Print Management Software Market to reach at a CAGR of 18.8% by 2027 fuelled by Reduced Cost of Printing and Enhanced Performance

NEW YORK, UNITED STATES, February 7, 2022 /EINPresswire.com/ -- Print management software are designed to manage and optimize printing devices and processes effectively and efficiently. These software allow companies to centralize the administration of printing devices. They also allow organizations cut printing costs as well as help them, monitor, maintain, and control the entire printer fleet through a single application interface. The increase in the cost of papers, prints, toner, and ink for companies worldwide drives the demand for print management software. Based on the "US & European Managed Print Services Study" published in InfoTrends in 2012, with the use of print management software, companies can save up on more than 30% print costs. Moreover, the increasing demand for real-time data on the printer fleet and efficient enterprise printing process management, and optimization through print management software is expected to support global market growth in the coming years.

The print management software market is expected to grow from US$ 1,849.9 million in 2021 and is projected to reach US$ 5,282.2 million by 2027. The Print management software market is expected to grow at a CAGR of 18.8% during the forecast period of 2021 to 2027.

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Market Size Value in - US$ 1,849.9 Million in 2021
Market Size Value by - US$ 5,282.2 Million by 2027
Growth rate - CAGR of 18.8% from 2021-2027
Forecast Period - 2021-2027
Base Year - 2021
No. of Pages - 163
No. Tables - 88
No. of Charts & Figures - 81
Historical data available - Yes
Segments covered - Deployment , Enterprise Size , Industry (BFSI, IT and Telecom, Healthcare, Retail, and Other Industries
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends

COVID–19 Impact on Print Management Software Market
According to the World Health Organization (WHO), the US, Turkey, Brazil, Spain, Germany, Italy, France, UK, Russia, Iran, India and China, are some of the worst affected countries due to the COVID-19 outbreak. As of August 11, 2020, ~20,281,373 confirmed COVID-19 cases were reported globally, with ~ 739,770 total deaths, and the number is growing at varying rates in different countries. The COVID-19 pandemic is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020,which is likely to continue in 2021 as well. The outbreak has created significant disruptions in various industries, such as logistics, retail, and e-commerce.

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Companies that use big data solutions are increasingly adopting print management software to streamline their operations, reduce costs, and increase workplace productivity. These software enable users to create digital files by scanning documents, thus enabling companies to control, manage, and access their important documents in a better way. Print management software also allow better collaboration between different departments within an organization for analytical purposes. The software allow companies to sort and organize essential documents more efficiently by using optical character recognition (OCR). They also provide enhanced security features to help protect valuable information from network breaches. Thus, increasing adoption of big data solutions is one of the significant trends in the print management market, which would drive its growth during the forecast period.

Reduced Cost of Printing and Enhanced Performance

The print management software helps to find out true costper-page, discover the actual cost of ownership for each printer, error and history reports deliver valuable information to improve fleet management, optimize fleet for improved workflows, easy-to-use web interfaces provide visibility to help staff members and its teams do their jobs more efficiently, and free up IT staff to focus on core business objectives and training. For example, Equitrac is a print tracking and cost recovery software solution that can be integrated with multifunctional printers such as HP, Sharp, Canon, and Konica Minolta. It can help an organization reduce waste, recover costs, increase security, and simplify IT support once implemented.

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Strategic Insights:

Players operating in the print management software market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the Print management software market. A few developments by key players of the print management software market are:

In March 2020, Brother International Corporation announced a partnership with Kofax, for providing an embedded solution on selected Brother laser printers, multifunction devices, and inkjet models.

In March 2020, PrinterLogic announced a new integration with Okta, provider of identity for the enterprise. This would assist the IT professionals to eliminate print servers and identity-related infrastructure.

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