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Multi-Functional Printer Market Size Projected To Reach $45.49 Billion By 2034 With A Cagr Of 6.8%
Multi-Functional Printer
What Is the Projected Growth of the Multi-Functional Printer Market?
The market size of multi-functional printers has seen robust growth in the past few years. Ascending from $32.66 billion in 2024, it is expected to reach $35 billion in 2025 with a Compound Annual Growth Rate (CAGR) of 7.1%. Factors such as cost efficiency, optimized office spaces, environmental considerations, and incorporation into digital workflows have contributed to the noticeable growth during the historic period.
Expectations are high for a robust expansion in the multi-functional printer market size over the upcoming years, with predictions pointing towards an increase to $45.49 billion in 2029, led by a compound annual growth rate (CAGR) of 6.8%. This projected growth within the forecast period can largely be credited to factors such as work-from-home and team collaboration tools, security enhancements, IoT implementation, unique personalization and customization options, advancements in AI and automation. Looking ahead, significant trends set to dominate the forecast period incorporate subscription-based service models, inclusion of cloud printing and storage, environmentally friendly advancements, augmented reality (AR) capabilities, and edge computing.
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What Are the Different Multi-Functional Printer Market 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
Subsegments:
1) By Color Multi-Functional Printer: Inkjet Color MFPs, