Connect with us

Technology

AI-Driven Transformation, Arts and Crafts Tools Market to Grow by USD 1.68 Billion (2024-2028) with Rising Demand Among School Children

Published

on

NEW YORK, Oct. 29, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global arts and crafts tools market  size is estimated to grow by USD 1.68 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.4%  during the forecast period.  High demand for arts and crafts tools among school children is driving market growth, with a trend towards advancements in crafting tools. However, financial constraints involved in purchasing arts and crafts tools for students  poses a challenge. Key market players include 3M Co., ACCO Brands Corp., Colart International Ltd, Copic, Crayola, DA Vinci Paint Co., Fabbrica Italiana Lapis ed Affini S.p.A., Faber Castell Aktiengesellschaft, General Pencil Co. Inc, Hindustan Pencils Pvt. Ltd., ITC Ltd., KOKUYO Co. Ltd., Maped, Newell Brands Inc., Pentel of America Ltd., Sakura Color Products Corp., Schwanhausser Industrie Holding GmbH and Co. KG, Staedtler Mars GmbH and Co. KG, tomatotomatocreative, and XTool.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Distribution Channel (Offline and Online), Material (Wood, Metal, Plastic, and Composite materials), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

3M Co., ACCO Brands Corp., Colart International Ltd, Copic, Crayola, DA Vinci Paint Co., Fabbrica Italiana Lapis ed Affini S.p.A., Faber Castell Aktiengesellschaft, General Pencil Co. Inc, Hindustan Pencils Pvt. Ltd., ITC Ltd., KOKUYO Co. Ltd., Maped, Newell Brands Inc., Pentel of America Ltd., Sakura Color Products Corp., Schwanhausser Industrie Holding GmbH and Co. KG, Staedtler Mars GmbH and Co. KG, tomatotomatocreative, and XTool

Key Market Trends Fueling Growth

The arts and crafts tools market has experienced notable growth due to the increasing number of individuals engaging in crafting as a pastime. In 2023, approximately 26% of Americans participated in arts and crafts activities. This significant demand for arts and crafts tools presents an opportunity for innovation. One challenge faced by crafters is limited workspace. To address this issue, companies like xTool are developing multifunctional and compact crafting tools. XTool, a leading player in the laser engraving and craft machine sector, holds over 240 patents and continues to advance crafting technology. Their latest innovation, the xTool M1 Ultra, combines the functions of a laser machine, die-cutting machine, inkjet printer, and automated drawing tool into a single, compact unit. This device caters to the varied requirements of home crafters and DIY enthusiasts, handling over 1,000 different materials and offering capabilities such as printing, cutting, embossing, engraving, and transferring. By integrating multiple functions into one machine, xTool minimizes the need for multiple devices, optimizing workspace and reducing clutter. This trend towards multifunctional and space-efficient tools will contribute to the expansion of the global arts and crafts tools market. 

The Arts and Crafts Tools market is thriving due to the growing DIY culture and demand for handcrafted goods. Eco-friendly products and sustainable materials are trending, as consumers seek to reduce their carbon footprint. The therapeutic activity of crafting continues to attract those with disposable income, leading to increased sales of tools and supplies. Crafting workshops offer accessibility and knowledge to those with accessibility issues or knowledge barriers. Cultural diversity is celebrated through handmade gifts and unique designs. Technology integration, such as digital art and mobile phone functionalities, expands the market. Brick-and-mortar retailers and online platforms sell a wide range of tools, from drawing and painting to cutting and paper crafts. Decorative items, art exhibitions, and DIY projects drive demand for art supplies. Intellectual property concerns arise for traditional and recycled materials, while mixed media and children’s, adult, and senior crafts cater to diverse audiences. Art therapy and e-commerce platforms provide access to art activities and artwork demand. Craft video content and social media platforms showcase creative activities, while mass-produced alternatives face competition. Art supplies for household use, educational institutes, hypermarkets, supermarkets, and online stores cater to various markets. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

