Rise in need to improve consumer experience & satisfaction and increase in penetration of smart phones coupled with robust internet access across the globe drive the growth of the global Catalogue Market.However, increase in popularity of alternative marketing and advertising strategies hinder the market growth. Moreover, surge in 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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Based on organization size, the large enterprises 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 budget and lack resources for high grade marketing; thus, they prefer adopting digital catalogue strategy to resolve complexities and improve cost optimization of business processes.
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By region, North America, garnered the major share in 2020, contributing to more than two-fifths of the global catalogue industry and is expected dominate the market during the forecast period. 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 increase in the number of smartphone users and rise in penetration of the Internet in the region.
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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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