Printed Signage Market – Growth, Trends, Impact of COVID-19, and Forecast (2021
The global printed signage market was valued at USD 40.283 billion in 2020, and it is expected to reach USD 41.376 billion by 2026, registering a CAGR of 0.19%, during the period 2021-2026. The COVID-19 pandemic has created economic turmoil for small, medium and large industries around the world.
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In addition to the woes, the lockdown inflicted by governments around the world has further resulted in industries being affected and disrupting supply chain and manufacturing operations around the world. For this reason, the printed signage market has had a mixed impact due to changing demand from various end user industries. In most end user industries, print signage had experienced a significant decline.
In addition, the pandemic epidemic has led to a drastic reduction in travel around the world. This had a huge negative impact on the transportation and logistics industry, thus limiting the use of outdoor printed signage. However, end users such as healthcare have witnessed an increased demand for signaling related to COVID-19 precautions.
Printed signage is one of the most widely used forms of signage solutions around the world. It is mainly used to market and advertise products in order to attract consumers and expand their knowledge regarding availability and functionality through billboards and backlit screens, among others. Historically, printed signage has been successful in engaging a customer, meeting the need for attention, which is key to creating awareness in the seconds a salesperson has before the customer leaves their stores. .
Profitability is the main factor driving the growth of the market as it offers economical and efficient signage solutions for many industries. The lower investment required to deploy these types of signs and longer lifespan are the major factors which are helping the print signage market to survive, with intense competition from emerging digital signage. The main reason behind most businesses and corporations that have opted for printed signage solutions is the ease of deployment without the need for additional maintenance costs.
The retail industry is the largest consumer of printed signage compared to other industries. New printing technologies and inkjet printing have enabled attractive, high definition printed signage at a lower cost.
However, the increasing adoption of digital signage technologies and the reduction in system costs offer consumers flexible signage operations at reasonable costs. The nature of dynamic content and the customization options offered by digital signage are fueling this adoption rate, which is restraining the growth of the print signage market.
Large format printing is used to create high impact visuals, such as banners, posters, signs, graphics, ads, diagrams, and marketing displays. Printed signage is used by a wide range of businesses and organizations for day-to-day operations, especially for advertising and marketing purposes, typically in stores, lobbies, trade fairs, showrooms, venues events and points of sale.
Key market trends
BFSI sector expected to grow at a significant pace
BFSI sector print signage is typically used in a variety of locations including ATMs (banners, posters, etc.), interior, wall graphics, and a wall projection. Service providers are spending more and more on advertising their services to customers, which in turn drives the demand for printed signage in the industry. ?
As the printed signage requires less investment and has a longer lifespan, it attracts choice for advertising and educates potential customers about the various services offered by the financial institute. These are some of the major factors which are helping the print signage market to survive, with intense competition from emerging digital signage.
The banking and financial sector is one of the biggest consumers of advertising. Barclays PLC is said to have spent more than 330 million euros in 2020 on advertising. For most banks and BFSI organizations, print advertising is not the only method of advertising. Most organizations use this method to facilitate their digital campaigns and enable fast customer conversion. For example, two years after the start of the ‘Together We Thrive’ campaign, HSBC UK managed to double its advertising awareness in 2020 by more than. The successful print execution of this campaign allowed users to spark the conversation on digital channels.
In addition, the financial sector is growing at a significant pace, propelling the number of ATMs due to the growing population and the need for ATMs, as they are convenient and user-friendly in relation to withdrawing money from the bank. Bank. It is also expected to boost the print signage market as it is used near ATMs to educate the customer or promote any product or service.
Printed signage has also found its application in bank buildings for various actions, such as direction, counter and parking. However, companies are investing heavily in digital signage for their branding programs, primarily one or another of banking financial services. The insurance sector has also integrated many public and private infrastructure services which depend on the BFSI domain to fulfill their missions.
The United States will have a significant market share
The United States is a forerunner in technology, and coupled with the trend towards dynamically feasible substitutes such as digital signage and the growing demand for a more personalized approach to advertising; the printed signage market is in decline in the region. However, the lower investment required for the deployment of print signage, along with the longer lifespan, helps the print signage market to survive in the region.
Advertisements by media companies in outdoor facilities, magazines and newspapers are declining on a large scale. However, with increasing spending for cinema advertising and outdoor advertising, the print signage market is expected to experience a steady decline during the forecast period. Nonetheless, with well-established distribution channels for any type of business in industries such as retail, the US market is an attractive option.
The retail industry is the largest consumer of printed signs compared to other industries in the United States. According to Alist Daily, in the first two months of 2021, retail advertisers in the United States spent nearly $ 1.8 billion on advertising in the country.
In addition, the increased competition between retail environments due to online shopping (e-commerce) creates a corresponding demand for short-term promotional signage and point-of-sale graphics to engage customers and generate new purchases. , like those with seasonal product lines. These factors are further expected to increase the demand for the printed signage market in the region.
Innovations become the key to market penetration. National Retail Federation (NRF) says retail sales in the country are expected to grow between 10.5% and 13.5% to over $ 4.44 trillion in 2021 as the economy accelerates its pace of recovery .
The large affluent consumer base also attracts many retailers to open new stores to serve them. Since advertising is the main key to the success of the retail industry, the print signage market is expected to be positively affected by the growth of the retail industry.
The printed signage market is very competitive and consists of several major players. In terms of market share, few players currently dominate the market. With the growing demand for printing and technological advancements in emerging economies, many companies are strengthening their market presence, thereby expanding their business footprint in new markets.
APR 2021 – ColorJet has announced the launch of its digital signage printer, Soniq i, which can be used for indoor and outdoor display applications. It is a low investment, value for money sign printer capable of versatile high speed printing, maximizing the business potential of the print service provider.
SEP 2020 – 3A Composites strengthened its core display business and expanded customer base through the acquisition of Newell Brands Inc. Newell Brands is an American producer, distributor and distributor of consumer and commercial products, with a portfolio of brands, including Rubbermaid storage and trash. containers, among others.
AOT 2020 – Assets acquired from 3A Composites include the production site and assets in Statesville, North Carolina, United States. The purchase price amounts to CHF 6.7 million.
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