Innovations in the Global Digital Printing Market

Posted by Steve Stark on May 4th, 2022

The digital printing market is expected to grow from USD 24.8 billion in 2021 to USD 34.3 billion by 2026, at a CAGR of 6.7% during the forecast period. Growing demand for sustainable printing and reduction in per unit cost of printing with digital printers are the major factors driving the growth of the digital printing market.

Driver: Developments in packaging and textile industries

Product Packaging provides the necessary information about the quality and standard of the product. Hence, manufacturers want the packaging of their products to be very attractive so that they can sell them quickly in the market. Packaging is made attractive with the help of printing high-quality graphics on substrates such as plastic films, textiles, release liners, etc., which can be done by digital printers as they offer advantages such as UV-cured printing, along with far superior detail, clarity, and quality as compared to their smaller counterparts. These printers also accommodate customers’ need for multiple languages, regional preferences, or targeted marketing by changing colors, text, and images. Digital printing is already well established in label production, and electrophotography and inkjet have a growing share of the market value.

Restraint: High initial investments

Digital printers require high initial investment. Moreover, the installation and maintenance of these printers incur high costs. The complexity of design of digital printers is a major factor responsible for the high cost of digital printers. The need for toner and inkjet varies according to applications. Moreover, the cost of ink used in the inkjet technology is significantly high. Thus, all these factors lead to the increased overall cost of digital printers.

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Opportunity: Increasing demand from in-plant market

An in-plant is an in-house department for document reproduction that fulfils the needs of its parent organization, be it a corporation, a government agency, university, or any other vertical. In-plant printing offers a variety of printing and related services. While in-plant’s major function is to serve the parent organization, many in-plants also insource print jobs from outside to fund equipment purchases. Intense competition in the printing industry and growing demand from parent organizations have compelled the in-plant printing department to expand its service offerings. The increasing demand for printing posters, signage, and others from customers of the in-plant market is expected to create ample opportunities for growth of the digital printing market.

Challenge: Rising demand for digital advertisements and e-books

The increasing popularity of digital delivery of documents and data has reduced the demand for printing certain products such as directories, financial documents, advertisements, and books. Digital signage, billboards, and other media are growingly being used in outdoor and indoor advertisements. Digital signage can be of different types. It can be a backlit display showing ads, LCD display, or indoor signage used at point-of-purchase (POP)/point-of-sale (POS). Digital signage is a part of out-of-home (OOH) advertising. It has several applications such as providing public information, displaying menus, advertising products, building brands, influencing customer behavior, and enhancing customer experience. Marketers are using these digital billboards in innovative ways. With the help of digital billboards, advertisers can display their messages according to time, location, and geography. Full-motion digital electronics signs allow advertisers to change their messages and display pictures from a remote location. A marketer can promote an entire range of products with the help of digital signage boards without incurring a high cost. These factors pose a challenge to the growth of the digital printing market.