The cost of arts and crafts tools poses a significant financial challenge for college students, particularly those from low-income backgrounds. Art students face higher expenses for specialized supplies and materials compared to their peers in other disciplines, such as business or political science. These costs can vary greatly depending on the institution and program requirements, with art students needing to purchase items like paints, brushes, canvases, sketchbooks, and other crafting tools. This inconsistency in additional educational expenses can be especially burdensome for art students at institutions like the University of Georgia, where the cost of supplies can significantly exceed those in other fields. This financial strain can hinder the growth of the global arts and crafts tools market during the forecast period.The Arts and Crafts Tools Market faces several challenges in today’s dynamic business environment. Recycled materials and mixed media are becoming popular trends, requiring suppliers to adapt and offer a wide range of eco-friendly products. Children’s, adult, and senior crafts each present distinct opportunities and demands. Brick-and-mortar retailers compete with online platforms, reaching customers through various channels. Drawing and painting tools, cutting tools, paper crafts, decorative items, and art supplies are essential categories. Art exhibitions and DIY projects drive artwork demand, while social media platforms and e-commerce sites facilitate online purchasing. Digital art, householder demand, educational institutes, and art therapy are growing sectors. Hypermarkets, supermarkets, and online stores expand accessibility. Unique designs, customized packaging, and creative activities are key differentiators. Art therapy, craft video content, and mobile phone functionalities cater to diverse needs. E-commerce platforms and DIY culture fuel the market, with traditional art activities and raw materials maintaining their relevance. The market requires agility and innovation to meet the evolving needs of customers.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This arts and crafts tools market report extensively covers market segmentation by

Distribution Channel1.1 Offline1.2 OnlineMaterial 2.1 Wood2.2 Metal2.3 Plastic2.4 Composite materialsGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Offline-  The offline distribution segment holds a substantial position in the global arts and crafts tools market. Brick-and-mortar stores, including specialty craft shops, hobby stores, and large retail chains, cater to a diverse customer base, ranging from hobbyists to professional artists. These stores offer a tangible shopping experience, allowing customers to physically interact with tools and materials, which significantly influences their purchasing decisions. The growing DIY culture, particularly in regions with a strong craft heritage, fuels the demand for offline channels. Older demographics, who may be less inclined towards online shopping, also favor offline stores. Impulse buying, seasonal promotions, workshops, and in-store events further boost sales in these channels. These factors contribute to the continued growth of the offline distribution segment in the global arts and crafts tools market.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The Arts and Crafts Tools market is thriving in today’s DIY culture, with an increasing demand for handcrafted goods and eco-friendly products made from sustainable materials. This therapeutic activity appeals to individuals with disposable income, seeking unique creations for personal use or as handmade gifts. Crafting workshops and cultural diversity add to the allure, offering opportunities to learn new skills and explore various art forms. Technology integration allows for digital art and customized packaging, while mass-produced alternatives and accessibility issues continue to be addressed. Drawing tools, painting tools, cutting tools, paper crafts, decorative items, and art supplies are essential for creating art, with art exhibitions showcasing the demand for these creations. Social media platforms provide a space for artists to showcase their work and connect with customers, driving online purchasing and sales for both brick-and-mortar stores and manufacturing plants.

Market Research Overview

The Arts and Crafts Tools market is thriving in today’s world, fueled by the growing DIY culture and the demand for handcrafted goods. With an increasing focus on eco-friendly products and sustainable materials, artisans are turning to natural and recycled materials for their creations. The therapeutic activity of crafting is also gaining popularity among people with disposable income, leading to a growth in demand for crafting workshops and classes. Cultural diversity is another driving factor, with unique designs and traditional materials from around the world being showcased in art exhibitions and online platforms. Technology integration is transforming the industry, with digital art, craft video content, and mobile phone functionalities offering new ways to create and share art. Despite these opportunities, accessibility issues and knowledge barriers can be a challenge for some, with intellectual property concerns and mass-produced alternatives also impacting the market. Brick-and-mortar retailers and online platforms are competing to offer the widest range of art supplies, from drawing tools and painting supplies to cutting tools and paper crafts. Decorative items, art exhibitions, and DIY projects are also popular, with art therapy and educational institutes also contributing to the market’s growth. The market for arts and crafts tools is diverse, catering to children’s crafts, adult crafts, and senior crafts. Household items, e-commerce platforms, and art therapy are also significant contributors. With the rise of online purchasing, customized packaging and unique designs have become essential to stand out from the competition. Social media and art activities continue to be popular, with demand for artwork and art supplies remaining strong. Overall, the Arts and Crafts Tools market is a vibrant and dynamic industry that continues to evolve with the changing needs and preferences of consumers.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Distribution ChannelOfflineOnlineMaterialWoodMetalPlasticComposite MaterialsGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/ai-driven-transformation-arts-and-crafts-tools-market-to-grow-by-usd-1-68-billion-2024-2028-with-rising-demand-among-school-children-302288824.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Getac Integrates Sony Semiconductor Solutions’ SORPLAS™ Environmentally Conscious Plastic into its Range of Premium Rugged Products

