Report : Business Card Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Deployment (Cloud and On-premise), Application (Mobile, PC, and Web Browser)
According to our latest market study on “Business Card Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Deployment (Cloud and On-Premise), Application (Mobile, PC, and Web Browser), and Geography,” the market was valued at US$ 1,057.6 million in 2019 and is projected to reach US$ 3,065.8 million by 2027; it is expected to grow at a CAGR of 14.7% from 2020 to 2027.
In 2019, North America led the global business card software market with 33.4% revenue share, followed by Europe and APAC. North America is the most technologically advanced region, with the US, Canada, and Mexico being the major economies. The sale of business card software is likely to surge rapidly in the coming years due to growing business and trade activities in the region. Business officials carry business cards and offer them to their professional connections when they meet; building up a strong company profile through business cards has, thus, become a trend. Branding is a vital part of successful business operations. Business cards enable professionals to increase brand recognition. These cards display crucial business information, such as address and phone number, which helps prospective customers approach the officials for business purposes effortlessly.
North America is highly receptive toward advanced technologies, such as the Internet of things (IoT), artificial intelligence (AI), and big data technology. Big data technology can be particularly useful in designing new business cards. According to a general observation of numerous brands in the region, the business cards that they printed several years ago are not compatible with current customer expectations. Hence, it has become crucial to update the cards to reflect ongoing changes in customer perception. Integrating big data technology with business card software allows businesses to learn more about their customers and their perceptions. It also helps track engagement patterns from websites, focus groups, and other interactions.
In 2019, Europe stood second in the business card software market with a share of 26.8%, and it is anticipated to witness a steady CAGR from 2020 to 2027. Germany, France, Russia, the UK, and Italy are among the major countries in Europe. The number of business meetings, training meetings, and product launches is rising in the region. Barcelona and London are considered major cities in Europe for meetings and events, followed by Berlin, Amsterdam, Paris, Madrid, Frankfurt, Rome, Munich, and Prague. The region also hosts a large number of tech conferences for startups. These events provide them with effective platforms to learn, exchange ideas, and build partnerships with several businesses. Most of the business personnel attending tech conferences carry digital business cards as it is the easiest way to trade business and contact information. Using a digital business card proves to be an ideal option as the in-built scanner makes adding people easier in the contact list.
Companies adopt inorganic market strategies to expand their footprints across the world and meet the growing demand. The business card software market players mainly focus on the acquisition strategy to expand their business and maintain their brand name globally. For instance, in 2020, ABBYY, with acquisition of TimelinePI in August, Q4 was defined by the integration of what is now ABBYY Timeline into the overall portfolio of products, equipping customers with solutions to leverage both content intelligence and process intelligence to improve operational efficiencies, enhance profit margins, and transform the customer experience.
Impact of COVID-19 on Business Card Software market
The huge increase in number of confirmed cases and reported deaths due to COVID-19 across the globe has affected businesses across all industries. The business shutdowns as well as cancellation and postponement of business conferences across the US, Canada, and Mexico are impacting the adoption of the business card software market. North America is a home to a large number of technology companies. Thus, the impact of coronavirus outbreak in the region is anticipated to be quite severe in 2020, which is expected to continue in first quarter of 2021. The impact of COVID-19 is short-term; it is likely to decrease in the coming years. Virtual events enable attendance irrespective of travel restrictions and facilitate the delivery of frontline information, which, in turn, is expected to boost the exchange of digital business cards among the participants, thereby pushing the individuals/companies to use business card software to scan information.
The report segments the global business card software market as follows: