The photo printing market is expected to exceed USD 22.70 billion by 2030, at a CAGR of 6.1%
Widespread use of tablets and smartphones to drive the growth of the photo printing market
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 type of printing device, by End use and region – forecast to 2030” the market size to reach USD 22.70 billion, growing at a compound annual growth rate of 6.1% by 2030.
The development of advanced technology in photo printing along with the availability of instant printing will provide strong opportunities for the photo printing market over the forecast period. Additionally, the growing need for printing in packaging and innovative printing technologies are also adding to the growth of the market.
The replacement of paper calendars with digital planners may pose a challenge for the market during the forecast period. Additionally, the low accessibility of trained experts may also hamper the growth of the market.
Dominant Key Players in Photo Printing Market Covered Are:
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Widespread use of tablets and smartphones to drive market growth
The widespread use of tablets and smartphones to click and process high resolution images instead of professional cameras will drive the market growth over the forecast period. These portable devices offer increased customization and flexibility to merchandise sellers and photo editors, enabling them to deliver innovative print and merchandise solutions to consumers.
High cost to act as market restriction
The high cost of installing and maintaining self-printing kiosks coupled with the negative effects of digitization may act as a drag on the market during the said period.
Browse the in-depth market research report (95 pages) on the Photo Printing Market:
Market Segmentation Covered by Research:
The global photo printing market has been segmented based on end-user application, product type, and printing device type.
By printing device type, mobile type will dominate 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 during the forecast period.
North America leads the photo printing market
North America will dominate the photo printing market over the forecast period. Growing trends in photo printing in Canada and the United States, the increasing use of portable photo printers, the increase in the volume of sales of photo merchandise such as canvas prints, photo cards and albums, the growing popularity of tourism among American citizens, the high disposable income of American citizens mainly middle-aged and older American citizens, which allows them to travel all over the world, resulting in a prodigious amount of photos, and the young US citizens who have become prolific travelers over the past two decades are contributing to the growth of the global photo printing market in the region. Additionally, the rising trend of content sharing on different social media platforms and Canada and US reporting high purchase rate of portable/mobile photo printers for individual use are also contributing to the growth of the market. in this region.
APAC will have admirable growth in the photo printing market
The APAC region will witness admirable growth in the photo printing market over the forecast period. The growing innovation of digital cameras via notable companies such as Sony Corporation and Panasonic Corporation that help customers print photos online, the growing availability of high-speed internet and high-end smartphone cameras, consumers who are increasing their disposable income enabling them to purchase high-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 contributing to the growth of the global photo printing market in the region. Additionally, growing consumer demand to directly print their photos onto gifts, cards, mugs, wall hangings, merchandise and scrapbooks, growing adoption in China and other developing Asian economies as well as in Southeast Asian countries, a thriving e-commerce industry, growing popularity of smartphone apps for capturing and sharing photos, and ever-improving broadband infrastructure and wireless connectivity networks are also fueling the growth of the market.
Impact of COVID-19 on the global photo printing market
Disruptions in the supply chain, fluctuations in demand share, economic situations, as well as the immediate and long-term impact of the novel coronavirus have negatively impacted the growth of the photo printing market . Such an epidemic brought economic activity to a standstill, thus plunging the world economy into a very deep recession. Additionally, with roots originating in China, supply chains around the world are facing unprecedented shutdowns and disruptions. Following the easing of lockdowns and restrictions across the globe, the market is expected to return to normal in the coming days.
The global photo printing market is both competitive and fragmented owing to the presence of multiple international and domestic key players. These industry players have incorporated a series of innovative strategies to stay ahead of the curve while meeting growing customer needs, including joint ventures, geographic expansions, collaborations, contracts, partnerships, product launches, and more. new products, etc In addition, the players also devote themselves to numerous research and development activities.
Speed3D showcased the world’s fastest metal 3D printing at the Formula 1 Australian GP. In fact, Speed3D’s technology is the world’s fastest way to make metal parts.
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