The emerging automation and communication technology is providing a centralized solution for documentation. This data-handling process includes production, distribution, and management of documents in one large office setting, and a multi-functional printer (MFP) is installed to serve the purpose. It serves various tasks such as a fax, email, printer, scanner, and photocopier in the office. These printers ease the work in enterprises, residential places, and commercial and small businesses. This cost-effective printer comes with robustness, usability, and output quality. This eliminates the need of separate peripherals, for example scanners, printers, and copiers, which is a key factor fueling the multi-functional printer market.
Due to substantial convenience offered by multi-functional printer, it is used in various industries. One such industry is healthcare, where timely exchange of information is crucial. It not only ensures proper treatment but also makes it convenient to keep the records of patients. Governments around the world are also introducing laws to ensure the maintenance of health records. It safeguards the inevitable growth of the multi-functional printer market. Education, manufacturing, and entertainment are some other industries to augment the demand in the multi-functional printer market. The expensive maintenance cost and fast exhaustion of ink can hinder the growth in the multi-functional printer market.
Global Multi-functional Printer Market – Introduction
- A multi-functional printer is a type of printer which incorporates the features and functionality of various machines and devices such as scanner, fax machines, photocopier etc. It is an ideal space-saving solution for businesses to increase efficiency. Multi-functional printer is also known as All-in-Ones (AIOs) and Multi-function device (MFD). Companies are offering multi-functional printers with highly user-friendly displays, which have touch screens similar to smartphones.
- People across the globe are experiencing home isolation due to the COVID-19 pandemic. Special stores, hypermarkets, and other shopping centers that were closed in the phase of lockdown have led to a rapid rise in sale of multi-functional printers through e-commerce websites and company-owned websites. However, corporate offices and educational institutes were not in operation due to lockdown in various countries. This is projected to hamper the sales of multi-functional printers in the year 2020.
Rising online sale of multi-functional printers anticipated to create new opportunity for the multi-functional printer market
- Increase in trend of selling multi-functional printers and other exclusive range of printers through online distribution channels, especially on company-owned websites and e-commerce websites across the globe is anticipated to create immense opportunities for manufacturers and distributors of multi-functional printers in the near future. Manufacturers and suppliers also provide attractive discounts and exclusive offers and schemes on e-commerce websites to drive the sale of their products and devices such as multi-functional printers.
Rise in usage of multi-functional printers at corporate offices, logistics facilities, and educational institutes projected to be a driving factor
- Increase in demand for multi-functional printers at corporate offices, logistics facilities, and educational institutes is projected to fuel the multi-functional printer market in the near future. Multi-functional printers are an all- in- one solution for fax, scanner, photocopier etc. Continuous rise in usage of multi-functional printers for commercial purposes is projected to drive the sale of these printers in the near future.
Multi-functional Printer Market in Asia Pacific to Expand Rapidly
- Geographically, the global multi-functional printer market can be divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Country-level bifurcation of the North America market includes the forecast and analysis for the U.S., Canada, and Rest of North America. The country-level analysis and forecast for the Europe market includes historical and forecast analysis for the U.K., Germany, France, and Rest of Europe. The country-level analysis and forecast for the Asia Pacific market includes major countries in the region such as India, China, Japan, and Rest of Asia Pacific. Middle East & Africa country-level analysis and forecast for the multi-functional printer market includes GCC countries, South Africa, and Rest of Middle East & Africa. The South America multi-functional printer market is categorized into Brazil, and Rest of South America.
- The multi-functional printer market in Asia Pacific expanded at a rapid pace in 2019. The market in Asia Pacific is anticipated to expand at a significant rate during the forecast period due to a rise in usage of multi-functional printers at corporate offices, logistics facilities, and educational institutes etc. in India, Japan, South Korea, China and various other countries across Southeast Asia.
Key Players Operating in the Multi-functional Printer Market
Prominent multi-functional printer companies are projected to witness tough competition during the forecast period. Brands such as Brother Industries, Ltd., Canon Inc., Hewlett Packard Enterprise Development LP, Seiko Epson Corporation, and Ricoh are investing heavily on research & development to introduce new technology equipped printers and launch an exclusive range of printers into the market. Companies are boosting awareness and conducting promotional drives to increase the demand for multi-functional printers in emerging economies across the globe. Key players operating in the global multi-functional printer market include:
- Brother Industries, Ltd.
- Canon Inc.
- Hewlett Packard Enterprise Development LP
- Seiko Epson Corporation
- Xerox Corporation
- Eastman Kodak Company
- Konica Minolta Business Solutions U.S.A., Inc.
- KOYCERA Corporation
Global Multi-functional Printer Market – Research Scope
Global Multi-functional Printer Market, by Printer Type
- Inkjet Multi-functional Printer
- Laser Multi-functional Printer
Global Multi-functional Printer Market, by Type
- Color Multi-functional Printer
- Monochrome Multi-functional Printer
Global Multi-functional Printer Market, by Price
Global Multi-functional Printer Market, by End-use
- Government & Corporate Offices
- Transportation Facilities (Metro Stations, Airports etc.)
- Logistics Centers
- Hospitals & Nursing Homes
- Educational Institutes
- Others (Utilities etc.)
Global Multi-functional Printer Market, by Distribution Channel
- Specialty Stores
- Others (Other Retail Stores etc.)
- Company-owned Website
- E-commerce Websites