Multi-functional Printer Market to USD 6.75 billion between 2022 - 2027| Driven by Increasing demand for MFPs from healthcare sector- Technavio
The growth of the multi-functional printer (MFP) market is being driven by the increasing demand from the healthcare sector.
NEW YORK, Oct. 18, 2023 /PRNewswire/ -- The Multi-Functional Printer Market size is to increase by USD 6.75 billion, accelerating at a CAGR of 3.52%, during the forecast period. The growth of the multi-functional printer (MFP) market is being driven by the increasing demand from the healthcare sector. Healthcare institutions are adopting digital practices to enhance patient care, including efficient patient information exchange and interdepartmental communication. Moreover, the emphasis on electronic health records mandated by governments globally is driving the adoption of customized MFPs within the healthcare sector, positively impacting market growth. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy full report here
Intense competition among major players like Canon, HP, KYOCERA, Ricoh, and Xerox in the multi-functional printer market is a significant challenge. This competition is driven by price wars, shrinking profit margins, and rising raw material costs. Smaller players are also customizing their MFP solutions, potentially leading to lower-quality products in the market. This fierce competition hampers market growth.
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The multi-functional printer market is segmented by Type (Colour multifunctional printer and Monochrome multifunctional printer), Technology (Inkjet and Laser), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
- The color multifunctional printer segment is expected to experience substantial growth during the forecast period. This segment encompasses devices capable of producing color output and combines the functionalities of a printer, scanner, and copier, delivering high-quality color results. Employees are increasingly favoring this segment to enhance productivity by managing a wider range of tasks with the assistance of color multifunctional printers.
- The APAC region is projected to make a substantial 41% contribution to the global market's growth during the forecast period. Key drivers for the multi-functional printer market's growth in APAC include the widespread adoption of advanced automation in various industries and sectors, as well as the growing recognition of the need for operational efficiency to enhance business processes and productivity.
- View FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the multi-functional printer market:
- Brother Industries Ltd.
- Canon Inc.
- Communication Technology Ltd.
- Dell Technologies Inc.
- Eastman Kodak Co.
- Hewlett Packard Enterprise Co.
- Konica Minolta Inc.
- Kyocera Corp.
- Lexmark International Inc.
- NEC Corp.
- Oki Electric Industry Co. Ltd.
- Panasonic Holdings Corp.
- Ricoh Co. Ltd.
- Samsung Electronics Co. Ltd.
- Seiko Epson Corp.
- Sharp Corp.
- STAR MICRONICS Co. Ltd.
- TIM S.p.A.
- Toshiba Corp.
- Xerox Holdings Corp.
Related Reports:
Laser Printer Market: The laser printer market is estimated to grow at a CAGR of 5.67% between 2022 and 2027. The size of the market is forecast to increase by USD 4,016.55 million.
Portable Printer Market: The Portable Printer Market size is estimated to grow at a CAGR of 18.84% between 2022 and 2027. The market size is forecast to increase by USD 10,241.35 million.
TOC:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Sizes
- Five Forces Analysis
- Market Segmentation by Type
- Market Segmentation by Technology
- Market Segmentation by Geography
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, & Trends
- Company Landscape
- Company Analysis
- Appendix
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SOURCE Technavio
