Catalogue Market is Anticipated to Develop Altogether at 20.05% CAGR by 2030 | Allied Market Research
An increase in the penetration of smartphones coupled with robust internet access across the globe drives the growth of the global catalogue market.
PORTLAND, PORTLAND, OR, UNITED STATE, February 23, 2023 /EINPresswire.com/ — The rise in need to improve consumer experience & satisfaction and the increase in penetration of smartphones coupled with robust internet access across the globe drive the growth of the global catalogue market.
However, the increase in popularity of alternative marketing and advertising strategies hinders market growth. Moreover, the surge in the use of catalogue marketing strategies in the retail & e-commerce sector is anticipated to pave the way for multiple opportunities in the industry.
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According to the report, the global catalogue industry was pegged at $58.20 billion in 2020, and is expected to reach $335.62 billion by 2030, growing at a CAGR of 20.05% from 2021 to 2030.
COVID-19 scenario:
• The outbreak of the Covid-19 pandemic had a positive impact on the global catalogue market. Due to a rise in smartphone sales and the work-from-home policy, the adoption of digital catalogues increased significantly during the period.
• Following the pandemic, digital catalogues saw a considerable surge in adoption, as they provide various advantages over print catalogues.
Furthermore, as a result of Covid-19, sectors such as retail &e-commerce and media &entertainment, adopted digitalization for seamless operations, resulting in widespread use of digital catalogues for product and service marketing.
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Based on organization size, the large enterprise’s segment held the lion’s share in 2020, contributing to more than three-fifths of the global catalogue market, and is expected to continue its lead during the forecast period. This is owing to surge in investments in marketing by large enterprises is expected to fuel the growth of the catalogue market.
The small and medium-sized enterprises segment, however, is expected to witness the highest CAGR of 21.34% by 2030. This is attributed to the fact that SMEs have low marketing budgets and lack resources for high-grade marketing; thus, they prefer adopting digital catalogue strategy to resolve complexities and improve cost optimization of business processes.
By type, the paper or print segment accounted for more than half of the global catalogue market share in 2020. This is owing to the fact that printed catalogues and brochures serve as the most powerful tools for the sales and marketing team, as they have all the vital information about the products or services.
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The digital segment, however, would showcase the fastest CAGR of 23.41% by 2030 and is anticipated to dominate the market throughout the forecast period. Digital catalogue increases brand awareness and has more range of clients than traditional catalogues, thus fueling the growth of the segment.
By region, North America, garnered the major share in 2020, contributing to more than two-fifths of the global catalogue industry and is expected to dominate the market during the forecast period. The rise in demand for digital catalogue among various verticals such as media & entertainment, e-commerce, and BFSI is driving the market growth of the catalogue in North America. However, the Asia-Pacific region would manifest the fastest CAGR of 22.25% throughout the estimated period, owing to an increase in the number of smartphone users and the rise in penetration of the Internet in the region.
Leading market players:
• Flipp Corp.
• FlippingBook
• Akeneo
• Drawtify
• Flipsnack
• Publuu
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