By Comosoft|Published On: May 25th, 2022|3.4 min read|
By 2029, the results of economic, technological, demographic, ecological, and behavioral factors will change the printing industry significantly, according to a 2019 report from Smithers. Almost every industry has faced new challenges since the pandemic and lockdowns occurred in 2020 — the printing industry was no exception. But, as is the case with any industry that wishes to survive as the world evolves, the printing industry has also evolved alongside it to stay relevant and increase revenue.
Let’s Start with Some Statistics
It’s essential to understand the industry’s statistics and forecasts before getting into industry trends. Here are a few to keep in mind:
Reaching around $139 billion in 2019, digital print output is forecast to grow by 65% over the next 10 years to reach $230 billion by 2029
72% of companies use direct mail campaigns
Global digital printing market size was valued at $25.74 billion in 2019, and is projected to reach $35.71 billion by 2028, registering a CAGR of 3.7% from 2021 to 2028
Familiarizing yourself is important because with these statistics, it shows the steady interest and growth potential of commercial printing. Looking at these statistics, it’s also easy to understand why many companies increase their annual print budget.
The Top Trends
The new capabilities in digital printing will enable print suppliers to offer customers greater agility while a number of societal trends will fuel overall digital print growth, according to Smithers. As a result, new products and services arise every year, and keeping up with the latest trends is the ticket to staying ahead of the game. Smithers states: “The most significant change for digital printing over the next ten years will be through developments integrating digital print, particularly inkjet, into broader production systems. This includes workflow and finishing to simplify and speed up time to market for many print products.” But the changes will happen in technical innovations and other top commercial printing trends that are expected to surface throughout 2022.
Having a design team is becoming essential for even the smallest printing companies. Whether it’s a single graphic designer or a whole group, focusing on this business area will ensure you stay competitive in the industry. Moreover, instead of solely depending on print income, you can now earn revenue from logo and website design.
Digital marketing is one of the most effective forms of marketing available today. One single campaign can potentially reach millions of potential or existing customers. Social media advertisements are a perfect example as they can reach targeted viewers for an indefinite time with one looping piece. Digital marketing is not limited to social media ads, however. It also includes services such as website hosting and podcast creation. As a result, printing companies that utilize these services can substantially grow their business in 2022.
Direct Mail Marketing Campaigns
Direct mail marketing campaigns are widely known as one of the most basic forms of advertising. They are a consistent, effective way to reach new customers while remaining relatively affordable. Direct mail marketing campaigns are a great way to influence current or inactive customers and provide an opportunity for companies to keep their image in the public eye. Direct mail marketing campaigns are expected to rise throughout 2022.
Sustainability Will Have a Higher Priority
Reducing their environmental impact has become a top priority for many organizations, and as such, manufacturers and channel partners must provide more sustainable technology services. Sustainability can be achieved through enhanced data analysis and reporting, circular products and services, carbon data analysis, and process automation. In addition, moving customers from on-premise servers to the cloud can reduce IT consumption of energy and related carbon emissions.
Customization is Key
It comes as no surprise that most customers desire a personalized product. Personalization has taken over the eCommerce industry in this day and age, so the printing industry must adapt to keep up. Corporations should not be afraid to incorporate artificial intelligence (AI) and the Internet of Things (IoT) in the coming years. In fact, by combining the two, you can provide personalization, predict paper usage, and send alerts about possible breaches, making the printing environment efficient and reliable.