Megatrends and their looming effects on the printing and graphic communications industry was the topic of discussion at the Digital Imaging Association’s Christmas Luncheon and Annual General Meeting Wednesday, December 4 in Toronto. Keynote speaker Jeff Dowd, North America Business Development Lead for HP’s Graphic Solutions Business, explored the subject in detail and revealed some remarkable findings from the OEM’s recent 2019 Industry Megatrends Study. Dowd is a two-time How-E Award winner for HP that recognizes leadership, 2018 Top Business Development Award winner, and Hewlett Packard Achievement Award Winner. He has also been a two-time HP Ambassador. Some of the report’s findings:
- The digital media transformation will absolutely live up to its promises.
- Over the next 15 years, we will have experienced more change than in all of human history to date – and that includes throughout the printing and graphic communications industry.
- Digital print output will grow by 65% over the next 10 years.
- 97.5% of that growth will be from commercial, labels, packaging, books and advertising.
Changes will occur faster than in all of our previous history.
- Factors causing and influencing these changes will include….
- Hyper globalization.
- Changing demographics to appeal to the needs of millennials, Gen Z and Alphas.
- Print provider consolidation.
- Aging production equipment.
- Increase in on-demand printing.
Faster speed to market demands.
- More connectivity via omni-channel marketing.
- More innovations in packaging.
- Increased emphasis on consumer branding.
- More use of big data, variable data and versioning.
- Huge increase in inkjet use.
The overriding message and takeaway that Dowd revealed was that digital will absolutely rule moving forward. In fact, by 2026, it’s predicted that 80% of all jobs done by commercial and other printers will be digital. Today, said the report, that figure is approximately 40%. “In summary, said Dowd, “take this knowledge from today and ponder how it might impact your shop, employees and customers over the next 3 to 5 years. Don’t put your head in the sand and hope. Put a plan in place to mitigate the negative findings and double down on areas that fuel growth above and beyond your shop’s own organic growth,” he concluded.
Every few years, HP conducts or commissions research to look at the megatrends that are changing the way we live, work and play around the globe. This research helps HP focus on forward-looking business plans and products.