The printing machinery and equipment market includes sales of printing machinery and equipment by entities (organizations, sole proprietorships, or partnerships) that manufacture printing and bookbinding machinery and equipment such as printing presses, typesetting machinery, and bindery machinery. Typesetting machinery, offset printing machinery, flexographic printing machinery, gravure printing machinery, printing trades binding machinery and equipment, and other printing machinery and equipment comprise the printing machinery and equipment.
Rapid technological advancements are expected to drive innovation in the manufacturing of printing machinery and equipment machinery, driving the market during the forecast period. Furthermore, in manufacturing, technologies such as 3D printing, artificial intelligence, and big data analytics are being used, resulting in higher productivity, lower operating costs, and higher margins.
For example, according to a global survey conducted by The Economist Intelligence Unit, approximately 90% of corporate executives believe that artificial intelligence (AI) will have a positive impact on company growth, and 86% believe that AI will help improve productivity.
Lower operating costs result in higher margins, allowing companies to expand their product portfolios and enter new markets by making cost-cutting investments. IoT applications are also being integrated into these devices to enable services such as remote monitoring and central feedback systems, as well as to provide additional services. Mobile applications, advanced sensors, and embedded software have also opened up new avenues for businesses.
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