The global photo printing market revenues are forecasted to witness passive growth over 2016-2026. While growing innovation in digital print technology is expected to be a key driver for market growth, significantly rising adoption of smartphones will remain a key restraint to the demand for photo prints. U.S. is expected to retain the top market position and Asia Pacific may create attractive opportunities for digital printing businesses in the market. Though the market is passively fluid and competitive, a substantial development in the industry may result in radical alteration in the market position.
Key Drivers and Restraints for Market
Increasing use of smartphones is a key factor impacting the photo printing market. The smartphone technology that first contributed to the downsizing of the photo printing market, is predicted to pose challenges to the demand for photo prints in the forecast period as well.
The advent of technological features and functions in smartphones has enabled customised photography and easier storage in varied electronic devices. Moreover, facilitated Internet access is allowing for frequent online photo sharing without the need to print them, which is expected to continue a pessimistic impact on the photo printing industry. Photo printing businesses in the market are estimated to cater to a set of innovative printing needs of consumers, including photo books, photo albums, photo collage and magnets, photographic calendars, and similar merchandise products. Wedding albums will continue to fuel demand for photo prints, resultant of the tendency of preserving lasting memories, among worldwide population.
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Emergence of new marketing businesses are also expected to positively influence the market growth, owing to their consistent digital prints demand for advertising campaigns. Over the forecast period 2016-2026, technological innovation is believed to offer better business opportunities to professional photographers, in addition to providing consumers with increased customisation options. Photographers can expect considerable business growth through enhanced efforts for innovative services and better customer satisfaction.
Global Photo Printing: Market Segmentation
The global photo printing market is segmented on the basis of film printing and digital printing, of which the latter is expected to gain majority share in the global photo printing market during the forecast period.
On the basis of distribution channels, the global photo printing market is also segmented into instant kiosk, retail, over-the-counter, online stores, and mail order.
The market is regionally segmented as Europe, North America, Latin America, Asia Pacific (APAC), and Middle East and Africa (MEA).
Key Market Trends
- 3D printing
3D printing, only used by manufacturing companies years ago, is projected to grasp the future of digital printing. Several business verticals are increasingly adopting the trend of 3D printing for custom product development, photo typing, and creative applications to mention a few.
- Photo-printing apps
Ordering digital photo prints directly from smartphones is a lesser known trend in the market, expected to witness widespread adoption in the near future, which may bolster the demand for photo prints in the market globally.
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Global Photo Printing Market: Regional Outlook
The U.S. is predicted to remain a key market for photo printing globally, whereas robust growth is expected in Asia Pacific (APEJ). China will account for increased market revenues through exceptional development in innovative print technologies such as 3D printing. While the U.S. has been the fastest adopter of 3D printing technology, China is projected to exceed the U.S. GDP in terms of 3D print technology, in the near future.
Key Players in Global Photo Printing Market
The major participants noted across the global photo printing value chain include Shutterfly, Snapfish, Bay Photo, Prodpi, Digitalab, and Adoramapix. Although these market leaders are constantly foraying for market share expansion, FMI’s research highlights the need for strong tracking of market trends in terms of products and prices. Print businesses are expected to indulge in better monitoring of consumer preferences and technological breakthroughs.
Shutterfly is supposed to announce more acquisitions and remain the largest shareholder in the global photo print market. The market is expected to witness a foray by new entrants during the forecast period 2016-2026.
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