The global print services market was valued at almost $902 billion in 2016 and is expected to reach $989 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on print services for the period 2017-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global print services market market during the forecast period. Some of the top vendors listed in this industry analysis include R. R. Donnelley & Sons Co., Toppan Printing Co. Ltd., and Dai Nippon Printing Co. Ltd.
In terms of geographical analysis, APAC was the largest shareholder in the global market during 2016 with a market share of around 44%. The market’s growth in this region is driven by the relaxation of regulations regarding foreign investments in the last four years in emerging markets such as India and China.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “The global print market is currently witnessing an increase in preference for cross-channel campaigns. The decreasing printing costs along with an increase in print quality, are making it more feasible for buyers to adopt cross-channel marketing strategies. The shift in preference is also attributable to technological developments make suppliers capable of offering services that are in demand such as direct mail and catalog printing.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increased adoption of Web2Print
Web2Print involves placing of print orders and sharing of source documents for printing with service providers through online mediums such as cloud services. Furthermore, Web2Print enables buyers to choose templates for brochures, posters, and flyers and create/select, edit, review, and submit prints for marketing campaigns, photos, and booklets via cloud.
Demand for package printing
The package printing industry is projected to undergo growth at a CAGR of around 6% over the next five years and reach US$580 billion by 2020. The growth of the packaging print industry is accreditable to its applications across sectors such as food and drink, healthcare, cosmetics, and other consumer goods. The growing demand for packaging printing is, in turn, driving growth of the global printing services market.
Preference for tangible products
Customers today are inclined to own tangible objects, which in turn, weakens competition from digital media and fueling growth of the printing services market. For instance, the book industry faces stiff competition from e-books. However, customers’ increasing preference for hardcovers resulted in an increase in the sale of hardcovers by 0.4% in 2015 and a drop in the sale of e-books by almost 1.5%.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Printing Services – Procurement Market Intelligence 2016.’