Published

on

By

News in brief:

Getac aims to take a new step towards a sustainable world by adopting SORPLAS™ from Sony Semiconductor Solutions (SSS) in its Premium Rugged Products, beginning with the recently launched S510 rugged laptop and K120 fully rugged tablet.SORPLAS is an environmentally conscious plastic developed and provided by SSS, which can achieve up to 99% utilisation rate of recycled materials.The announcement reaffirms Getac’s collaboration with SSS to delivering long-term sustainability in the technology manufacturing industry

TAIPEI, Oct. 30, 2024 /PRNewswire/ — Getac Technology Corporation (Getac) today announced a new step towards a sustainable world by adopting SSS’ innovative SORPLAS into its range of premium rugged laptops and tablets. The announcement reaffirms both companies’ collaboration to utilising environmentally conscious materials and developing products that create a more sustainable future for all.

SORPLAS is an environmentally conscious plastic developed and provided by SSS, which can achieve up to 99% utilisation rate of recycled materials. SORPLAS is incredibly durable, even in high-temperatures and humid environments where plastics can quickly deteriorate, and it also gives consideration to aesthetics. Thanks to the above-mentioned high-quality standards and environmental friendliness, SORPLAS is used in Sony Group’s products, as well as outside Sony Group companies.

In addition, compared to virgin flame-retardant polycarbonate resin, the amount of CO2 emitted during SORPLAS production is significantly reduced, and it has been technically confirmed that its properties can be maintained even after repeated recycling.  As a result, its adoption can greatly reduce the environmental impact of technology manufacturing in the future.

Getac’s goal is to harness technology wherever possible to fulfil its commitment to the environment. A key part of this has been steadily increasing the use of PCR (Post-Consumer Recycled) materials during the development phase of new products. The first integration of SORPLAS into its premium range of products came with the launch of the S510, the world’s first AI-ready rugged laptop, followed by the highly versatile next generation K120 fully rugged tablet. The successful adoption of PCR materials underscores Getac’s dedication to delivering environmentally friendly products while maintaining the high levels of reliability and performance demanded by customers across the rugged industries.

“The technology industry has a collective responsibility to protect our planet for future generations,” says Eita Yanagisawa, Senior General Manager of Sony Semiconductor Solutions Corporation. “SORPLAS embodies our commitment to fulfilling this responsibility, utilising cutting-edge recycling technology to achieve an exceptionally high utilisation rate of recycled materials. It is already used extensively in Sony Group’s products, and we’re excited to bring it to a wider audience through partnerships with other environmentally conscious companies like Getac.”

“Getac is firmly committed to creating a more sustainable future through environmentally responsible design and manufacturing, and we actively pursue innovation that enables us to achieve our goal,” says James Hwang, President of Getac Technology Corporation. “Implementing SORPLAS into our rugged devices is the latest step on this path and we look forward to working closely with Sony Semiconductor Solutions to bring it to more of our products and solutions going forward, helping to safeguard the future of our planet for future generations.”

About Getac

Getac Technology Corporation is a global leader in rugged mobile technology and intelligent video solutions, including laptops, tablets, software, body-worn cameras, in-car video systems, digital evidence management and enterprise video analytics solutions. Getac’s solutions and services are designed to enable extraordinary experiences for frontline workers in challenging environments. Today, Getac serves customers in over 100 countries spanning defence, public safety, ambulance, fire & rescue, utilities, automotive, natural resources, manufacturing, transport, and logistics. For more information, visit: http://www.getac.com. Participate in the Getac Industry blog or follow the company on LinkedIn and YouTube.

Getac and Getac logo are trademarks of Getac Holdings Corporation or its affiliates. Other brands or trademarks are the property of their respective owners. ©2024 Getac Technology Corporation.

“SORPLAS” is a trademark of Sony Group Corporation.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/getac-integrates-sony-semiconductor-solutions-sorplas-environmentally-conscious-plastic-into-its-range-of-premium-rugged-products-302288376.html

SOURCE Getac

Continue Reading

Technology

LianLian Global Unveils New Payment Platform, Partners with Cyberport at Hong Kong FinTech Week

Published

on

By

HANGZHOU, China, Oct. 30, 2024 /PRNewswire/ — The 2024 edition of Hong Kong FinTech Week, a premier financial technology event in Asia, was held on October 28 at the AsiaWorld-Expo in Hong Kong. Themed “Illuminating New Pathways in FinTech,” the event attracted over 30,000 attendees from more than 100 economies. It brought together key stakeholders from across the banking, securities, investment, insurance, and technology sectors to discuss the future intersections of finance and technology, as the industry enters a new era.

