Artwork Management Software Market Analysis and Forecast to 2031: By Deployment Type (On-Premise, Cloud-Based), Application (Life Sciences, Retail, Manufacturing, Others), and Region

Artwork Management Software Market Analysis and Forecast to 2031: By Deployment Type (On-Premise, Cloud-Based), Application (Life Sciences, Retail, Manufacturing, Others), and Region

The global artwork management software market was valued at US$ 5.1 billion in 2021 and it is anticipated to grow up to US$ 10.9 billion by 2031, at a CAGR of 7.8% during the forecast period.

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.

Global Artwork Management Software Market Scope and Report StructureMarket Drivers and Trends

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 system helps 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.

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.

Global Artwork Management Software Market Segmental Overview

The report analyses the global artwork management software market based on deployment type, application, and region.

Global Artwork Management Software Market by Deployment Type

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.

Global Artwork Management Software Market by Application

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.

Geographical Analysis of Global Artwork Management Software Market

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 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.

Major Players in the Global Artwork Management Software Market

The key players studied in the global artwork management software market are COVID-19 Impact

The COVID-19 pandemic had a negative impact on the global artwork management software market. Due to travel bans, restrictions on movement, and temporary closure of supply chains, and also the manufacturing of labels & packaging industry business got impacted adversely. However, businesses in the healthcare sector had experienced an increase in demand for individual products and services. To maintain their sales during the COVID-19 pandemic, most healthcare businesses have contacted labeling and artwork management technology suppliers, which have performed well in these tumultuous times. Further, due to the COVID-19 pandemic, many branding and artwork management application developers have collaborated with healthcare facilities and vital service providers to help them establish seamless operations and a stable supply chain infrastructure.

Recent Developments

• September 2021, Loftware had released its new version of automated artwork management software (Loftware Smartflow 26.2). This new release, which introduces Master Datasheets, strengthens users' ability to enforce consistency and control content used in packaging, labels, and other documents.
• April 2021, Esko partnered with Mars (a multinational confectionery manufacturer, pet food and other food products) to implement its web-based packaging management solution, WebCenter. The two companies have reimagined the Mars artwork management process across its international supplier network.
• March 2021, Tech Mahindra had acquired a 70% stake in Perigord Asset Holdings. This acquisition will help Tech Mahindra to augment expertise in the global pharmaceutical, healthcare and life science sectors. This will strengthen the company's presence in the artwork and packaging services space with an integrated platform and services portfolio.

Frequently Asked Questions
Q1. How big is the artwork management software market?Ans. The global artwork management software market size was US$ 5.1 billion in 2021 and is anticipated to reach US$ 10.9 billion in 2031, growing at a rate of 7.8% from 2022 to 2031.
Q2. What is the artwork management software market growth rate?Ans. The growth rate of the artwork management software market is 7.8% from 2022 to 2031.
Q3. Which region holds a major market share for the artwork management software market?Ans. North America holds a major market share of the artwork management software market in 2021.
Q4. Which segment accounted for the largest artwork management software market share?Ans. 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.
Q5. Who are the key players in the artwork management software market?
Q6. What are the factors driving the artwork management software market growth?Ans. The major factor driving the growth of the market is expansion of pharma and life science businesses.
Q7. What are the key growth strategies of artwork management software market players?Ans. The key growth strategies of artwork management software market players are product launch, partnerships, and government initiatives.
Q8. Which region will provide more business opportunities for the artwork management software market during the forecast period?Ans. The Asia Pacific region will provide more business opportunities for the artwork management software market during the forecast period.

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