According to MarketsandMarkets’ forecast, the digital printing market, in terms of value, is expected to grow from USD 22.18 Billion in 2017 to USD 28.85 Billion by 2023, at a CAGR of 4.48% between 2017 and 2023. Major drivers for the market are the growing demand for sustainable printing, development of packaging and textile industries, and reduction in per unit cost of printing with digital printers.
This report covers the digital printing market based on ink type, print head type, substrate type, and geography. The UV-cured ink type is expected to lead the market between 2017 and 2023. The UV-cured ink type is expected to be the fastest-growing deployment mode in the market as it offers benefits such as quick drying, environment-friendly, low price, and resistance to UV rays.
The development of packaging and textile industries, and reduction in per unit cost of printing with digital printers are majorly driving the growth of digital printing technologies worldwide.
The market in APAC is expected to grow at the highest rate between 2017 and 2023. APAC has witnessed a rapid growth in industrialization over the past decade, which has created a lot of opportunities for MPS. APAC is the market leader pertaining to the overall textile printing industry. China and India are the biggest suppliers of textiles and comprise the maximum number of textile printing owners and marketers. They also hold the largest base of textile manufacturers. These factors are majorly contributing to the growth of the digital printing market in APAC during the forecast period.
North America is expected to hold the largest share of the digital printing market in 2023. The North American market has many startups and favorable compliance and government regulations for the business environment. The enterprises in this region have a rapid growth rate and a heavy demand for digital printing technology. Due to favorable government regulations, European companies are also investing in the North American market, which is expected to help the region to have the maximum share of the digital printing market.
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The major challenge for the companies in the market is the rising demand for digital advertisements and e-books. The major vendors in the digital printing market include Xerox (US), Hewlett-Packard (US), Ricoh (Japan), and Canon (Japan). These players adopted various strategies such as new product developments, mergers, partnerships, collaborations, and expansions to cater to the needs of customers.
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