COVID-19 has certainly made a dent in the global economy this year, causing disruption and losses in income for businesses and consumers alike.
For the print and imaging industry, trends for the year showed a marked decline in business, with up to 89.5% of companies showing a reduction in sales at the outset of the crisis.
This situational decrease in market share was followed by a predicted global decline in the print market of -6.5% CAGR through 2020 as the economic slowdown continues.
The question is, as the impact of COVID continues, how will it affect print and imaging trends for 2021? To answer, we have curated some of the highlights from industry publications that outline emerging trends to watch for the upcoming year.
Changes and Challenges Highlight Print and Imaging Trends for 2021
There are plenty of dynamics at play as the print and imaging markets continue to respond to the ongoing pandemic. Fortunately, it’s not all bad news as we move forward into the next decade.
A Light at The End of the Tunnel
The global market is struggling to recover from the pandemic, but according to The Printing Global Market Report 2020-2030, the market should begin to recover soon, with growth of 3% predicted for 2021, bringing the market value to a healthy $317 billion by 2023.
Manufacturing Moving Closer to Home
Supply chains were disrupted as the virus spread across the globe, most critically affecting those long supply chains that stretched from China to North America and Europe.
As manufacturers rethink their strategies, more are bringing operations closer to home for greater resilience in the event of further crises or disruptions.
Print Marketing is Back
More marketers are returning to high-quality, premium print designs for targeted communications.
These new print marketing designs can incorporate cutting-edge technologies such as near-field communications (NFC) that allow companies to include features such as programmed weblinks in their print collateral.
3D Printing Market is Set to Explode
The use of 3D printing for design, prototyping, and marketing is on the rise, with the market expanding at a rate of 23% to reach $55.8 billion by 2027. North America remains the largest market for 3D printers with healthcare, consumer electronics, and defense industries spearheading the growth.
The ability to create both small and large products aimed at visual advertising can help businesses provide customers with portable, detailed visual 3D product representations.
Digital Print Expansion
Efficient workflows and higher margins are driving the tidal wave of growth in digital print applications, specifically in signage, posters, banners, and point-of-purchase displays created with wide-format printers.
Managed Print Outlook Optimistic
The market for managed print services (MPS) remains optimistic as we move into 2021. MPS and cloud print services are finding an important foothold in the marketplace supplying secure, cost-effective print technologies to companies with remote, in-house, or hybrid work situations.
Overall, the print and imaging industry is poised for a strong recovery in the coming year as businesses adjust to post-COVID changes and new technologies arise to make operations and marketing easier and cost-effective.
Trust James Imaging to Provide Your Print and Imaging Needs in 2021
At James Imaging, we understand the challenges faced by our clients as they responded to the coronavirus pandemic.
In fact, we keep our fingers on the pulse on industry trends so we can more closely predict what customers may need in the future to keep their business running smoothly in the face of a crisis.
Strong managed services such as managed print and document management can keep your workforce secure and connected — whether they are working remotely, in-house, or a combination of both.
And, our dynamic workflow solutions streamline processes for more efficient and effective strategies to help you reach your business goals. Automating and securing processes can give you an edge over the competition, keep your data safer, and help employees accomplish more to transform your business in a positive way.
Finally, we provide a complete suite of state-of-the-art print and imaging technologies — from multi-function devices to stand-alone printers and copiers to help you develop a fleet that will efficiently support your print processes.
Stay on-trend — and ahead of the competition — with the latest technologies in print and imaging. Reach out to a professional at James Imaging Systems for more information about new tools that can help you run your business better.