Global Printer Market Is Expected to Witness A CAGR Of ~6%: Ken Research

What is the Size of Global Printer Industry?

Global Printer market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.

The Printer Market is largely driven by advancements in cloud-based printing services, new product launches, and an increase in the numbers of small and medium-sized enterprises.

The R&D investment in technologies like cloud-based printing, laser printing, and 3D Printing is likely to propel the market growth during the forecast period (2022­-2028). For Instance, In April 2021, HP Inc. launched its smartest printing solution called HP+ for small and medium-sized enterprises (SMEs). the HP+ is connected to a smart app and a cloud-based system i.e. users can virtually print from any location. HP+ offers high security with enhanced productivity and sustainability.

The adoption of digitization in Government offices, Banks and Educational Institutes (digitization is the process of converting any document into digital forms such as images, pdf, or Digi locker) acts as one of the major challenges faced by the Global Printer Market.

Furthermore, The COVID-19 pandemic affected the sales of commercial, educational institutes, and government office printers but residential printers have shown a rise in sales. This is due to the lockdown imposed by the government leading to the sudden closure of schools, offices, and government offices.

Global Printer Market by Printer Type

The Global Printer Market is segmented by Printer Type into Multi-Functional and Standalone.

The Multi-Functional Device (MFD) segment is expected to witness the fastest growth during the forecast period, owing to its ability to perform multiple tasks.

The Multi-Functional device (MFD) or Multi-Functional Printer is adopted over standalone due to its ability to perform a variety of other tasks rather than just printing such as photocopier, scanner, and fax machine.

Many small and medium-sized enterprises (SMEs) are now adopting MFD over standalone as it reduces the overall cost drastically.  Furthermore, manufacturing companies are now focusing on developing such multifunctional products.

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Global Printer Market by Technology

The Global Printer Market is segmented by Technology into Dot Matrix Printer, Inkjet Printer, LED Printer, Thermal Printer and Laser Printer.

The laser printer is expected to witness the fastest growth in the technology segment during the forecast period due to its high printing speed.

Laser printers perform at better speed as compared to other inkjet and LED printers because the laser beam in a laser printer can move fast which helps it to print at high speed.

Although laser printer is expensive as compared to inkjet printer their overall operational cost is significantly lower this is because laser printers melt the toner powder on the paper for printing purposes rather than using the costly cartridge that inkjet printer uses.

Global Printer Market by Interface

The Global Printer Market is segmented by Interface into Wired and Wireless.

The wired segment accounted for the major share in the interface segment in 2022 due to its less installation cost.

The wired segment accounts major share of the printer interface market as the installation cost of wired printers is significantly low as compared to wireless printers, as well as wired printers are much faster than wireless printers.

The wireless printer is less secure as compared to the wired printer, as an unauthorized user can use the printer if the Wi-Fi network is less secure.

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Global Printer Market by Output Type

The Global Printer market is segmented by Output type into Color and Monochrome.

The monochrome segment held the largest market share in 2022 due to the low price of monochrome printing ink as compared to color ink.

Color printing ink is more expensive as compared to monochrome ink as during printing any color document the printer uses four-color cartridges at once, thus leading to the emptying of cartridges earlier.

While for monochrome, printing the printer uses a single cartridge at a time thus making it more efficient as compared to color ink.

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By Printer Type

Multi-Functional

Standalone

By Technology

Dot Matrix Printer

Inkjet Printer

LED Printer

Thermal Printer

Laser Printer

By Interface

Wired

Wireless

By Output Type

Color

Monochrome

By Application

Residential

Commercial

Educational Institutions

Enterprises

Government

Others

By Region

North America (USA, Canada, Mexico)

Europe (Germany, UK, Italy, France, Spain)

Asia Pacific (China, India, Japan, South Korea, Indonesia)

LAMEA (Latin America, Middle East, Africa)

Key Companies

Brother Industries Ltd.

Canon Inc.

HP Development Company, L.P

Konica Minolta Inc.

Kyocera Corp.

Lexmark International Inc.

Ricoh Co. Ltd.

Seiko Epson Corp.

Sharp Corp.

Xerox Corp.

For more insights on the market intelligence, refer to below link: -           

https://www.kenresearch.com/business-research/global-printer-market-outlook-2028/

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Ken Research is a research based management consulting company. We provide strategic consultancy to aid clients on critical business perspective: strategy, marketing, organization, operations and technology transformation, advanced analytics, corporate finance, mergers & acquisitions and sustainability across all industries and geographies. We provide business intelligence and operational advisory across 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies. Some of top consulting companies and Market leaders seek our intelligence to identify new revenue streams, customer/ vendor paradigm and pain points and due diligence on competition.

This release was published on openPR.