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Print Management Software Market Size, Share, Growth & Forecast 2024-2033 | Trends & Key Players
Print Management Software Market Size
According to The Business Research Company's, The print management software market size has grown exponentially in recent years. It will grow from $2.99 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to cost reduction initiatives, increasing environmental concerns, growing adoption of cloud computing, and rise of remote work trends.
The print management software market size is expected to see exponential growth in the next few years. It will grow to $7.55 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%. The growth in the forecast period can be attributed to cloud adoption, remote work trends, cost optimization demands,security concerns, and sustainability initiatives. Major trends in the forecast period include increased cloud adoption, rising demand for mobile printing solutions, emphasis on security and compliance, integration with IoT and AI technologies, shift towards subscription-based pricing models.
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Market Drivers and Trends:
The increasing adoption of cloud computing is expected to propel the print management software market going forward. Cloud computing refers to the delivery of computing services, including storage, databases, software, and networking, over the Internet. Cloud computing adoption is surging due to its cost efficiency and accessibility benefits, enabling remote work and collaboration seamlessly. Cloud computing enhances print management software by providing robust security measures to safeguard print data and infrastructure from unauthorized access, data breaches, and cyber threats. For instance, in December 2023, according to the European Commission, a Luxembourg-based intergovernmental organization, 45.2% of EU enterprises had adopted cloud computing services in 2023, representing a 4.2 percentage point rise from 2021. Therefore, the increasing adoption of cloud computing is driving the growth of the print management software market.
Major companies operating in the print management software market are focusing on developing technological innovations, such as cloud-based print management software solutions, to enhance and streamline printing operations across distributed and remote work environments. Cloud-based print management software solutions are software platforms that enable organizations to centrally manage and optimize their printing infrastructure through cloud computing technology. For instance, in April 2021, Ricoh Company, Ltd., a Japan-based electronics company, launched a new cloud-based print management solution called RICOH CloudStream to offer a print-as-a-service model that simplifies print management by migrating print infrastructure to the cloud, reducing costs, and eliminating the need for on-premise print servers. This platform offers features like location-based printing, secure cloud storage of data and documents, and centralized management through the Azure portal, enabling businesses to efficiently manage their print environment and scale their print management system easily.
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Major Key Players of the Market:
The Hewlett-Packard Company, Canon Inc., Kyocera, Ricoh Company Ltd., Epson Print Admin, Konica Minolta, Xerox Corporation, Brother International Corporation, Nuance, KOFAX INC., EFI (Electronics for Imaging Inc.), Levi Ray & Shoup Inc, Y Soft Corporation, PaperCut Software International Pty Ltd, Pharos Systems, ThinPrint GmbH, Process Fusion, PrinterLogic, Ringdale UK Ltd., Uniprint, Sepialine Inc., PrintManager, Printix.net, AND Technologies Inc., United Carlton
Print Management Software Market 2024 Key Insights:
• The print management software market size is expected to see exponential growth in the next few years. It will grow to $7.55 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%.
• Cloud Computing Adoption Is Driving Growth Of The Print Management Software Market
• Advancements In Cloud-Based Print Management Solutions For Streamlined Operations
• North America was the largest region in the print management software market in 2023
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