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.
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