The Insight PartnersAccording to our latest market study on “Artwork Management Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application,” the market was valued at US$ 469.05 million in 2020 and it is projected to reach US$ 942.80 million by 2028; it is expected to grow at 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.
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Impact of COVID-19 Pandemic on Artwork Management Software Market
The pandemic has had a negative impact on the artwork management software market. Due to travel bans, restrictions on movement, and temporary closure of supply chains, the manufacturing of labels & 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 increased 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.
Adoption of Cloud-Based Artwork Management Platform
Owing to an increase in business activities in pharmaceutical, food & beverages, consumer goods, logistics, and life science industries across the globe, the adoption of advanced artwork management tools is ready to capture attention of massive end users. Additionally, it has been observed that more than 75% of enterprises are planning to foster their digital transformation with an aim to have business recovery out of 2020. The enterprises are looking ahead to adopt cost-effective and collaborative solutions to accomplish their pre-determined digital goals.
Players operating in the artwork management software market are mainly focused on the development of advanced and efficient products.
- In 2021, Perigord Life Science Solutions has developed a new product that is independent packaging & labelling services. It performs the full range of inspection tasks required by a Life Science company when bringing a product to market.
- In 2021, Loftware, Inc. and NiceLabel Combine, extend 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.
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