The Future of Global Printing to 2024′ to Experience Consistent Rise, with the Market Value Increasing from $818b in 2019 to $874b by 2024

A report by Smithers’ on the Future of Global Printing to 2026′ has stated that there would be continued growth, with the market value anticipated to reach $843 billion by 2026, adding that the upward trend in market value is attributed to the industry’s growing adoption of digitalization, cross-sectional technologies, and sustainable practices.

In a statement, it was revealed that how the printing industry leveraging digitalization, automation, and artificial intelligence to shape its future and enhance efficiency and sustainability.

The statement remarked that the advent of automation, artificial intelligence, additive manufacturing, augmented reality, and other facets of the fourth industrial revolution have prompted industries worldwide to overhaul their operations and standards to adapt to contemporary times.

The statement stated that traditional sectors such as printing are undergoing significant transformations, adding that formerly reliant on cumbersome production methods, the printing industry is now embracing digitalization to bolster efficiency and sustainability.

According to the statement, “Recent market reports corroborate this shift, revealing a promising trajectory for the global printing market. Smithers’ market report on ‘The Future of Global Printing to 2024’ indicates a consistent rise, with the market value increasing from $818 billion in 2019 to a projected $874 billion by 2024.
“Automation lies at the heart of the printing industry’s digital evolution, streamlining production processes and reducing waste. By integrating automation software, printers can optimize workflow efficiency and minimize errors, meeting rising demands while maintaining sustainability standards.

“Automation can also be used to ensure energy efficiency. With automated processes, printing establishments can meet increasing demands while maintaining resource efficiency. Little wonder, several printing establishments are looking to make the switch to automated processes.

“More specifically, as highlighted in Ricoh’s report on ‘The Automation Gap’, 77percent of professionals within the print industry favour automation, 80percent favour more investments in production workflow automation and 66percent want to see investments in business process automation. Of the number surveyed (152 respondents), 57 percent agree that cost-saving improvements can be achieved in their companies and in the industry through automation.

“Beyond these, automation allows printers to offer unique and personalized print solutions, increasing customer engagement and most importantly, loyalty in a very competitive market.

“Artificial Intelligence (AI) has transformed many industries, and it is no surprise that the printing industry has not been left untouched. Within the printing industry, Artificial Intelligence (AI) has introduced advanced capabilities that enhance efficiency and quality.

“Through the utilization of AI technologies, printers can improve production productivity, reduce costs, and deliver personalized print solutions tailored to customer needs. As the industry looks towards the future, AI holds great potential for innovation and efficiency, paving the way for sustainable growth.

“Drupa, known as the largest trade fair for print technologies worldwide, is a pivotal event shaping the trajectory of the printing industry. Holding every four years, Drupa is a platform where industry stakeholders, innovators, and enthusiasts converge to explore the latest trends, technologies, and solutions driving the digital transformation of print.
“From May 28th to June 7th, 2024, 1,427 exhibitors from 50 countries will gather to showcase the entire spectrum of cutting-edge technologies and visionary ideas within the print industry. This diverse array of exhibitors span areas such as brand management, process optimization, production planning, and graphic design, offering attendees a comprehensive view of the latest innovations and advancements in the field.

“At Drupa, attendees can immerse themselves in a dynamic environment of intensive networking, knowledge exchange, and collaboration. The event fosters meaningful interactions and discussions among industry professionals, providing a fertile ground for forging strategic partnerships and uncovering new business opportunities.
“That is not all, Drupa is renowned for its role as a core of inspiration and innovation. Attendees have access to a wide range of educational sessions, workshops, and demonstrations that delve into emerging trends, best practices, and future insights regarding the digitisation of the global print sector. Whether it’s exploring the potential of additive manufacturing, delving into the applications of augmented reality in print, or discussing the latest advancements in sustainable printing practices, Drupa offers a wealth of knowledge and expertise.

“For stakeholders, printers, and startup brands venturing into the printing and graphics world, Drupa is a must-attend event that offers invaluable opportunities for growth and development. By providing a platform for exploring groundbreaking technologies, fostering collaboration, and driving industry innovation, Drupa plays a vital role in propelling the printing industry toward a more sustainable, efficient, and digitally driven future.

“In essence, the digital transformation of the printing industry is not just a response to technological advancements but a strategic evolution towards a more sustainable, efficient, and innovative future. As automation, artificial intelligence, and other technologies continue to drive change, the printing industry is poised to thrive in the digital era.”