As new innovations in printing technology emerge every year, staying informed about future trends can give you a competitive edge. This blog will guide you through all the must-know hot trends for 2024 to prepare your printing business for the future. Keep reading!
Rapidly Evolving Printing Industry
Due to digital transformation, the printing industry is evolving rapidly with high-tech advancements emerging to meet changing customer demands. As we head into 2024, several new trends are revolutionizing the printing industry.
In 2024, printing businesses can expect to see numerous innovative trends take over the market and be implemented. According to reports, the market size of the printing industry is growing exponentially at a Compound Annual Growth Rate (CAGR) of 4.3%, expected to reach $443.56 billion by 2028.
Embracing these popular trends and strategies will keep printing businesses at the forefront of technology, ensuring maximum success. Continue reading, and we'll uncover the most anticipated printing trends for 2024. Let's get started!
Why Should Printing Companies Keep Up with Industry Trends?
By understanding and implementing the latest printing industry trends, companies can stand out, tap into new markets, ensure returning customers, increase revenue, and facilitate business growth. This includes:
Identifying and Capturing New Markets: Tracking printing business trends can help printers analyze the growth of specific printing segments. For example, the increase in demand for on-demand printing services can help businesses focus more on this by efficiently allocating resources.
Better Risk Management: Knowing trends helps businesses anticipate and prepare for industry changes, minimizing the risk of being caught off guard by disruptive technologies.
Adopting New Methods: By understanding printing industry trends, companies can adopt new methods and processes to improve efficiency, reduce costs, and enhance the quality of final printed products.
Top Printing Industry Trends Leading the Future in 2024
Let's explore the top printing trends that modern printers must know. These include:
- On-Demand Printing: This popular printing trend allows businesses to print only the required quantity of printed products at the right time, saving material waste and costs. According to a recent study by Grand View Research, Inc., the on-demand printing market size is expected to reach $38.21 billion by 2030, growing at a CAGR of 25.8%.
- Sustainability and Eco-Friendly Printing: Printing businesses are adopting sustainable printing and packaging methods to reduce their carbon footprint, paving the way for an eco-friendly environment. The market size for green or sustainable packaging is expected to reach $557.66 billion by 2030, growing at a CAGR of 7.04%.
- Digital Printing: This method involves transferring digital images onto the selected print medium, eliminating the need for traditional printing plates or rollers. Digital printing industry trends are particularly popular among on-demand printing businesses offering short runs, as they help save costs significantly and reduce waste.
- Product Personalization: With 91% of people preferring brands that remember their preferences and 83% willing to share their information for a personalized experience, the demand for printing personalization is clear. Since most customers prefer unique products tailored to their personal tastes, product personalization is a timeless printing technology trend.
- Smart Packaging: Smart packaging combines new printing technologies like RFID tags, sensors, and QR codes. Adopting connected packaging technology automates packaging operations, reducing the overall workload. By 2032, the global smart packaging market is expected to grow to approximately $68.99 billion, achieving a CAGR of 6.8%.
- Augmented Reality (AR) in Printing: AR is a new technology in the printing industry that allows users to visualize digital content (such as images or 3D models) within the real world, enhancing the user experience. It can be used to showcase interactive ads and product demonstrations in marketing, interactive textbooks in education, and virtual try-ons and product displays in retail. According to BIS Research, the AR market is expected to reach about $198 billion by 2025.
- Automating Printing with Artificial Intelligence: AI systems leverage the latest printing technologies to automate printing processes and their complex operations, including job management, production scheduling, workflow analysis, design creation, and more. By 2030, the AI market size is expected to reach $15 trillion, revolutionizing how printing businesses operate.
- Hybrid Printing Technologies: Hybrid printing combines various traditional and modern technologies to leverage the strengths of both. By 2028, the hybrid printing technology market size is expected to reach $10.2 billion, growing at a CAGR of 13.2%.
- Pocket Printers: Pocket or portable printers are compact devices that connect easily via Bluetooth or USB and find extensive use in healthcare, manufacturing, retail, hospitality, logistics, and e-commerce sectors. According to IMARC Group, by 2032, the global market size for portable printers is expected to reach $23.4 billion, growing at a CAGR of 1.6%.
- Cloud Printing: Cloud printing is a new trend in the printing industry that allows users to print from any device using the internet without installing drivers. By 2033, the global cloud printing services market is expected to reach $46.141 billion, with a CAGR of 11.7%.
- Comprehensive eCommerce Integration: eCommerce integration leverages APIs to integrate eCommerce platforms with backend systems like ERP, CRM accounting, inventory, and marketing. This integration automates print workflows and repetitive tasks, enhancing collaboration with data sync across multiple systems and improving overall customer experience.
- Erasable Printing Technology: This technology, a trend in the commercial printing industry, uses erasable ink to print on paper and then removes it using ultraviolet light, allowing the paper to be reused up to five times. It significantly reduces paper waste, minimizes environmental impact, and saves costs.
- Print Security Against IoT Cyber Threats: With IoT-related cyber-attacks against printing businesses becoming more common, companies must invest in printing automation and adopt strong security measures to combat these vulnerabilities. Future technology options include Managed Print Services that offer cloud-based patch management, security assessments, and monitoring to ensure security.
By keeping up with these trends, you can ensure your printing business thrives in the competitive environment of 2024 and beyond.
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