How Is The Global Multi-Functional Printer Market Defined?
A multifunction printer refers to a device that combines a printer, scanner, copier, and fax machine into a single device designed to streamline office workflows by providing a range of document processing functions in one compact and convenient device. They are commonly used in home and office environments to efficiently handle printing and document management tasks.
Multi-Functional Printer Global Market Report 2024 provides data on the global multi-functional printer market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The multi-functional printer market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Multi-Functional Printer Market Projected?
The multi-functional printer market has seen steady growth, rising from $30.69 billion in 2023 to $32.66 billion in 2024, representing a CAGR of 6.4%. Historical growth factors include cost efficiency, optimization of office space, environmental considerations, and integration with digital workflows. The market is projected to reach $42.61 billion by 2028, with a CAGR of 6.9%. Future growth drivers include the increasing adoption of remote work and collaboration tools, enhanced security features, IoT integration, personalized solutions, and advancements in AI and automation. Key trends include subscription-based models, cloud printing and storage integration, eco-friendly innovations, augmented reality support, and edge computing.
What Are The Primary Growth Drivers In The Multi-Functional Printer Market?
The increase in the number of small and medium-sized businesses is expected to stimulate the growth of the multi-functional printer market. Small and medium-sized enterprises (SMEs) are businesses with at least 50 employees, and their growing demand is driven by the trend toward personalized services and customized products. Multi-functional printers are commonly used in SMEs for tasks such as printing marketing materials, reports, or presentations, tailored to specific needs. For example, in January 2021, Statistics Canada reported that more than 315,000 small businesses were operating in rural and small-town areas, accounting for 15.3% of all small businesses in Canada. This sector saw a 5.2% increase in the total number of small businesses between 2020 and 2021. Therefore, the growth of small and medium-sized businesses is driving the demand for multi-functional printers.
Get Your Free Sample of the Global Multi-Functional Printer Market Report
What Is The Segmentation Of 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
What Emerging Trends Are Shaping The Multi-Functional Printer Market Landscape?
In the multi-functional printer market, companies are focusing on mobile printing solutions like the MX-M1206/M1056 to improve profitability. These high-speed digital multi-functional printers are designed for demanding work environments. For example, in August 2023, SHARP Business Systems (India) Pvt. Ltd., a subsidiary of SHARP Corporation, launched the MX-M1206/M1056 series. These printers offer advanced features such as a 15.4-inch color LCD touchscreen, cloud printing support, and compatibility with popular mobile printing technologies, ensuring efficient and secure printing.
Which Region Has The Fastest Expansion In The Multi-Functional Printer Market?
North America was the largest region in the multi-functional printer market in 2023. 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.
