What Has Been the Progress and Growth of the Multi Functional Printer Market in Recent Years?
The multi functional printer market has seen considerable growth due to a variety of factors.
• The booming market of multi-functional printers has seen robust expansion over the past few years. From $32.66 billion in 2024, it is projected to reach $35 billion in 2025, cementing a compound annual growth rate (CAGR) of 7.1%.
Factors such as cost-effectiveness, efficient use of office space, eco-friendliness, and digital workflow integration have significantly fueled its growth in the past.
What Is The Expected Growth In The Multi Functional Printer Market Size Evolve over the Forecast Period?
The multi functional printer market is expected to maintain its strong growth trajectory in upcoming years.
• The market for multi-functional printers is predicted to witness robust growth in the coming years, reaching a value of $45.49 billion in 2029 with a compound annual growth rate (CAGR) of 6.8%.
This surge in the projected period can be accredited to factors such as the rise in remote work and collaboration tools, improved security features, integration with the Internet of Things (IoT), bespoke options and automation driven by Artificial Intelligence (AI). Noteworthy future trends include the adoption of subscription-based models, the amalgamation of cloud printing and storage, environment-friendly innovations, support for augmented reality (AR), and advancements in edge computing.
What Main Forces Are Fueling Expansion In The Multi Functional Printer Market?
The multi-functional printer market's progress is expected to be fuelled by a surge in the quantity of little and medium-sized businesses. Small and medium-sized enterprises (SMEs), typically with a minimum of 50 employees, fall under certain size specifications. Due to the rising popularity of personalized services meeting consumer demands for unique products and bespoke services, there's a growing need for small and medium-sized enterprises. These enterprises employ multi-functional printers to adjust printing specifications to suit certain needs, such as producing marketing resources, reports, or presentations. In February 2024, based on data from Innovation, Science and Economic Development Canada (ISED), a governmental body in Canada, there were 1.22 million establishments with workers in December 2022. Among these, 97.8% (1.19 million) were classified as small businesses. Medium-sized enterprises constituted 1.9% (23,395), as large companies made up 0.3% (3,128). Thus, this rising trend of small and medium-sized enterprises is pushing the growth of the multi-functional printer market.
What Are The Primary Segments In The Global Multi Functional Printer Market?
The multi-functional printer market covered in this report is segmented –
1) By Product: Color Multi-Functional Printer, Monochrome Multi-Functional Printer
2) By Technology: LED Multi-Function Printer, Laser Multi- Function Printer, Inkjet Multi-Function Printer
3) By Application: Corporate, SMB, SOHO, Other Applications
Subsegments:
1) By Color Multi-Functional Printer: Inkjet Color MFPs, Laser Color MFPs
2) By Monochrome Multi-Functional Printer: Inkjet Monochrome MFPs, Laser Monochrome MFPs
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Which Emerging Market Trends Are Altering The Multi Functional Printer Industry?
Big businesses managing the multi-functional printer market are aiming to enhance their profitability by creating mobile printing solutions such as MX-M1206/M1056. The MX-M1206/M1056, a high-volume digital multifunctional printer (MFP), has been developed keeping high-volume ecosystems in mind. For example, in August 2023, SHARP Business Systems (India) Pvt. Ltd., an Indian subsidiary of SHARP Corporation that provides in-office, visual, and home solutions, unveiled MX-M1206/M1056. This high-speed mono multifunction printer series is specifically designed for print-on-demand workplaces. With a 15.4-inch color LCD touchscreen that allows for easy use, improved paper management options, effective cloud printing, and compatibility for prevalent mobile printing technology, it assures proficient and secure printing.
Who Are the Key Players In The Multi Functional Printer Market?
Major companies operating in the multi-functional printer market are:
• Samsung Electronics Co Ltd.
• Panasonic Corporation
• Lenovo Group Limited
• Canon Inc.
• Hewlett Packard Enterprise Development LP
• Toshiba Corporation
• Sharp Corporation
• Ricoh Company Ltd.
• KYOCERA Corporation
• Konica Minolta Business Solutions
• Xerox Corporation
• Seiko Epson Corporation
• Lexmark International Inc.
• BOBST Group SA
• Star Flex International
• Eastman Kodak Company
• Shanghai Printyoung International Industry Co Ltd.
• PANTUM Electronics Co Ltd.
• Wenzhou Daba Machinery Co Ltd.
• BFM Srl
• KBA-Flexotecnica SpA
• UTECO Converting SpA
• Comexi Group Industries SAU
• Mark Andy Inc.
• Brother Industries Ltd.
• Nilpeter A/S
What Is The Most Dominant Region In The Multi Functional Printer Market?
North America was the largest region in the multi-functional printer market in 2024. The regions covered in the multi-functional printer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