LianLian Global, a subsidiary of Hong Kong-listed Lianlian DigiTech, participated in the event as a Gold Sponsor and as a representative of the digital technology industry. The company showcased its pioneering solutions and innovative offerings in the global payment sector to an international audience.

At the outset of the conference, Lianlian unveiled its groundbreaking LianLian Global Accounts Service (LGAS). Designed for international trade merchants in Hong Kong, Southeast Asia, and beyond, LGAS provides a unified account for managing multi-currency funds and seamlessly addressing the complexities of global receipts.

LGAS enables merchants to receive sales payments in multiple currencies directly into their local accounts, eliminating the need for numerous international bank accounts. This guarantees rapid, secure, and cost-effective fund transfers, significantly reducing operational expenses and enhancing international competitiveness.

In recent years, global trade has experienced a resurgence, driven by the expansion of key economies such as China. The World Trade Organization’s Global Trade Outlook and Statistics report anticipates a 7.4% growth in Asian exports for 2024, outpacing other regions. Hong Kong and Southeast Asia have become favored destinations for traders due to their strategic locations and increasing consumer demand. However, foreign trade merchants, particularly small and medium-sized enterprises (SMEs) with frequent transactions, are confronted with a range of internal and external challenges. These include complexities related to multi-currency settlement, difficulties in opening accounts, delays in payment processing, and exchange rate risks.

Lianlian’s LGAS revolutionizes the conventional approach to foreign trade receipts: 

Unified Account for Global Fund Management

Previously, foreign trade companies were required to open several international bank accounts in multiple currencies, resulting in considerable management costs. LGAS’s unified account for streamlined global fund management supports all major currencies, enabling companies to handle multi-currency fund settlements through a single account, reducing administrative burdens and cutting management costs.

Improved Cost-Efficiency and Payment Speed 

LGAS enables foreign trade companies to receive payments directly into their local accounts, eliminating the need for multiple currency conversions. This feature results in reduced foreign exchange losses, lower handling fees by circumventing multiple intermediary banks, simplified cross-border payments, and accelerated repatriation of funds.

Enhanced Security and Compliance 

Lianlian holds over 60 payment service licenses and qualifications, in addition to proprietary anti-money laundering and fraud prevention systems. These capabilities enable us to provide reliable, compliant, end-to-end cross-border financial services, enhancing the safety and reliability of international transactions.

LianLian Global also announced its recent membership in the Cyberport Technology Network (CTN). As a part of the Cyberport community, Lianlian will work with the platform to offer exclusive discounts of up to HK$900,000 to CTN members during FinTech Week. These discounts apply to a range of products and services, including Lianlian’s recently launched B2B receipt solution, LGAS. This initiative allows Cyberport community members to access Lianlian’s payment solutions at reduced rates, providing Hong Kong-based foreign trade companies with seamless, reliable, and cost-effective fund management and global payment experiences, and assisting them in tapping into broader global market opportunities.

As a leading player in cross-border trade, Lianlian has established close partnerships with top global e-commerce platforms and licensed institutions by leveraging its multi-jurisdictional licensing qualifications, robust technology capabilities, and extensive resources. By providing an integrated digital solution encompassing collection, payment processing, merchant services, currency conversion, digital marketing, and operational support, Lianlian has facilitated the access to domestic and international funding channels. This addresses the challenges faced by cross-border e-commerce entities, foreign traders, service providers, platforms, and institutions as they scale internationally, particularly in areas related to financial transactions  and account management. In addition, Lianlian has served over 4.9 million clients, establishing a robust foundation for cross-border firms seeking to expand their global footprint. The company’s contributions to international trade are a testament to its commitment to advancing prosperity and growth in the global economic landscape.

Cyberport is Hong Kong’s digital technology flagship and incubator for entrepreneurship with over 2,100 members including over 900 onsite and close to 1,200 offsite startups and technology companies. Managed by Hong Kong Cyberport Management Company Limited, a wholly owned entity of the Hong Kong SAR Government, Cyberport aims to serve as a pivotal hub for digital technology and a new economic driver for Hong Kong. The facility is committed to nurturing a vibrant tech ecosystem by focusing on talent development, fostering youth entrepreneurship, supporting start-ups, and facilitating industry growth through strategic partnerships with local and international partners. It also integrates new and traditional economies by accelerating digital transformation initiatives in public and private sectors.

