Multi-Functional Printer Global Market Report 2024

The multi-functional printer market size has grown strongly in recent years. It will grow from $30.69 billion in 2023 to $32.66 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth observed in the historic period can be attributed to several factors, including cost efficiency, optimization of office space, environmental considerations, and integration with digital workflows.

The multi-functional printer market size is expected to see strong growth in the next few years. It will grow to $42.61 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. Forecasted growth is fueled by remote work tools, security enhancements, IoT integration, personalization, AI, and automation. Major trends include subscription models, cloud integration, eco-friendly solutions, AR support, and edge computing.

The multi-functional printer market is poised for significant growth, fueled by the increasing number of small and medium-scale businesses (SMEs) worldwide. SMEs, characterized by specific size criteria and typically having at least 50 employees, are experiencing growing demand due to the rising trend for personalized services tailored to consumers seeking distinctive products and customized services. Multi-functional printers play a crucial role in SMEs by providing versatile printing solutions that cater to various business needs, such as printing marketing materials, reports, or presentations, thereby enhancing operational efficiency and productivity. For example, in Canada, Statistics Canada reported that more than 315,000 small businesses were operating in rural and small town areas in 2021, constituting 15.3% of all small businesses in the country. Notably, there was a 5.2% increase in the total number of small rural and small town businesses, with significant expansion observed in sectors such as educational services and healthcare and social assistance between 2020 and 2021. This growth trend underscores the vital role of SMEs in driving the demand for multi-functional printers.

Key players in the multi-functional printer market are focusing on developing innovative solutions to cater to the evolving needs of SMEs, with a particular emphasis on mobile printing capabilities. For instance, SHARP Business Systems (India) Pvt. Ltd., a subsidiary of SHARP Corporation, launched the MX-M1206/M1056 series in August 2023. These high-speed mono multifunction printers are designed to meet the demanding needs of high-volume environments, featuring advanced functionalities such as a large color LCD touchscreen, seamless cloud printing, and support for popular mobile printing technologies. By offering efficient and secure printing solutions, these printers address the requirements of SMEs seeking to streamline their printing operations and enhance productivity.

In July 2023, HID Global, a US-based company specializing in secure identity products, acquired Evolis for Euro 228.6 million (approximately $246.8 million). This acquisition aims to bolster HID Global's printer portfolio and geographic footprint, positioning the company as a prominent player in the desktop printer market. Evolis, a France-based manufacturing company offering multi-functional card printers, brings complementary expertise and capabilities to HID Global, enabling the combined entity to cater to a diverse range of customers across various verticals. This strategic alignment strengthens HID Global's position in the market and enhances its capacity to meet the evolving needs of SMEs and other customer segments.

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.

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.

The countries covered in the multi-functional printer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A multifunction printer (MFP) is a device combining printing, scanning, copying, and faxing functionalities into one unit, aiming to streamline office workflows. Widely used in home and office environments, MFPs efficiently handle printing and document management tasks.

The main segments in the MFP market are color and monochrome MFPs. Color MFPs produce color prints and perform various functions such as printing, scanning, faxing, and photocopying. They come in different technologies such as LED, laser, and inkjet. These MFPs serve various applications including corporate, small and medium-sized businesses (SMBs), small office home offices (SOHO), and others.

The multi-functional printer market research report is one of a series of new reports that provide multi-functional printer market statistics, including multi-functional printer industry global market size, regional shares, competitors with multi-functional printer market share, detailed multi-functional printer market segments, market trends, and opportunities, and any further data you may need to thrive in the multi-functional printer industry. This multi-functional printer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The multi-function printer market consists of sales of wireless and wired multi-function printers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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