Global Multifunction Printers Market: Overview
Multifunction printer or “MFP” refers to one single equipment that comes with properties of scanner, copier, and printer. It also comes with a fax machine, sometimes. Multifunction printers can be inkjet multifunction printers, black-and-white laser multifunction printers, color laser multifunction printer, 3-in-1 multifunction printers (print-scan-copy), and 4-in-1 multifunction printers (print-scan-copy-fax). With the coming up of communication and automation technology, businesses and offices are being transformed. Augmented use of these printers by various businesses is estimated to foster growth of the global multifunction printers market over the timeframe of analysis, from 2020 to 2030.
A multifunction printer is also known as an all in one (AIO) device and it integrates the functionalities of many devices into one. Generally, these printers play the role of a scanner, photocopier, email, printer, and fax. The printers are made in such a way that it imparts smooth and hassle-free work environment to small businesses, commercial and enterprise spaces, which is likely to foster growth of the global multifunction printers market in the years to come. These printers have been witnessing a rise in demand from residential spaces as well. The multifunction printer are cost-effective, high output quality, and robust.
The global multifunction printers market has been segmented on the basis of three important parameters, which are product, technology, and region.
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Global Multifunction Printers Market: Notable Developments
The global multifunction printers market is regarded as a competitive market with the presence of several prominent market players. These companies are forging, partnerships, collaborations, and mergers in an effort to gain larger revenue and market share. The following development is expected to play an important role in the market:
- In March 2020, US-based manufacturer of electronic components, AVX Corporation was acquired by leading Japanese electronics manufacturer, Kyocera Corporation. With this acquisition, Kyocera Corporation is expected to expand its presence geographically and diversify its product portfolio.
Some of the prominent organizations in the global multifunction printers market comprise the below-mentioned:
- KYOCERA Corporation
- OKI Data Corporation
- Canon Inc.
- Konica MinoIta business solutions
- Ricoh company Ltd
- Seiko Epson Corporation
- The Hewlett Packard Enterprise Company
Global Multifunction Printers Market: Key Trends
The global multifunction printers market is characterized by the presence of the following restraints, drivers, and opportunities.
Ability to Integrate Functions of Many Devices into One Machine to Boost Demand
Multifunction printers come with the capacity of accomplishing several functions, such as scanning, printing, photocopying, and faxing. Multifunction printers are usually compact in size, easy to use, extremely versatile, and highly reliable, which is likely to drive its demand for use in homes and office spaces. This factor is likely to foster growth of the global multifunction printers market over the timeframe of analysis, from 2020 to 2030.
Multifunction printers come with many functions for businesses. These printers assist in diminishing the overall cost as the machine comes with the functionalities of several devices. This does away with the need to buy separate peripherals, such as scanners, copiers, fax machine, and printers. Cost-effectiveness of these printers is estimated to bolster growth of the global multifunction printers market in the years to come.
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Global Multifunction Printers Market: Geographical Analysis
North America is prophesized to emerge as one of the leading regions in the global multifunction printers market. Presence of advanced technologies and its rapid adoption is what that makes the region a highly lucrative territory in the global multifunction printers market. In addition, expansion and development of communication technologies together with the rising need for simple consumer electronics is likely to pave way for the rapid growth of the multifunction printers market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.