According to a new market research report published by Acute Market Reports “Global Photo Printing and Merchandise Market (Product Type (Photo Printing, Merchandise Printing); Module (Film Printing, Digital Printing); Mode of Printing (Desktop, Mobile); Distribution Channel(Instant Kiosk, Over the Counter, Retail, Online)) – Growth, Future Prospects and Competitive Analysis,2019 – 2027”, the overall photo printing and merchandise market worldwide was valued at US$ 22.20 Bn in 2018 and is set to grow with a CAGR of 7.1 % during the forecast period.
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The global photo printing and merchandise market is highly driven by increasing digitalization and urbanization globally. The digitalization has increased the e-commerce business by increasing options for the customers. Whereas urbanization has led to technological advancement by introducing new technology such as 3D printing which is also driven the market. Additionally, the increasing trend of gifting printed cups, t-shirts, boxes and other merchandise among consumer is an another factor driving the growth of the market.
Moreover, the companies are more focusing on providing new products with wall décor, photo cards, calendars, and photo gifts which is attracting consumer and contributes in the market growth. The introduction of mobile apps has also allowed the users to select their photos which have to be printed and has minimized their frame time. The mobile and tablets is replacing desktop due to their portability and are leading the market.
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Based on mode of printing, the photo printing and merchandise market has been segmented as desktop and mobile. The desktop segment is accounted to hold more than 60% of the market, due to early adoption of the mode of printing and their functioning to customize the printing as per the requirement. However, mobile segment is expected to be the fastest growing segment due to their portability and easy mobility which is also resulting in rising growth of photo printing and merchandise market.
Asia-Pacific is expected to be the fastest growing region, growing with a CAGR more than 7% through the forecast period. The market in the region is driven by increasing number of consumer due to growing disposable income among them. Additionally, rising adoption of e-commerce in the region has increased the customer demand for printed products. Similarly, the increasing demand for 3D images from consumers is influencing vendors to install advance technologies and innovative products.
Some of the prominent players operating in the photo printing and merchandise market include Cimpress N.V., Eastman Kodak Company, Walgreens Co., Mpix, Shutterfly, Inc., Amazon Prints, Snapfish, Digitalab, AdoramaPix Inc., and BayPhoto, Inc., among others.
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