Print Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium Enterprises), and Industry (BFSI, IT & Telecom, Healthcare, Retail, and Other)
The print management software market is projected to grow from US$ 2,000.99 million in 2022 to US$ 4,675.65 million by 2028; it is estimated to grow at a CAGR of 15.2% from 2022 to 2028.
Print management software helps determine the true cost per page. Moreover, it helps derive the actual cost of ownership for each printer and error, and history reports deliver valuable information for improving fleet management and optimizing fleet for improved workflows. Easy-to-use web interfaces aid visibility to help staff members and their teams perform their jobs more efficiently, eventually allowing IT staff to focus on core business objectives and training. Equitrac is a print tracking and cost recovery software solution that can be integrated with multifunctional printers, including HP, Sharp, Canon, and Konica Minolta. The implementation of this software helps organizations reduce waste, recover costs, increase security, and simplify IT support operations. Equitrac reduces overhead costs by automatically capturing, tracking, and allocating print jobs; it improves productivity by streamlining operations, enhancing document security, and minimizing print waste and toner consumption.
Print management software also improves the performance of different companies through the following abilities:
Maintaining control over paper consumption: A print management system allows users to regulate the amount of paper used.
Using effective power products: A print management system encourages organizations to make suggestions regarding new equipment. As this software is considered a significant investment, companies are designing new devices with due consideration to power efficiency.
Syncing printer fleet: The integration of printer fleets is another component of print management. This function synchronizes all the current printers and places them on the same page.
The growing tablet and smartphone market has a significant impact on the print management software market growth in the US. For instance, PaperCut enables easy local printing from iPads, iPhones, Android, Windows, Chromebook, and Mac devices. Such solutions provide users with remote access to prints, outside the network, by transmitting print jobs over the internet. The US has the highest exposure to print management software since enterprises in the country have been the early pioneers of emerging technologies. Canon Inc. is one of the leading providers of smooth connectivity with the Canon PRINT application, which helps check the printer's status and link up to the cloud, along with featuring effortless printing, smart device-enabled copying and scanning, etc. In March 2020, Canon Inc. launched Canon PIXMA TR150 Wireless1 Printer with its optional battery supporting portability. Further, as millions of people across the US are working from home, this new product benefits companies and employees by enabling equipment portability.
The print management software market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the rest of MEA. The region is expected to witness a rapid rise in marketing and industrialization in the coming years. According to the World Bank, 6 of the world's 10 fastest-growing economies were from Africa in 2020. Several international print management software developers are willing to explore and invest in Africa, as well as other emerging markets. Print management software is anticipated to play a vital role in the digital revolution in the printing industry in the MEA. Moreover, with technological advancements, including 3D printing, companies operating in the traditional print landscape are striving to reposition themselves in the print management software market growth by developing and launching innovative solutions.
The print management software market is segmented on the basis of deployment, enterprise size, industry, and geography. Based on deployment, the print management software market is bifurcated into on-premises and cloud. In terms of enterprise size, the print management software market is bifurcated into small and medium enterprises and large enterprises. Based on industry, the print management software market is segmented into IT & telecom, BFIS, healthcare, retail, and others. Based on geography, the print management software market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The overall print management software market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also helps obtain an overview and forecast of the print management software market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—valuation experts, research analysts, and key opinion leaders—specializing in the print management software market.
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