by The global Digital Printing Market is estimated to be valued at US$ 37.18 Bn in 2024 and is expected to exhibit a CAGR of 31% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Digital printing technologies offer advantageous alternatives to conventional printing methods such as offset, gravure, and flexography. Digital printing allows on-demand, low volume, and customized printing on various substrates like paper, wood, fabric, metal, glass, and others. It provides flexibility, quick turnaround time, and reduced waste generation compared to other printing technologies. The digital printing market caters to various end-use industries including packaging & labeling, textile, advertising, photography, and others. With increasing demand for short run digital printing from several industries, the global digital printing market is expected to grow rapidly over the forecast period.
Market key trends:
The growth of the digital printing market size is primarily propelled by the rising adoption of influencer marketing strategies across various industries. Influencer marketing involves collaborating with individuals who have a strong social media presence and high follower base to promote products and services. Digital printing solutions providers have started offering advanced influencer marketing platforms and solutions to effectively identify key influencers and measure the impact of influencer campaigns. For instance, HYPR-DRIVE Ltd. provides an AI-powered influencer marketing platform to discover high quality influencers, launch campaigns, and track performance. Such rising focus on influencer marketing is expected to boost the demand for digital printing over the forecast period.
SWOT Analysis
Strength: Digital printing offers various benefits like on-demand, customized, and short run printing which reduces wastage. It allows printing of variable data and personalized content.
Weakness: Initial capital investment required for setting up digital printing equipment is high. Limited capabilities in certain applications like printing on rigid or 3D objects.
Opportunity: Growing popularity of personalized, customized, and on-demand printing presents an opportunity. Rise of industry 4.0 and increasing need of short run and on-demand printing also presents growth opportunities.
Threats: Threat from traditional printing technologies in applications requiring high volumes. Declining prices of printers may reduce profit margins of manufacturers.
Key Takeaways
The global digital printing market is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis -North America region currently dominates the market and is expected to continue its dominance over the forecast period. Asia Pacific region is expected to witness fastest growth due to increasing industrialization and growing need for short run and customized printing.
Key players operating in the digital printing market are IZEA, HYPR-DRIVE Ltd., Traackr, Launchmetrics, JuliusWorks, Inc., KLEAR, Upfluence, AspireIQ, Mavrck, Lumanu Inc., LINQIA, INC, InfluencerDB, ONALYTICA, Lefty, Social Beat, and Grapevine. These companies are focusing on new product launches and partnerships to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
