The printed signage market is expected to register a CAGR of 0.52%, during the forecast period (2021-2026). With the retail industry focusing on expanding and investing considerably in advertising and marketing, the market for printed signage is expected to witness significant demand during the forecast period.
- Printed signage is the most widely used form of signage solution, that is majorly employed for marketing and advertisement to attract consumers and expand knowledge regarding the availability of product and features through billboards, backlit displays, among others.
- According to GroupM, It is predicted that advertising spending worldwide would fall to USD 517 billion in 2020, representing a decline of roughly 11.8% compared with the previous year. North America is anticipated to remain the largest regional ad market, closely followed by the Asia Pacific. Western Europe ranks third, with ad spend amounting to less than half of these of North America.
- The advertising industry in China has witnessed exponential development over the past few decades. Foreign brands and advertisements have become commonplace in the lives of the Chinese population today, and Chinese companies have been quick to adopt foreign advertising techniques and practices to create a huge impact within the domestic advertising market. According to the GroupM, In 2019, outdoor advertising spending in China was estimated at CNY 53.54 billion.
- New printing technologies and inkjet printing have enabled high-definition and attractive printed signage at lower costs. Inkjet printing has established itself in the visual communication and advertising industries due to its versatility. However, in recent years, various printed materials are being used increasingly by interior decorators, especially in the hospitality and retail sectors. As the market for inkjet printing is expanding, companies are striving to stay ahead of new trends and provide businesses with the most advanced materials.
- Large format printing is used to create high-impact visuals, such as banners, posters, signs, announcements, charts, diagrams and marketing displays. Printed Signage is used by a wide range of companies and organizations for day-to-day operations, extensively for marketing and advertising purposes commonly across the retail locations, showrooms, lobbies, tradeshows, event venues, school campuses and points of purchase.
- The inability to communicate face-to-face due to social distancing and self-quarantine has made it difficult for businesses to broadcast and exchange information effectively. Even though this pandemic has had an immense impact on the economy, printing companies are supplying this requirement by offering those in need with COVID-19-related signage with the help of web-to-print technology.
Key Market Trends
BFSI Sector is Expected to Grow at a Significant Rate
- In BFSI sector, printed signage is usually used in various places, including ATM (banner signs, posters, and etc.), interior, wall graphics, and a wall projection.
- The banking industry in North America is growing at a significant rate propelling the number of ATMs, owing to its rising population and need for the cash dispensing machines.
- Additionally, the country has larger number of tourist population which rises the need for cash transactions, thereby, propelling the need for ATM in the region.
- The sector is increasingly using signage solutions to enhance the in-branch customer experience. The strategically located displays can inform customers of new services, help in reducing wait time, and improve the overall perception of the bank.
- However, digital signage has high penetration rate, owing to its convenience, low-cost material, and high reach, which is likely to negatively affect the market growth in this industry over the forecast period. Indoor digital signage draws over 400% of more views than static displays and increases engagement, as per the Embed Signage ( an Information Technology and Services company)
- Earlier, the banking buildings had printed signage for various actions, such as direction, counter, and parking.
- However, the companies are highly investing an enormous amount of money on digital signage, which is expected to affect the printed signage market on a negative note in North America.
United States to Hold a Significant Market Share
- Changes in the strategies and structure of the retail industry would have a direct effect on market demand for printed signage. Growing competition for brick-and-mortar stores from online retailers has resulted in the traditional retail model changing to compete in the new shopping landscape.
- Additionally, consumers feel more confident and spend more on goods & services, boosting the demand for promotional signage as brand owners and retailers compete for boom in sales.
- Innovations are becoming the key to market penetration. According to the NRF (National Retail Federation), Total retail sales in the United States amounted to USD 3.79 trillion dollars in 2019, up from around USD 3.66 trillion. Additionally, the retail sales in the country are expected to increase by 3.1% y-o-y for the forecast period.
- The restaurant industry in the United States is also a prominent contributor to the printed signage marketâ€™s growth. According to national restaurant association, there are currently more than one million restaurants in the country with 14.7 million employees â€“ one in every ten working Americans (which is expected to reach 16.3 million employees by 2027), and contributes approximately 4% to the US GDP.
- However, competition from digital signage might challenge the marketâ€™s growth. Digital signage also gives flexibility to the retailers, thereby, enhancing the customer engagement with the brand. The Digital Signage also captures more views as compared to the printed signage. The ability to change the content and schedule/arrange advertisements based upon the clientâ€™s requirement are the factors leading to the slowdown of the market studied.
The printed signage market is highly competitive and consists of several major players. In terms of market share, few of the players currently dominate the market. With the rising demand for printing along with technological advancement across the emerging economies, many companies are increasing their market presence thereby expanding their business footprint across the new markets.
- April 2019 - Avery Dennison, officially opened its first intelligent label innovation space in the Asia Pacific and Sub Saharan Africa region. The new Avery Dennison I.Lab, located in Pune, India, is an interactive facility that provides customers and partners with hands-on experiences, live demonstrations, and technical support, to help converters and partners explore the opportunities surrounding intelligent label solutions and RFID adoption.
- February 2019 - Mactac has launched a new, innovative tamper-evident labelstock designed to increase brand protection against product tampering, warranty fraud, and asset theft. A non-PVC, destructible labelstock, the tamper-evident product, LTCNVP50, has a unique balance of high tensile strength with low internal strength making it easy to convert on the press, but extremely difficult to peel off or remove once applied.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support