The global commercial printing outsourcing market is projected to grow with a significant CAGR during the forecast period, i.e., 2021-2029. The market is thriving primarily on account of the growing need amongst businesses for promotional materials, along with the need for eco-friendly printing services. Rising promotional activities amongst businesses to promote their brands so as to acquire customer attention and therefore increase sales, is one of the major factors that is driving the need to printed promotional materials. Companies worldwide are increasingly raising their advertisement budgets and spending massively to gain customer attention for their products. For instance, the spending on advertising around the globe increased from around USD 400 Billion in 2012 to close to USD 600 Billion in 2020. Moreover, recent research upon the effectiveness on different types of advertising platforms revealed that printed advertisements gain more viewer attention that other type of advertisements. As a result, to gain from the high impact of print publications, companies are increasingly focusing on enhancing their product communication through the print channels, which is anticipated to drive the market growth during the forecast period. The market is also thriving on account of the rising awareness amongst the printing service providers for reducing the negative impact of the printing industry on the environment, and for the growing use of vegetable-based inks or organic inks instead of solvent-based inks.
The global commercial printing outsourcing market is segmented by service type into offset lithography, flexography, gravure, screen, inkjet, and others. Amongst these segments, the gravure printing segment is projected to hold a significant market share by the end of 2029. Gravure or rotogravure printing process provides high print quality at great operating speeds. The printing process, as compared to other types, is very simple and uses rotary printing press. This type of printing process is used widely for printing packaging materials, post cards, magazines, and others. The market is also segmented based on application into publishing, advertising, packaging, and others. Amongst these segments, the advertising segment is projected to hold the largest market share by the end of 2029, backed by the rising need amongst businesses to promote their products.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global commercial printing outsourcing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Among the market in these regions, the market in the Asia Pacific is anticipated to hold the largest share by the end of 2029. Increasing demand for commercial printing solutions from countries such as India, China, Vietnam, and Thailand among others, along with the increasing adoption of new printing technologies in the region are some of the major factors anticipated to drive the market growth. In 2019, the value of the print industry in India was estimated to be close to USD 4 Billion. India is poised to be one of the major markets for commercial printing owing to the presence of several publishing houses in the nation that scatters to the need of different businesses on a daily basis. The nation is also anticipated to be one of the major consumer markets over the years owing to the presence of a large population.
The global commercial printing outsourcing market is further classified on the basis of region as follows:
Our in-depth analysis of the global commercial printing outsourcing market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising need for promotion of brands by business organizations and the high efficacy of print media advertisements, are some of the major factors driving the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
The shifting preferences for digital platforms is one of the major factors estimated to act as barriers to the growth of the market.
The major companies in the market are R.R. Donnelley & Sons Company, Dai Nippon Printing Co., Ltd., Transcontinental Inc., Cenveo Worldwide Limited, LSC Communications US, LLC, ACME Printing, and others.
The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market in the Asia Pacific is anticipated to hold the dominating share in the coming years owing to the presence of nations such as China, India, Vietnam, and others where there is a rising demand for commercial printing solutions.
The commercial printing outsourcing market is segmented by service type, application, and by region.
The gravure segment is anticipated to hold the dominating share by the end of 2029 owing to the increasing application of this printing type for printing different packaging materials.
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