According to the latest research report titled “Business Card Software Market to 2027 – COVID-19 Impact and Forecast and Global Analysis,” published by The Insight Partners, the global business card software market was valued at US$ 1,057.6 million in 2019, and it is expected to grow at a CAGR of 14.7% during 2020–2027 to reach US$ 3,065.8 million by 2027.
The Big Data technology can be particularly implemented 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 the Big Data technology with the 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.
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Impact of COVID-19 Pandemic on Business Card Software Market
The huge increase in the number of confirmed cases and rising reported deaths in the country 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 region is home to a large number of technology companies, and thus the impact of coronavirus outbreak is anticipated to be quite severe in the year 2020 and likely 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 forcing the individuals/companies to use business card software to scan information.
Rise in Business Events and Conferences Worldwide Driving Business Card Software Market
Business events and conferences serve as significant opportunities for participants to engage in discussions on leading technologies, thereby encouraging trust and socialization. These events prove to be a meaningful way to engage with prospects, peers, and potential partners. Any business seeking rapid expansion of its footprint prefers collaborating with such events as a sponsor, an attendee, or an organizer. Maximizing both the money and time invested in an event, events and conferences can become their prime source for lead generation and sales acceleration. Thus, business events and conferences prove to be more effective low-cost marketing methods for developing contacts via face-to-face interactions at gatherings and meetings or by approaching the prospects through e-mail, phone call, and business networking and social websites, post event. Business officials carry business cards and offer those 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.
The players operating in the business card software market focus on strategies, such as mergers, acquisitions, product development, and market initiatives, to maintain their positions in the market. A few developments by key players are listed below:
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
In 2020, Adobe, IBM, and Red Hat declared a strategic partnership to help boost the digital transformation and strengthen real-time data security for enterprises, with a focus on regulated industries. The aim of the partnership is to allow the companies to offer more personalized experiences across the customer journey and drive improved engagement, profitability, and loyalty.
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