North America Print Management Software Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium Enterprises (SMEs)), and Industry (BFSI, IT and Telecom, Healthcare, Retail, and Other Industries)
The print management software market in North America is expected to grow from US$ 494.5 million in 2019 to US$ 1,850.9 million by 2027; it is estimated to grow at a CAGR of 18.1% from 2020 to 2027.
Security breach is a major concern associated with the printing tasks, and print management software protects confidential documents by ensuring that these documents are printed and collected only by authorized users. Also, print management software can be configured to demand print approvals by authorized personnel, including managers, teachers, or system administrators Hence these uses are expected to boost up the North America print management software market. In many companies, employees regularly report the presence of papers displaying confidential correspondence, salary information, and other sensitive information in print trays. Print management software addresses such vulnerabilities with its capability to facilitate secure print release. The software also prevents premature release of confidential documents to unauthorized audiences to keep the company's information safe. Additionally, print management software monitors print environment with the help of automated print queue control to ensure continuity in projects. The system also sends alerts when devices require maintenance, updates, or advanced troubleshooting. Therefore, upgrades insecurity and data management bolster the growth of print management software market in North America. Reduced printing cost and enhanced printing performance are among other factors driving the demand for print management software, hence North America driving the print management software market
The COVID-19 pandemic has significantly affected North American countries, especially the US. The retail and e-commerce sectors, among others, in the US are among the major contributors to print management software market revenues in North America. The exponential rise in the number of COVID-19 cases and reported deaths in the country is affecting the manufacturing and sales of smartphones and digital cameras which is affecting the North America print management software market. Factory and business shutdowns across the US, Canada, and Mexico are limiting the adoption of the print management software in the region which has affected the print management software market negatively. The impact of the COVID-19 outbreak is severe in 2020, and it is likely to continue in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US hinders the growth of the North America print management software market, and the effect would continue in the next few quarters.
Based on deployment, the cloud segment led the North America print management software market in 2019. In recent times, there has been a significant rise in the adoption of cloud-based software in the technology sector due to the simple process and low cost of adoption. Therefore, majority of the players operating in the print management software market are offering cloud-based products. Additionally, developed internet infrastructure in North American countries allows hassle-free access the cloud-based print management software to end users. The print management software developers are actively investing in creating reliable and secure cloud-based applications to protect consumer data from breaches and cyber threats, which is driving the North America print management software market.
The overall North America print management software market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the North America print management software market. The process also serves the purpose of obtaining an overview and forecast for the North America print management software market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts, such as VPs, business development managers, print management software market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America print management software market. A.N.D Technologies, Inc.; Canon Inc.; HP, Inc.; Kofax, Inc.; PaperCut Software International Pty Ltd; PrinterLogic; Process Fusion; ThinPrint GmbH; and Xerox Corporation are a few players operating in the print management software market in North America.
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