Watson, who is strategic sourcing director at the $10bn (£6.4bn) turnover group’s Global Document Solutions division, said the process of consolidation was "absolutely critical" for the future success of the industry.

"Through consolidation, we can focus on the process of commoditisation. It is an absolute fact, we need not to be frightened about that; we need to walk towards it and embrace it," he said.

Watson was speaking at last week’s Pira conference on Global Print Markets. He cited the retail sector and companies such as Tesco and Morrisons as an example of commoditisation in practice.

"It has completely transformed the high street. We may regret not seeing family businesses, but you have to ask why they have gone.

"Supermarkets are successful because they give consumers what they want," he stated. "Print cannot exist as a cottage industry. The vast majority should be printed in a commoditised world, by superprinters operating as commodity players."

Watson said this would drive profitability and competitiveness, with so-called superprinters able to achieve economies of scale by getting the best prices for ink, paper and other consumables.

"Most print is not a work of art. I’m not being disrespectful, but I see companies holding on to a desire to be a small family business. 35% of printers are in the general commercial market – how can they differentiate themselves? I don’t think they can," he added.

Watson also highlighted online businesses, such as e-tailers, as providing new opportunities for print: "We should be getting excited by the multichannel world. Print is recognised as being a key part of it."