Photo Printing Market Forecast to 2027- Covid-19 Impact and Global Analysis,” published by The Insight Partners, the global Photo Printing market is expected to reach US$ 27,335.3 Million by 2027, registering a CAGR of 8.3% during 2020–2027, the forecast period considered in the report.
APAC Photo Printing market to grow at highest CAGR during forecast period
APAC includes various well-established economies such as China, India, Japan, South Korea, and Australia. Rapid developments pertaining to technologies, initiatives from governments, digitalization of economies, and rising disposable income of the middle-income class group are among the factors propelling the growth of the overall economy of the region, driving it from a developing to developed phase. APAC is projected to register the fastest CAGR in the market during the forecast period. The region has strong IT infrastructure, with companies showcasing strong software and services offerings; the players are also at the forefront the bringing technological developments in AI. Further, the e-commerce industry of the region is blooming with the rising population as well as increasing penetration of internet,and high adoption of smartphones and tablets. The overall growth of APAC is also ascribed to the presence and activities of SMEs. In Asian countries, SMEs are responsible for generating huge employment opportunities, thereby eradicating the issue of unemployment.
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The global Photo Printing market is a small market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. Currently, North America leads the global market, followed by Europe and APAC. Technological advances have led to a highly competitive market in the region, as growing populations attract many technological developments due to high spending power. In the region, the consumer electronics industry has been flourishing. There is a relatively high density of consumer electronic devices in the region, such as smartphones, which is expected to contribute to the growth of the North American photo print market. In Europe, the photographic printing industry has a long tradition.
Increasing numbers of startups offering graphic printing services are expected to drive market growth over the forecast period. Such as LALALAB, a Paris based startup, aims at making photos stored on telephones easy to print. The app is available to iPhone and Android users, and its straightforward interface allows the user to order premium shots from phone, which will then be printed and shipped to the user's home. It's one of the most popular and top-rated photo-printing applications in Europe, with over 7 Million downloads. APAC comprises several developing and developed economies such as China, India, Japan, South Korea, and Australia. APAC is the largest continent in the world and is well-known for its technological innovations taking place in aforesaid countries.
Rapid developments pertaining to technologies, initiatives from governments, digitalization of economies, and rising disposable income of the middle-income class group are among the factors propelling the growth of the overall economy of the region, driving it from a developing to developed phase. Pertaining to the rise in demand for card-based payment, the demand, and manufacturing of the POS system has ascended steeply. The growth in booming e-commerce industry, growing usage of smartphones, and proliferating popularity of the mobile apps for sharing & capturing photos. Additionally, the continually improving infrastructure for broadband and wireless connectivity networks is anticipated to propel the Photo Printing market growth during the forecast period.
The global Photo Printing market has been segmented into five major regions: North America, Europe, APAC, MEA, and SAM. North Amerrica holds the dominant share in the Photo Printing market, and APAC is expected to be the fastest-growing region in the global market. The growth of the gifting culture also drives the market growth in North America. The evolution of the gifting culture has resulted in the region's photo-printing merchandise sales increasing. There's also a growing demand for family vacation cards across the region. This will, in turn, drive the region's need for Photo Printing market.
For example, Fujifilm North America Corp. introduced the GetPix Dash photo kiosk in June 2018, a mobile device Photo Printing platform without the need for cables or a dedicated app. The kiosk can be used on a countertop or on a pedestal. The North America are likely to witness high demand for Photo Printing from 2020 to 2027.
The top five companies in the Photo Printing market are Fujifilm Corporation, Walgreens Co , Shutterfly, Inc , Snapfish, and Walmart Photo. The above listing of key players is derived by considering multiple factors such as overall revenue, current Photo Printing solution portfolio, new product launches, market initiatives, investment in technology up gradation, mergers & acquisitions and other joint activities.
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