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 of 2021-2026. The COVID-19 pandemic has created economic turmoil for small, medium, and large-scale industries worldwide.
New York, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Printed Signage Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)" - https://www.reportlinker.com/p06187402/?utm_source=GNW
Adding to the woes, lockdown inflicted by the governments across the globe has further resulted in industries taking a hit and disrupting the supply chain and manufacturing operations worldwide. Due to this, the Printed Signage Market has had a mixed impact due to the change in demand from various end-user industries. In most of the end-user industries, printed signage had witnessed a significant decline.
Moreover, the pandemic outbreak has resulted in a drastic reduction of travel worldwide. This had a considerable negative impact on the transportation and logistics industry, thereby restricting the usage of outdoor printed signage. However, end-users such as healthcare witnessed increased demand to make signages related to COVID-19 precautions.
Printed signage is one of the most widely used forms of signage solutions across the globe. It is majorly employed to market and advertise products to attract consumers and expand their knowledge regarding the availability and features through billboards and backlit displays, among others. Historically, printed signage has been successful in engaging a customer, thereby fulfilling the need to grab attention which is the key to creating awareness within the few seconds that a vendor has before the customer moves on from their stores.
Cost-effectiveness is the primary factor that drives the market growth, as it offers low-cost and efficient signage solutions for many industries. The lower investment required for deploying these types of signs and a longer lifespan is the major factors that are helping the printed signage market to survive, with intense competition from the emerging digital signage. The prime reason behind most of the businesses and companies that 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 when compared to other industries. New printing technologies and inkjet printing have enabled high-definition and attractive printed signage at lower costs.
However, the growing adoption of digital signage technologies and reducing costs of the systems are offering flexible signage operations to consumers at reasonable costs. The nature of dynamic content and customization options offered by digital signage are fueling this rate of adoption, which is restraining the growth of the printed signage market.
Large format printing is utilized to create high-impact visuals, such as banners, posters, signs, charts, announcements, diagrams, and marketing displays. Printed Signage is being used by a wide range of companies and organizations for day-to-day operations, significantly for advertising and marketing purposes, commonly across retail locations, lobbies, tradeshows, showrooms, event venues, and points of purchase.
Key Market Trends
BFSI Sector is Expected to Grow at a Significant Rate
The BFSI sector printed signage is usually used in various places, including ATM (banner signs, posters, etc.), interior, wall graphics, and a wall projection. The service providers are increasingly spending on advertising their services to customers, in turn, driving the demand for printed signage in the sector. ?
As the printed signage requires lower investment and have a longer life span, these are attracting choice for advertising and educating potential customer regarding various services offered by the financial institute. These are some of the major factors helping the printed signage market to survive, with intense competition from the emerging digital signage.
The banking and financial sector is one of the biggest advertising spenders. Barclays PLC reportedly spent over EUR 330 million 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 aid their digital campaigns and enable rapid customer conversion. For instance, two years into the ‘Together we thrive’ campaign HSBC UK managed to double its ad awareness in 2020 more than. The appropriate print execution of this campaign enabled users to provoke conversation on digital channels.
Moreover, the financial sector is growing at a significant rate, propelling the number of ATMs due to the rising population and need for cash dispensing machines, as they are convenient and user-friendly as compared to withdrawing money from the bank. It is also expected to drive printed signage market as they are used near ATMs to educate the customer or promote any product or service.
The printed signage has also found its application across the banking buildings for various actions, such as direction, counter, and parking. However, companies are highly investing in digital signage for their brand promoting programs, mostly either of the Banking financial services. The insurance domain has also integrated many of the public or private infrastructure services that depend on the BFSI domain to perform their missions.
United States to Hold a Significant Market Share
The United States is a forerunner in technology, and coupled with the inclination toward dynamically feasible substitutes such as digital signage and the growing demand for a more customized approach to advertising; the printed signage market is witnessing a decline in the region. However, the lower investment required for the deployment of printed signage, along with the longer lifespan, is helping the printed signage market survive in the region.
The advertisements of media firms in outdoor facilities, magazines, and newspapers are decreasing on a large scale. However, with the increase in spending for cinema advertising and outdoor advertising, the market for printed signage is expected to witness a stable decline during the forecast period. Still, with well-established distribution channels for any type of company in the industries such as retail, the US market is an attractive option.
The retail industry is the largest consumer of printed signage as compared to other industries in the United States. According to Alist Daily, during the first two months of 2021, retail advertisers in the United States spent almost USD 1.8 billion on advertising in the country.
Also, the increased competition between retail environments owing to online shopping (eCommerce) is creating a corresponding demand for short-term promotional signage and point-of-purchase graphics to engage customers and generate new purchases, like the ones with seasonal products lines. Such factors are further expected to add to the demand for the printed signage market in the region.
Innovations are becoming the key to market penetration. According to the NRF (National Retail Federation), the retail sales in the country are expected to grow between 10.5% and 13.5% to more than USD 4.44 trillion in 2021 as the economy accelerates its pace of recovery.
The large affluent consumer base is also attracting many retailers to open new stores to serve them. Since advertising is the major key to the success of the retail industry, the market for printed signage is expected to be positively affected by the growth of the retail industry.
The printed signage market is highly competitive, and it consists of several major players. In terms of market share, few of the players currently dominate the market. With the rising demand for printing and technological advancement across the emerging economies, many companies are increasing their market presence, thereby expanding their business footprint across the new markets.
APR 2021- ColorJet announced the launch of its digital signage printer, Soniq i, which can be used for indoor and outdoor signage applications. It is a low-investment, value for money signage printer capable of versatile printing at high speed, thereby maximizing the business potential of the print service provider.
SEP 2020- 3A Composites strengthened its core display business and expanded its customer base through the acquisition of Newell Brands Inc. Newell Brands is an American consumer and commercial product producer, marketer, and distributor, with a portfolio of brands, including Rubbermaid storage and trash containers, among others.
AUG 2020- 3A Composites acquired assets include the production site and assets in Statesville, NC, the United States. The purchase price amounts to CHF 6.7 million.
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