SWOT Analysis - Commercial Embroidery Technology
The commercial embroidery technology is an industry that is predicted to grow in the future driven by the demand in the fashion sector. Is demand is boosted by constant improvement, with new technology emerging to increase efficiency and reduce costs for customers. It is predicted to keep growing in the long term, despite other textile technologies also gaining ground.
- The commercial embroidery technology market has been growing in the last few years thanks to the increasing popularity of the embroidery techniques used in fashion and textile.
- The fact that embroidery clothing has become at the top of a major fashion trend has boosted the demand for commercial embroidery technology in the textile industry.
- The growth of niche segments in the textile market and the use of industrial embroidery applications has driven the market for commercial embroidery technology.
- Worldwide, the embroidery industry that drives the demand for commercial embroidery technology is estimated at $4.6 billion, and predicted to reach $6.6 billion in the next five to ten years.
- In the U.S., a proportion of the revenue sustaining the industry has originated from the provision of embroidered uniforms for the administrative and the hospitality sectors and strong demand from the commercial sector.
- The commercial embroidery technology industry is reliant upon the growth of the embroidery industry, which has experienced weak growth in the U.S. in the last five years and is predicted to grow by 0.2% per year to reach $1.1 billion by 2024.
- Overall commercial embroidery market growth is slowed down by heavy compliance issues.
- It is predicted that the commercial embroidery technology market grows heavily in the near future, with new advances allowing for less maintenance requirements, and an improved quality of products and precision.
- The industry should benefit from an emerging trend incorporating wearable technological devices into embroidery clothing by 2023.
- Technology is constantly evolving in the commercial embroidery industry, opening new avenues for growth, with the possibility to create machines that are more efficient and profitable.
- Commercial embroidery technology evolutions that could represent further opportunities for the industry include higher speed, improved ease of use and higher versatility of design.
- A further emerging trend in the industry is the transition from hardware to software.
- Another opportunity is the manufacturing of embroidery technology that can require minimal levels of maintenance.
- Despite embroidery being a very popular technique used in the textile industry, and driving the demand for commercial embroidery technology, other techniques could gain popularity in the future such as True-Edge Transfer, HXD, or laser.
- The commercial embroidery technology could be affected by the decline in brick-and-mortar stores.
- It is also sensitive to the development of support, training and warranty options, which constitute a major factor for the success of the commercial embroidery technology in the long-term.
- The volatility of demand for embroidery products and the economic outlook could affect the demand for commercial embroidery technology.