According to a new research study by Global Insight Services (GIS), the artwork management software market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 10.9 billion by 2031.
Artwork management is the practice of simplifying approval cycles, reducing manual processes, and increasing overall efficiency. Artwork management software streamlines the process to save users time and money, help the user stay organized, and keep branding consistent and accurate. Artwork management software helps to bring the whole team to one place, proof artworks faster, and manage assets in one place, meaning faster approvals, fewer iterations, and more productivity. Further, cosmetic, chemical, food and beverage, life sciences, pharmaceuticals, chemicals, paints, manufacturing, packaging, design agencies, and marketing companies are adopting this software.
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Global Artwork Management Software Market: Key Drivers
The artwork management software market growth is attributed to the expansion of pharma and life science businesses. With the increasing demand for medicines and other life science elements worldwide, the need for artwork management tools is also increasing. Throughout the pharmaceutical sector, packaging & labeling are highly recognized as a mission-critical process, which assists the organization in framing strategic goals for attracting more customers. And frequent label changes and implementation of new rules & regulations is helping in artwork management software market growth, as artwork management systems help reduce discrepancies in processes, lower human errors, and improve label quality & business agility. Moreover, the medical device firms have to comply with regulatory requirements such as the European Union’s MDR systems and Falsified Medicines Directive (FMD), Drug Supply Chain Security Act (DSCSA), and Food and Drug Administration’s Unique Device Identification (UDI) to maintain the smooth operations of pharmaceutical and life sciences sectors. Therefore, the manufacturers are reviewing medical device packaging and barcode labeling processes to comply with the emerging regulatory requirements, and for that, artwork management software is necessary.
Global Artwork Management Software Market: Market Restraints and Challenges
In this day and age, cyber security should be a top priority in companies of all types and sizes. The number of threats and their sophistication is increasing by the day. Data has become the lifeblood of most organizations and the major driver of day-to-day operations and top-level decision-making. Security breaches that lead to loss of data can result in a catastrophe. Not taking cyber security seriously can lead to irreparable reputational damage, fines & issues with licensing in the case of regulated businesses, adverse media coverage, increased anxiety & stress levels in the workforce, business interruption, and breach of privacy & financial losses. And some of the artwork management software are unable to counter cyber-attacks. Thus, security concerns due to the lack of cybersecurity measures are acting as a restraining factor for the global artwork management software market.
The cloud-based segment is likely to hold the major share of the market in 2021
Based on deployment type, it is bifurcated into on-premise and cloud-based. The cloud-based segment is expected to have the largest artwork management software market share in 2021. Over the years, the demand for cloud-based systems is expected to grow substantially due to the cloud-based artwork management software offering enhanced flexibility, scalability, and security to its users. Further, it allows the end users to receive automatic software updates without additional capital expenditures, improving technology competitiveness. Due to these factors mentioned above, the cloud-based artwork management software is expected to receive the main market attraction resulting in market growth.
The retail segment is likely to hold the major share of the market in 2021
Based on application, it is segmented into life sciences, retail, manufacturing, and others. The retail segment is expected to be the largest segment in the artwork management software market in 2021. Nowadays, retailers build powerful national brands and work with many suppliers for high-quality source products. Consistently managing packaging artwork is key to maintaining a significant competitive edge. Thus, the artwork management software helps retail clients deliver a compelling, consistent brand experience across consumer touch points worldwide. Hence, the retail segment will likely hold a major market share in 2021.
The North America region is accounted for the majority of market share in 2021
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to hold the majority of the market share in 2021. The software developers of artwork management software are mostly present in the North American region. Since customers trust process automation, key players concentrate their efforts majorly in North America. In addition, market vendors would target multinational corporations and develop manufacturing clusters across multiple countries. Thus, the North American region is a preferred market for artwork management software. This, in turn, boosts the demand for artwork management software in the North American region.
The key players studied in the global artwork management software market are Discus IT Pvt Ltd (India), Esko (Belgium), Freyr (US), GreatFour Systems (US), Kallik Ltd. (UK), Karomi Inc (ManageArtworks) [US], Lascom (Aptean) [US], Loftware, Inc. (US), Perigord Asset Holdings Limited (Ireland), and Twona (The Netherlands).