The font management software market in North America is expected to grow from US$ 1,260.7 million in 2019 to US$ 4,718.6 million by 2027; it is estimated to grow at a CAGR of 18.1% from 2020 to 2027.
The fast-paced lifestyle and increasing disposable income among masses in North American countries has propelled the consumption of various FMCG (fast moving consumer goods) and consumer electronics over the last decade. Owing to the high competition in FMCG and consumer electronics industries, market players emphasize effective designing and packaging of overall products. Established market players and SMEs, along with new entrants, are making significant investments in packaging design to make their product look attractive and unique. Moreover, several companies strongly emphasize on revamping the designs of their product packaging on a regular basis to stay relevant with the on-going design trends. Thus, the surging focus of enterprises on the effective and attractive packaging owing to the increasing consumption of consumer goods is subsequently driving the adoption of font management software. Also, rise in digital content creation including internet penetration is among the other factors expected to positively influence the demand for font management software in North America.
In terms of deployment, the cloud segment led the North America font management software market in 2019. Cloud-based font management software can be accessed from any computer or device without the need to download it, and these solutions do not require hosting. In the coming years, the cloud-enabled tools are likely to gain more prominence with the increase in decentralization of systems and rising use preference for the ease of accessing these tools from multiple locations. Other benefits of deploying font management software on cloud include faster integration, easier collaboration, enhanced security, improved synchronization, increased flexibility, and low-cost deployment, compared to on-premise deployment.
North America is adversely affected by the COVID-19 pandemic. North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation, presence of huge industrial base, and high purchasing power—especially in developed countries such as the US and Canada. Hence, any hindrance on the growth of industries hampers the economic growth of the region. The US is a major market for font management software especially due to high penetration of smartphone and internet, and retail & ecommerce sectors. The huge increase in the number of COVID-19 confirmed cases and rise in the reported deaths in the country is hindering both manufacturing and sales of smartphones and digital cameras. The factory and business shutdowns across the US, Canada, and Mexico are lowering the adoption of font management software. North America is home to a large number of manufacturing and technology companies; thus, the impact of the outbreak was quite severe across North America in 2020, and it is likely to continue in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US would restrain the growth of the North America font management software in the next few quarters.
The overall North America font management software market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the North America font management software market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America font management software market. Adobe; Celartem, Inc. dba Extensis; Corel Corporation; Insider Software Inc.; Monotype Imaging Inc.; Proxima Software; RightFont are among the players operating in the market.