Speaking at the research and consulting firm's Global Print Markets conference this week, Pira print strategy consultant Neil Falconer described data as "the new oil".

"Printers have a great opportunity in managing data and content. There are major opportunities ahead in leveraging the power of communities," he stated.

However, in order to do so companies need to understand the shift from a disconnected world to one that is connected. "Conventional advertising is dropping, and internet advertising is increasing. Maybe we only needed traditional advertising because we were not connected. Now we are," Falconer added, and warned that proving print's return on investment would become increasingly vital. "If print cannot provide business metrics and reasons for printing in the first place, then it is in a very vulnerable position."

At the two-day event Pira also shared some findings from its latest report, Global Print Markets to 2015. It predicts a 6.7% decline in the value of the western European market for print in the period from 2009-2014, to $156bn (£98.5bn).

Double-digit growth is anticipated in Latin America, Africa, the Middle East, and eastern Europe, with the Middle East showing the biggest projected increase at almost 20%.

 The overall worldwide market for print was put at $643bn for 2010 and is expected to rise to $646bn by 2014, although this is down from the recent high of $684.7bn in 2007.

"It's not all doom and gloom. Print is not dead, although it may have been struggling in a few areas," said the report's author Dr Sean Smyth. "The print world is changing, we have to make print that is already good better, while making traditional printed products in a more efficient and effective way."

The top five fastest growing markets for print over the next four years were predicted to be Saudi Arabia, China, Ukraine, Peru, and India. The UK is expected to retain its position as the fifth biggest market for print worldwide.