Report : Artwork Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premises and Cloud) and Application (Life Sciences, Retail, Manufacturing, and Others)
According to the new research report titled “Artwork Management Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 942.80 million by 2028, registering a CAGR of 9.2% from 2021 to 2028.
Artwork management is the practice of automating procedures, shortening approval times, and improving overall performance. Artwork management software automates the process by saving the time and resources while assisting in staying organized and maintaining clear and reliable branding. Although, the artwork approval process is time-consuming, difficult, and vulnerable to errors, the adoption of artwork approval software is critical for catching errors, preventing enforcement breaches, and avoiding waste of resources. This software provides customizable and automated solution for packaging artwork and other end-to-end business processes, by minimizing risk, simplifying processes, and ensuring traceability.
The demand for this component of product packaging has increased because of globalization and evolving regulatory requirements for labelling and artwork. New product releases, line extensions, marketplace extensions, promotions, regulatory changes, and bar code changes result in changes in artwork across all industries. It is especially true for FMCG companies that deal with a large volume of artwork and packaging changes during the year, necessitating the use of a sophisticated computerized artwork management system.
The global artwork management software market is segmented into deployment, application, and geography. Based on deployment, the artwork management software market is bifurcated into cloud and on-premise. Based on application, the artwork management software market is categorized into life sciences, retail, manufacturing, others. Based on region, the artwork management software market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The COVID-19 pandemic has been affecting every business globally since December 2019. The continuous growth in the number of COVID-19 cases has compelled governments to put a bar on transportation of humans and goods. The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which hindered the growth of retail, e-commerce, manufacturing, and logistics sectors. Additionally, the social or physical distancing measures imposed by governments have put limitations on the operations of logistics and other service providers. This disruption has resulted in the decline in artwork design business. The pandemic has had a negative impact on the artwork management tool market. Due to travel bans, restrictions on movement, and temporary closure of supply chains, the manufacturing of labels and packaging industry business got impacted adversely. On the contrary, due to the operational activities of essential goods such as food & beverage, pharmaceuticals for biological or pharmaceutical laboratories, the demand for packaging & labelling have spurred which has helped in the adoption of artwork management system. This has led the artwork management tool market players to witness the constant flow of demand for their products Despite the disruption caused by the COVID-19 pandemic, the business of mentioned sectors is likely to surge in the future as business are getting resumed after a long lockdown measure.Key Findings of Study:
The global Artwork management software market is fragmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM).
Nevertheless, significant strategic initiatives by several industry players are observed in the market; for instance, in January 2021, Loftware and NiceLabel partnership, extended the global leadership in enterprise labeling and artwork management. This merger provides consumers and partners with a wider range of solutions, improved labelling capabilities, and the advantages of increased cloud-based investment.