INDUSTRY / NEWS signlink signlink signlinkmagazine 8 Issue 251 - February / March 2024 www.signlink.co.uk HP's Trends and Predictions for large-format print in 2024 Against a backdrop of global economic uncertainty and fluctuating customer demand, print business leaders face a number of challenges in 2024. However, the large-format printing market continues to grow at a steady rate, with technology adoption and new application innovations powering progress. We see several trends that, if approached in the right way, represent opportunities for print service providers (PSPs) to truly thrive in the year ahead. Automating Workflows With 80% of businesses worldwide automating processes, automation is increasingly important as organisations continue to navigate macro issues such as labour shortages. Automation also boosts the speed print firms can operate at, improves the accuracy of projects, and identifies errors - enabling PSPs to find new ways to streamline operations. Whilst the impact of artificial intelligence (AI) is still emerging in the large-format sector, in the medium to long term, firms that have already implemented a highly automated infrastructure will be the ones most likely to benefit from AI-influenced advances in the future, such as predictive maintenance. Profitability Research shows that 85% of PSP customers now demand sustainable products and practices. For this reason, water-based and odourless inks will be sought after, allowing print professionals to say yes to a wider range of jobs, including sensitive indoor environments. The fact more than one in five printers sold in the large-format market is an HP Latex device, is proof that this trend is already well underway. Although progress has been made, the industry must continue to find alternatives to materials such as PVC by investing in new media and research to discover and elevate sustainable solutions. Greater focus will also be placed on the energy efficiency of printers, as well as extending the lifespan of hardware through easy recycling options when a device reaches end of life. Print and Protect Remote working prompted a rise in the volume and variety of malware attacks over the last four years. In an increasingly connected world, businesses will remain vulnerable. This is particularly true for small and medium sized businesses that have lower budgets and a lack of dedicated IT support. There is an opportunity to redesign and rebuild a digital ecosystem of tools that help businesses securely manage their end-point devices and data. Printers are often a forgotten endpoint, giving hackers a way into a network. However, with more security-conscious solutions on the market, like HP’s Wolf Security-enabled DesignJet range, SMEs will begin to turn the tide on cyber criminals. Personalisation Brands are seeking ways to differentiate themselves from competitors, while end consumers have shown appetite for personalised or ‘limited edition’ products and experiences. According to research by Sparks & Honey, the expected value of the personalised items market will reach $201bn (£158bn) by 2026, up 49% from 2021. Meanwhile, 70% of shoppers are willing to pay at least 10% more for customised or unique products. HP recently released a trends report which highlights that the digitally printed wallpaper market is predicted to grow at an annual rate of 23.6% until 2025, reaching a total value of $10.4bn (£8.2bn). With the right technology, print firms will be the enablers of this growing trend, and become trusted partners for brands. At a hardware level, firms will need digital print technology capable of handling a range of specifications, delivering short runs, and accommodating fast turnarounds. However, the ecosystem around the device will become even more key in 2024, ranging from the software firms are embedding to manage operations, to ensuring staff are upskilled to harness the latest tools coming to market. Transforming our World Print businesses have been evolving year on year, and turbulence in recent years has only accelerated the pace of change. Large-format print providers are displaying resilience and creativity, and the industry will continue to thrive this year in a more connected, automated, sustainable, and secure environment. Mike Boyle, Global Head of Large Format Go-To-Market at HP From automation and sustainability to personalisation and design, Mike Boyle, Global Head of Large Format Go-To-Market at HP tells us what he thinks the trends will be for large-format in 2024
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