Find Out More About Print On Demand Market Global Growth With Rising CAGR And Forecast Till 2030Posted by Mrudula Karmarkar on December 13th, 2022 The global print on demand market size is anticipated to reach USD 39.40 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 26.1% from 2022 to 2030. Print-on-demand is a technology that enables artists, designers, writers, and numerous entrepreneurs to sell custom-designed products by collaborating with white-label product suppliers. It eliminates the need of maintaining an inventory as after the confirmation of a sale the supplier takes care of the order including from printing to shipping. With the increasing demand for personalized products, the growth of the print-on-demand industry is expected to rise in near future. In the initial emergence of the COVID-19 in 2020, almost every industry was affected due to restrictions imposed on business operations and processes. However, some of the industries were able to recover immediately owing to the adoption of online business models and changing preference of the consumers to buy goods from online retail platforms over local stores. For instance, according to IBM’s U.S. Retail Index 2020 report, the COVID-19 has narrowed this gap by approximately five years. This in turn is expected to boost the demand for print-on-demand services. The market has also benefitted from growing investments and the shift from brick-and-mortar business models to online business models, which, in turn, are driving the print on demand market growth. With the rapidly changing consumption patterns among global consumers and preference for hybrid shopping. Among all other generations, Gen Z majorly prefers hybrid shopping. For instance, according to IBM’s U.S. Retail Index data published in September 2021, approximately 36% of the Gen Z population prefers the hybrid shopping method. Factors such as rising disposable income, increasing internet penetration and smartphone adoption, and inclination toward fashion apparel and unique products are fueling the demand for print-on-demand. The growing e-commerce sales are also fueling the growth of the market. The COVD-19 pandemic had a positive impact on the market. As the lockdown restrictions were imposed, people shifted to online shopping and print-on-demand products witnessed growth.Products such as custom face-masks also contributed to the sales of print-on-demand products during the pandemic. The home décor product category witnessed a rise in sales as people adapted to remote working and staying at home. This factor is anticipated to propel the growth of the market for print-on-demand. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/print-on-demand-market-report/request/rs1 Print-on-demand platforms provide custom design printing solutions to customers. Various artists and merchants owning a print-on-demand business and who want to sell their designs can connect their existing online store or set up a new one depending on the platform. The service providers will then print the orders and then ship the product to the customer providing end-to-end fulfillment service. Print On Demand Market Report Highlights
Lack of transparency and control for artists or creators is a restraint for the market. As the artists do not have control over the quality of products and also not all of them have access to the list of clients. This may create dissatisfaction among the clients and they may look for alternate solutions. The key drivers for the market are rapid digitalization and the growth of e-commerce. The market has a fragmented competitive landscape as it features various global and regional market players. Leading industry players are adopting strategies such as partnerships, collaborations, mergers and acquisitions, and agreements to survive the highly competitive environment and enhance their business footprints. Moreover, service providers are spending substantial funds on research and development activities to develop advanced products and integrate new technologies in their offerings to achieve a competitive lead over other market players. For instance, in September 2022, Prodigi Group acquired London, U.K.-based Kite Tech Ltd, a technology company specializing in print-on-demand products from Canon Europe. The e-commerce software of Kite Tech Ltd. combined with the API platform of Prodigi Group is expected to help the company in increasing sales along with reducing production and inventory management costs. Some prominent players in the global print on demand market include:
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