Multi-Functional Printer Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2466
Multi-Functional Printer Market size is driven by the efficiency offered by MFPs and the market penetration of multi-functional printers in the end-user segments, such as enterprise and commercial segments, irrespective of color or monochrome MFPs and laser or inkjet MFPs. The growth of the market is primarily due to the demand for MFPs, which can perform multiple tasks of printing, copying, and scanning effectively compared to printers that perform individual tasks like scanning, copying, and printing. This has resulted in a change in technology and applications with the evolving business requirements, which ranges from mobile printing to wireless connectivity to cloud storage. All these features are available in smart MFPs, contributing to the market immensely.
Another facet that has influenced the market significantly is the reduction of initial procurement cost by the MFP vendors for the sale of multi-functional printers. To capture the consumer end-use segment, some of the leading vendors in the market space such as RICOH and HP have reduced their ASPs of multi-functional printer year over year. This has implied MFPs have become more accessible and affordable for small office and home applications in 2016. Moreover, vendors have recovered losses incurred due to low ASPs of MFPs by the continuous sale of toners and ink cartridges, by ensuring their printers are compatible with their manufactured cartridges only. This manufacturing strategy aids the company in compensating for the initially incurred losses.
Furthermore, MFP vendors have been constantly innovating the technology to implement a reduction of total cost of multi-functional printers. The vendors have incorporated precision print and power management technologies to enable an enhanced print quality and manage the uniform ink distribution. This will aid the cartridges to last for a longer duration, providing growth opportunities for vendors in emerging nations and expanding businesses in developed countries.
However, one of the market restraints of the multi-functional printers is their high pricing. This implies that performing operations with multi-functional printers can be very expensive. The machine comprises a combination of the copier, fax machine, printer, and the ink for multi-function printers that gets depleted quickly compared to separate machines. These factors can adversely affect the growth of MFPs. Moreover, when damaged internally, every feature of MFP shuts down and this can cause issues for businesses.
The North America region holds the largest market share of the multi-functional printer market globally, followed by Europe and Asia Pacific regions. The growth of the multi-functional printer market in the North America region is due to the increase in communication technology and a sophisticated documentation system along with the rising demand for simplified consumer electronics. Moreover, Canada and the U.S. even possess an established technical infrastructure, which enables growth and implementation of advanced technologies.
In the Asia Pacific region, the integration of multi-functional printers into sectors such as banking, IT, and real estate in developing countries including China and India for essential operations will drive the growth of the MFP market. The decrease of the ASP of multi-functional printers has also contributed considerably to the penetration of MFPs into the market.
It is expected that with an ever-growing awareness about the eco-friendly business models among the end-user segments, the multi-functional printer market will experience a tremendous growth globally over the forecast period. Few of the key players that offer multi-functional printers with features include Canon, Brother International, Konica Minolta, Samsung, OKI Data Corporation, RICOH, Toshiba, HP, Lexmark International, KYOCERA Document Solution, Seiko Epson, Dell, Panasonic, Kodak, Sharp, and Xerox.
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