The global print market is being urged to adapt or face the prospect of going out of business.
A total of 71 per cent of industry executives are expecting market disruption in the next seven years, however only 39 per cent believe they are in a position to respond. Analyst group Quocirca’s Global Print 2025 market study, revealed a mixed picture of optimism tempered with recognition of the strategic imperative for manufacturers and channel businesses to adapt so they can thrive in a digital-focused, disruptive landscape.
Louella Fernandes, director of Research at Quocirca, said: “The workplace is evolving at an unprecedented rate. As the importance of conventional print declines and digitisation initiatives accelerate, we discovered an industry that is acutely aware of the strategic need to adapt to survive in the face of disruption.”
Despite an anticipated drop in print volumes, print industry executives are positive about the future. However, the potential for industry disruption is high on the radar, with 71 per cent of executives expecting to experience major disruption to their business model by 2025. Despite this, only 39 per cent feel that they are well prepared to respond.
When asked to identify the biggest challenges facing them over the next seven years, 74 per cent of executives cited the need to evolve from a product-centric to a service-centric business, while 69 per cent recognised the importance of addressing the demands of millennials, who will represent 75 per cent of the workforce by 2025.
Furthermore, 64 per cent of manufacturers recognise that innovation is crucial to success in a disruptive environment, but they show concern about their ability to foster that innovative culture, with 80 per cent rating this as the primary challenge to overcome between now and 2025.