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Printing Market Growth, Insights & Competitive Analysis 2024-2033
Printing Market Growth
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According to The Business Research Company's, The printing market size has grown steadily in recent years. It will grow from $356.84 billion in 2023 to $374.31 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to publishing industry growth, packaging requirements, global economic conditions, environmental regulations, consumer preferences.
The printing market size is expected to see steady growth in the next few years. It will grow to $443.56 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to sustainable printing practices, e-commerce packaging, smart packaging, remote work impact, health and safety concerns. Major trends in the forecast period include 3d printing advancements, digital printing, personalization in printing, augmented reality (ar) integration, smart printing solutions, hybrid printing technologies.
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Market Drivers and Trends:
Rising requirement for packaging in e-commerce is expected to propel the growth of the printing market. E-commerce packages are custom printed and are commonly used by the expanding e-commerce retailers. For instance, according to data by U.S. Census Bureau, an agency of the government of the US, U.S. retail e-commerce sales during the third quarter of 2022 totaled $265.9 billion, an increase of 3% over the second quarter of 2022. While total retail sales climbed 9.1% percent during the same period, the third quarter 2022 e-commerce sales increased 10.8% percent from the third quarter 2021. Hence, the growing e-commerce market is expected to generate demand for printing, driving the market in the forecast period.
Major companies operating in the printing market are increasing their focus on introducing multi-feature printers to gain a competitive edge in the market. Multi-feature printers refer to devices that combine several essential office functions into a single machine. For instance, in July 2023, HP Inc., a US-based technology company, launched a new series of LaserJet Pro printers that come with scan, print, and copy features. These printers are designed to be versatile and efficient, with wireless and automatic 2-sided printing capabilities. The printers have faxing capabilities as well, making them an excellent tool for businesses and individuals who require high-quality printing, scanning, copying, and faxing. The HP Smart app enables mobile printing and scanning, making the process even more convenient.
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Major Key Players of the Market:
HP Inc., Canon Inc., Fujifilm Holdings Corporation, Bertelsmann SE & Co. KGaA, Ricoh Company Ltd., Toppan Inc., Dai Nippon Printing Co. Ltd., Konica Minolta Inc., Xerox Corporation, R.R. Donnelley & Sons, LSC Communications Inc., Quad/Graphics Inc., Gannett Co Inc., SHUTTERFLY Inc., Transcontinental Inc., The Crane Company, Cenveo Corporation, Vistaprint NV, Electronics for Imaging Inc., OKI Data Corporation, ENNIS Inc., Raksul Inc., The Vomela Companies, Pax Industries Inc., Xante Corporation, O'Neil Printing Inc., ACME Printing, The McClatchy Company, Print Direction Inc., Taylor Communications, Ryobi Limited, Screen Holdings Co. Ltd., Gallus Holding AG, Domino Printing Sciences plc, MGI Digital Technology
Printing Market 2024 Key Insights:
• The printing market size is expected to see steady growth in the next few years. It will grow to $443.56 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%.
• E-Commerce Packaging Boom Driving Growth In The Printing Market
• Multi-Feature Printers Competitive Advantage In The Printing Industry
• Asia-Pacific was the largest region in the printing market in 2023
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