Multi-functional Printer Market to USD 11 billion by 2032, says Global Market Insights Inc.
Global Market Insights Inc.
Multi-functional printer industry is projected to witness a CAGR of 5.5% during the period 2024-2032. This growth can be attributed to need for affordable printing.
Selbyville, Delaware, July 02, 2024 (GLOBE NEWSWIRE) —
Multi-functional Printer Market Size is projected to accrue USD 11 billion in revenue by 2032. The industry growth is driven by the rising demand for efficient and cost-effective office solutions.
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With companies of all sizes looking to improve efficiencies and reduce operating costs, the demand for multi-functional printers (MFPs) is rising to offer compelling solutions by integrating printing, scanning, copying and faxing capabilities into a single machine. This integration not only saves space but reduces the overall cost of ownership by limiting the need for many machines by simplifying maintenance. The rise of remote and hybrid workstations has also created a need for versatile and reliable printing solutions that support a wide range of document management tasks.
Technological advancements and innovations will also fuel the multi-functional printer market gains. Modern printers have advanced features, such as wireless connectivity, mobile printing, high-speed display, and enhanced security protocols that meet the evolving needs of digital workplaces. The development of eco- friendly and energy-efficient MFP models is increasing the emphasis on sustainability for attracting environmentally conscious industries. The strong adoption of managed print services (MPS) by organizations is further boosting the product demand as they help leverage these devices to offer comprehensive document management solutions. For instance, in April 2024, Fujifilm Europe introduced its Apeos*1 series of high-quality multifunction office printers to the U.K. market.
Rising demand for LEDs
The multi-functional printer market from the LED segment may exhibit a decent growth rate over 2024-2032 favored by the advancements in printing technology to enhance efficiency and print quality. LED printers offer high-speed and high-reliability printing, making them ideal for jobs that require consistent quality and high-volume printing. The miniaturized design of these printers allows them to be integrated into multifunction devices without compromising performance. As companies look for more sustainable and cost-effective printing solutions, the benefits offered by LED technology will make it more desirable.
Increasing adoption in commercial sector
Multi-functional printer market from the commercial application segment will register noteworthy CAGR from 2024 to 2032 due to its diverse printing needs and the strong demand for cost-effective, high-quality printing solutions. Multifunctional printers combine various functions, such as printing, scanning, copying, and faxing in one machine to provide versatile solutions for employees in industries as diverse as retail, hospitality, healthcare, and education. Rapid developments in MFP technology are making way for higher print speeds, advanced printing, and integrated project management software to meet the evolving needs of commercial companies.
Story continues
Asia Pacific to emerge as a lucrative industry
Asia Pacific multi-functional printer market size will register a robust CAGR from 2024 to 2032 attributed to the increasing adoption of digitalization initiatives across various industries. With strong urbanization and technological development, companies across the region are looking for more efficient document management solutions to streamline operations and increase productivity. The rise of remote and hybrid workflows, accelerated by technological developments and changing business dynamics, is further driving the regional demand for versatile print solutions that support flexible and unified business processes.
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Multi-functional Printer Market Participants
Brother Industries Ltd., TIM S.p.A., Eastman Kodak Co., STAR MICRONICS Co. Ltd, Hewlett Packard Enterprise Co., Sharp Corp., Konica Minolta Inc., Seiko Epson Corp., Kyocera Corp., Samsung Electronics Co. Ltd., Lexmark International Inc., Ricoh Co. Ltd., NEC Corp., Panasonic Holdings Corp., and Oki Electric Industry Co. Ltd are some of the major multi-functional printer industry contenders.
These companies are actively investing in R&D activities to tailor their products to meet specific needs while focusing on expanding their manufacturing capacities. To cite an instance, in May 2024, Sharp Imaging and Information Company of America (SIICA) introduced three new A4 color multi-functional printers ideal for SMBs, commercial printing, legal firms, and educational institutions seeking compact A3 capabilities.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2018 – 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Technology & innovation landscape
3.2.1 Factors affecting the value chain
3.2.2 Profit margin analysis
3.2.3 Disruptions
3.2.4 Future outlook
3.2.5 Manufacturers
3.2.6 Distributors
3.2.7 Retail
3.3 Key news and initiatives
3.4 Regulatory landscape
3.5 Impact forces
3.5.1 Growth drivers
3.5.1.1 Technological advancements
3.5.1.2 Need for affordable printing
3.5.2 Industry pitfalls & challenges
3.5.2.1 Initial high-cost investments
3.5.2.2 Highly fragmented market
3.6 Consumer buying behavior analysis
3.6.1 Demographic trends
3.6.2 Factors affecting buying decision
3.6.3 Consumer product adoption
3.6.4 Preferred distribution channel
3.6.5 Preferred price range
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By product Type, 2018 – 2032, (USD Billion) (Thousand Units)
5.1 Key trends
5.2 Laser
5.3 Inkjet
5.4 LED
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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