What Were the Results of the 2022 Wide Format Application and Utilization Study?
Keypoint Intelligence once again partners with Big Picture Magazine on important PSP survey
Sign up for The Key Point of View, our weekly newsletter of blogs and podcasts!
To sharpen perspective on the rapidly evolving wide format market, Keypoint Intelligence and Big Picture Magazine collaboratively conducted a web-based survey of print service provider (PSP) owners and employees to identify emerging solutions, strategies, and technologies in an adaptive response to pandemic-driven market shifts and industry trends. Maintaining profitability and optimizing production were of highest priority among survey respondents, which included wide format PSPs, commercial printers, print shops, and in-house digital print departments.
The survey revealed new strategies for increasing or maintaining profitability, including investments in equipment and automation. For responses on purchase intentions, more than half of commercial printers indicated they intend to invest in finishing equipment as they follow the trend of expansion into wide format and increase their in-house capabilities.
Growth trends in automation have also been driven by an increased need for optimized workflow and improvements in efficiency. With the pandemic having accelerated demand for web-to-print capabilities, adaptation and adoption of automation solutions have become an ever-increasing priority. According to the survey, 90% of PSPs claimed to be currently using automated workflows to some extent, yet only 1% are 100% automated. While we don’t expect wide format PSPs to ever become completely so, trends suggest that automation will increase in the wide format space as adaptation to industry challenges and constraints continues.
Software ownership is another trend that has been mobilized by the push to streamline production and prioritize waste reduction. Nesting software has specifically been on the rise, with 92% of wide format PSPs utilizing nesting and ganging software for capacity optimization. This adoption of nesting software has been justified by significant cost savings, with almost 30% of PSPs saving up to $10,000 annually.
Keypoint Intelligence Opinion
There is cautious optimism and conservative expectations about post-pandemic economic recovery across the wide format industry. We are seeing significant growth and changing dynamics in the space—growth that was catalyzed by the pandemic but is now taking on a new life of its own as PSPs continue to see the evident benefits of continuous adaptation and the downside of stagnation.
Check out Big Picture Magazine’s article here. Log in to the InfoCenter to view the Analysis and the presentation through our Wide Format Printing Advisory Service. If you’re not a subscriber, just send us an email at firstname.lastname@example.org for more info.