As indicated by a recently conducted research on the global market for photo printing and merchandise, the revenue is likely to expand sluggishly, during the next decade. The entire market for photo printing and merchandise currently valuates at around US$ 16 billion, which may barely approach US$ 22 billion through the next 10 years. However, the world of photo printing will experience a rapid shift to digitalization, favoring the market to a certain extent. Booming growth of E-commerce will also support the market in its declining phase. With the emergence of 3D printing as a promising technology, businesses in both photo printing, as well as merchandise, are expected to witness a hopeful scenario over the upcoming decade.
Digital Printing High in Demand with Growing Digitalization
Surging use of smartphones and smartphone applications, coupled with the growing popularity of 3D printing, will push the demand for digital printing over conventional printing. Digital printing will soon take over the traditional film printing module, which will be further supported by growing adoption of the mobile printing technology. Rapid digitalization is the key factor accounting for these shifts in the global photo printing and merchandise industry. A majority of stakeholders are emphasizing the photo printing technology innovation in a bid to win a larger consumer base.
Deepening E-commerce Penetration Benefits Photo Printing Businesses
Several E-commerce companies are increasingly offering an extensive range of online photo printing services. In addition, a majority of companies are concentrating on the introduction of a photo printing kiosk, which has a few enhanced connectivity features. These factors are currently trending the photo printing and merchandise industry, and are expected to provide a slight thrust to market growth. Online sale has been identified as a high-potential channel for photo products or printing. Flourishing expansion of the E-commerce sector is most likely to pinpoint the growth of certain regional markets in this industry, including North America, Western Europe, China, and other developing economies in Asia and South East Asia. This is further fueled by the constantly improving broadband infrastructure and the enhanced capability of wireless connectivity networks.
Merchandise Printed Products to Outgrow Photo Printing Products
Photo printing, which currently brings in a considerable revenue share to the market, continues to witness decent popularity among consumers, in the form of printed photographs. However, the study reveals that photo printing might lose a major share regarding value, in next few years. On the flipside, merchandise products printing will prominently witness escalating demand – the top-selling products include photo books, photo printed mugs, and pillows and cushions.
All the insights included in this article are based on a recently released market outlook, detailed excerpts on which can be availed at https://www.futuremarketinsights.com/reports/sample/rep-gb-1588