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The Multi-Functional Printer Market size is estimated to grow at a CAGR of 3.52% between 2022 and 2027. The market size is forecast to increase by USD 6.75 billion. The growth of the market depends on several factors, including the increasing demand for MFPs from the healthcare sector, the evolving documentation needs of businesses, and the increasing need for combining mobility and document solutions. A multi-functional printer (MFP) is a system that comprises the functionality of a printer, scanner, fax, and copier in a single system. Some MFPs do not have fax functionality, which is not considered a norm for MFPs, as it is no longer a popular mode of document exchange.
This multi-functional printer market report extensively covers market segmentation by type (color multifunctional printer and monochrome multifunctional printer), technology (inkjet and laser), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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One of the key factors driving the multi-functional printer market growth is the increasing demand for MFPs from the healthcare sector. The increasing adoption of digital best practices by the healthcare sector to improve their service delivery is revolutionizing the sector. It is essential to have timely patient information exchange in order to ensure proper care and treatment of the patient.
Moreover, interdepartmental communication plays an essential role in the healthcare sector in coordinating patient schedules and relaying patient information quickly, efficiently, and securely. Furthermore, there is an increasing focus on the maintaining and sharing of electronic health records as it is mandated by governments across the globe. As a result, there is an increasing adoption of customized MFPs in the healthcare sector which is positively impacting the market. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the multi-functional printer market growth is the increasing popularity of smart MFPs and LED technology MFPs. The main advantage of the smart MFP is that it provides an interactive user interface and touch functionality. Also, this MFP can easily be integrated with both office and home networks as well as can be cloud-optimized. Some of the main MFP product segments include both monochrome and color MFP.
Moreover, the significant features of these MFPs include the tap, print, and go feature which facilitates users to integrate smartphones or tablets with the MFPs by using the internet network or wireless connectivity feature. As a result, it provides greater access to cloud-based document solutions as well. Hence, such factors are positively impacting the market. therefore, it is expected to drive the market growth during the forecast period.
Intense competition in the multi-functional printer market is one of the key challenges hindering the multi-functional printer market growth. Some of the main market players in the global multi-functional printer market include Canon Inc., Hewlett Packard Enterprise Co., KYOCERA Corp., Ricoh Co. Ltd., and Xerox Holdings Corp. There is significant competition in the market among market players due to the ongoing price war, the decline in profit margins, and the rise in raw material prices.
Moreover, there is an increasing focus by several smaller players on customizing their MFP solutions as per the requirements of some of the end-user sectors. Thus, the growing competition among the market players can result in the development and introduction of low-quality products into the market which is negatively impacting the market. Hence, such factors are hindering the market growth during the forecast period.
The color multifunctional printer segment is estimated to witness significant growth during the forecast period. A device that can print the output in color is referred to as the color multifunctional printer segment. The main feature of this segment is that it combines the function of a printer, scanner, and copier and produces a high-quality output in color. There is an increasing preference for this segment by the employees to boost productivity by handling more jobs with the help of a color multifunctional printer.
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The color multifunctional printer segment was the largest segment and was valued at USD 21.40 billion in 2017. There is an increasing adoption of color multi-functional printers across high-volume print offices and in-house printing departments in order to print in high-resolution color. The main advantage of this segment is that they offer users high-impact color and picture quality and the flexibility that is essential to meet different output requirements. Some of the key factors that are significantly fuelling the growth of this segment include the high ASP of color multifunction printers and the increase in the business-related requirements for documentation solutions. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
The innovative product launches will fuel the inkjet segment which will increase the market growth during the forecast period. One of the main factors that are significantly contributing to the growth of this segment is the new product launches with improved features. For example, in June 2020, Seiko Epson announced the launch of its new 100-PPM A3 inkjet MFP. The main feature of this product is its automatic two-sided scanning to save time. The main advantage of inkjet MFPs is that they are less expensive when compared with laser MFPs. There is an increasing preference for this segment for original photography and color printouts, as it enables end-users can achieve higher resolutions than the laser MFPs. Hence, such product launches are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main factors that are significantly contributing to the growth of the multi-functional printer market in APAC include the proliferation of high-level automation across industries and verticals and the increasing awareness and demand for operational efficiency to drive business process optimization and productivity.
Moreover, the APAC region mainly includes developed economies, such as South Korea, Japan, and Singapore, as well as developing countries, such as China, India, Malaysia, Vietnam, the Philippines, and Indonesia. Some of the prominent printer manufacturers in APAC include Ricoh, Konica Minolta, Kyocera, Epson, and Sharp. Factors such as the increasing IT investments by SMEs, the augmenting number of SMEs and startups, and the rising disposable income of people are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global multi-functional printer market witnessed a significant slowdown due to the shutdown of commercial and industrial end-users of MFPs in the region. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of commercial and industrial end-user operations. Such factors are expected to drive the market during the forecast period.
The multi-functional printer market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Multi-functional Printer Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Canon Inc: The company offers multi functional printers such as imageRunner Advance DX C3800 series, imageRunner Advance DX 6855i, and imageRuneer Advance DX C5800i Series
Communication Technology Ltd: The company offers multi-functional printers such as Riso inkjet printers, Label printers, and Packaging printers.
Dell Technologies Inc: The company offers multi-functional printers such as multifunctional laser printers, inkjet printers, and super tank printers.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The multi-functional printer market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Multi-functional Printer Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.52% |
Market growth 2023-2027 |
USD 6.75 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.32 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Brother Industries Ltd., Canon Inc., Communication Technology Ltd., Dell Technologies Inc., Eastman Kodak Co., Hewlett Packard Enterprise Co., Konica Minolta Inc., Kyocera Corp., Lexmark International Inc., NEC Corp., Oki Electric Industry Co. Ltd., Panasonic Holdings Corp., Ricoh Co. Ltd., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sharp Corp., STAR MICRONICS Co. Ltd., TIM S.p.A., Toshiba Corp., and Xerox Holdings Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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