Multi-Functional Printer Market Report 2024-2033 | Size, Share, and Insights

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 in the historic period can be attributed to cost efficiency, office space optimization, environmental concerns, 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%. The growth in the forecast period can be attributed to remote work and collaboration tools, security features, IoT integration, personalization and customization, AI, and automation. Major trends in the forecast period include subscription-based models, cloud printing and storage integration, eco-friendly innovations, augmented reality (AR) support, and edge computing.

Market Overview -
A multifunction printer refers to a device that combines a printer, scanner, copier, and fax machine into a single device designed to streamline office workflows by providing a range of document processing functions in one compact and convenient device. They are commonly used in home and office environments to efficiently handle printing and document management tasks.

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Small And Medium-Sized Enterprises Fueling Multi-Functional Printer Market Expansion
The increasing number of small and medium-scale businesses is expected to propel the growth of the multi-functional printer market going forward. Small and medium-sized enterprises (SMEs) are businesses that meet specific size criteria, usually with at least 50 employees. The demand for small and medium-scale businesses is growing due to the increasing trend for personalized services tailored to consumers seeking distinctive products and customized services. Multi-functional printers are used in small and medium-sized enterprises (SMEs) to customize printing preferences based on specific requirements, such as printing marketing materials, reports, or presentations. For instance, in January 2021, according to Statistics Canada, a Canada-based Government agency, more than 315,000 small businesses were operating in rural and small town (RST) areas in 2021, constituting 15.3% of all small businesses in Canada. There was a 5.2% rise in the total number of small RST businesses, with significant expansion observed in the educational services sector (+17.4%) and the health care and social assistance industry (+10.4%) between 2020 and 2021. Therefore, the increasing number of small and medium-scale businesses is driving the growth of the multi-functional printer market.

Competitive Landscape -
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

Technological Advancement For Efficient Printing
Major companies operating in the multi-functional printer market are focused on developing mobile printing solutions such as MX-M1206/M1056 to increase their profitability in the market. The MX-M1206/M1056 is a high-volume digital multi-functional printer (MFP) designed to meet the demanding needs of high-volume environments. For instance, in August 2023, SHARP Business Systems (India) Pvt. Ltd., an India-based subsidiary of SHARP Corporation that specializes in providing in-office solutions, visual solutions, and home solutions, launched MX-M1206/M1056, a series of high-speed mono multifunction printers, designed for the print-on-demand workplace. Featuring a 15.4-inch color LCD touchscreen for effortless operation, advanced paper handling options, seamless cloud printing, and support for popular mobile printing technology, they ensure efficient and secure printing.

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Key Segments -

The multi-functional printer market covered in this report is segmented -
1) By Product: Color Multi-functional Printer, Monochrome Multi-functional Printer
2) By Technology: LED Multi-function Printer, Laser Multi- function Printer, Inkjet Multi-function Printer
3) By Application: Corporate, SMB, SOHO, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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