments in the photo printing services, such as the transition from traditional to digital, and further to smartphone photography. On the other hand, the high cost associated with the installation and maintenance of self-printing kiosks is a major factor projected to impede market growth. Nevertheless, the rising technology upgrades would support market growth over the assessment period, presenting cost-competitive solutions.
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Photo Printing Market – Segments
The report is segmented into four dynamics;
By Type: Digital Printing and Film Printing.
By Printing Device Type: Mobile Type and Desktop Type.
By End-Use Application: Retail, Online Stores, Instant Kiosk, Over-the-Counter, and others.
By Regions: Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World
Global Photo Printing Market – Regional Analysis
North America dominates the global photo printing market. The largest market share attributes to the presence of established market players in the region and the augmenting demand for photo printing technology. Besides, the rising trend of photographic printing on personalized products, including books, school portraits, mugs, holiday cards, and home decor, drives the regional market growth.
Moreover, increasing technological advances and the adoption of photo printing technology foster the growth of the market. The North American photo printing market is estimated to retain its dominance throughout the predicted period.
Europe stands second in the global photo printing market. The market is primarily driven by the development of photo to print technology across the end-user applications. Additionally, the spurring rise in retail, online stores, instant kiosks, and over-the-counter sectors boost the regional market’s growth.
Germany, the UK, and France, with increasing investments to expand photo printing capabilities, propel the growth of the market. The European photo printing market growth is estimated to increase rapidly during the assessment period.
The Asia Pacific photo printing market is growing briskly. Factors such as the increasing economic growth and the proliferation of personalized gifting trends substantiate the market’s growth. China, Japan, India, and Australia are major markets for photo printing in the region.
Furthermore, the rising adoption of advanced photo printing technology in rapidly developing APAC economies such as China, South Korea, Japan, and India influence market growth. The APAC photo printing market is projected to create a substantial revenue pocket during the review period.
Photo Printing Market – Competitive Analysis
Highly competitive, the photo printing market appears well-established with the presence of several notable players. To develop new products and thus their portfolio with cost-competitive prices, market players make substantial R&D investments. To strengthen their market presence, they invest in expanding their global footprint, initiating mergers & acquisitions, and collaboration strategies.
Players leading the global photo printing market include Snapfish (US), Cimpress (Netherlands), Digitalab (UK), Perion Network Ltd (Israel), Mpix (US), Eastman Kodak Company (Japan), Bay Photo Lab (US), Shutterfly, Inc. (US), AdorPix LLC (US), and ProDPI (US), among others.
Industry/ Innovation/ Related News
November 12, 2020 —– Two American companies – HP Inc., a leading global information technology company, and Shutterfly, the world’s leading online retailer of personalized products, announced a landmark expansion of their strategic relationship to deliver next-level productivity and to supply the growing eCommerce market of photo gifts and photo products.
The agreement for advanced HP Indigo digital presses is the biggest HP customer rollout to date. The relationship deepens amid growth in digital photo printing and personalization business. Shutterfly has also declared its plans to invest in more than 60 new high-performance HP Indigo Digital Presses to drive higher productivity for its photo prints and personalized photo-based products.
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