Shen Enguang, co-CEO of LianLian Global, noted that Hong Kong, as an international financial center and global super connector, serves as a bridge for companies to access the global market and a crucial platform for facilitating the flow of capital, innovation, and technology. In the process of globalization, Lianlian has consistently viewed Hong Kong as a key gateway for expanding into the Asia-Pacific market and establishing a global business ecosystem. Our strategic alliance with Cyberport to jointly market the LGAS product suite will enable foreign traders to leverage the robust resources and payment capabilities of both entities, expanding their global reach and capitalizing on opportunities with greater assurance. “Looking ahead, Lianlian will continue to prioritize user needs for value innovation and creation, optimizing and enhancing our product matrix. In line with our ecosystem approach to value sharing and co-creation, we will work with leading global partners to develop a new international payment ecosystem, ensuring that cross-border payments and international transactions are safer, more convenient, and barrier-free.”

Dr. Rocky Cheng, CEO of Cyberport, said, “Cyberport is pleased to welcome Lianlian to the ‘Cyberport Technology Network’ (CTN), a testament to our longstanding efforts to nurture a dynamic ecosystem. Lianlian’s expertise in payment solutions and extensive experience in  digitizing global trade will grant Cyberport community members access to a wide range of financial innovation solutions, enhancing cross-sector collaboration and contributing to the local fintech innovation ecosystem. As Hong Kong’s largest fintech and Web3.0 community, Cyberport’s CTN connects more than 40 leading technology service companies, offering technical training and dedicated support for Cyberport startups. Looking ahead, Cyberport aims to partner with leading financial institutions to drive transformation and implementation, fostering digital economy growth and reinforcing Hong Kong’s standing as an innovation hub.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/lianlian-global-unveils-new-payment-platform-partners-with-cyberport-at-hong-kong-fintech-week-302290855.html

SOURCE LianLian Global

Continue Reading

Technology

Joycollab by Pitch Solution Now Supports More Languages to Boost User Connectivity and Productivity

Published

on

By

SEOUL, South Korea, Oct. 30, 2024 /PRNewswire/ — Pitch Solution has enhanced its Joycollab metaverse office platform by adding English and Japanese language support, alongside the existing Korean interface as part of its global expansion plan. This follows extensive preparations for the Japanese market entry, including local market research, participation in trade shows, usability improvements based on feedback, and engagement with local companies since early 2023.

Launched in South Korea in May 2022, Joycollab enhances remote collaboration for businesses and organizations through a user-friendly 2.5D virtual office. Accessible through PC web browsers and mobile applications, it supports features such as video conferencing (including Zoom), voice and text chat, instant messaging, and avatar gestures. It also provides essential tools such as information board, kanban board, electronic approval system, and Google integrated calendar to increase team productivity and efficiency. The platform also includes a time zone feature, ensuring that remote teams, overseas offices, and customers can collaborate effortlessly regardless of location. 

Building on its success in the APAC region, Pitch Solution participated in the K-Metaverse@Vietnam exhibition in Ho Chi Minh City in September 2024. The event allowed Pitch Solution to explore the Vietnamese market, generate significant interest from local buyers and secure new partnerships.

 An Jung-su, CEO of Pitch Solution, shared his vision for the company’s future, stating, “Along with the Joycollab office platform, we plan to enhance our core technologies and differentiate our services through the integration of Joycollab Community World. This will expand our service offerings, support our entry into overseas markets, and create new business opportunities, driving our growth as a global company.”

To celebrate, Pitch Solution is offering the first 50 companies a free three-month trial of Joycollab’s premium plan. Visit https://jcollab.com/freetrial_EN.html to claim this offer.

Experience Joycollab’s metaverse office home page in English https://jcollab.com/index_EN.html or Japanese https://jcollab.com/index_JP.html and visit https://pitchsolution.co.kr/ to learn more about Pitch Solution.

Contact support@pitchsolution.co.kr or  https://jcollab.com/inquire_EN.html to inquire more about Joycollab or Pitch Solution’s innovative service. 

About Pitch Solution

Founded in February 2020, Pitch Solution Co., Ltd. specializes in collaboration solutions. With over a decade of experience in developing and operating software solutions, the company now focuses on creating immersive collaboration tools and metaverse platforms that meet the needs of the new normal era.

For media inquiries, please contact Jonggeun Park, General Manager, jgpark@pitchsolution.co.kr 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/joycollab-by-pitch-solution-now-supports-more-languages-to-boost-user-connectivity-and-productivity-302289367.html

SOURCE Pitch Solution

Continue Reading

Trending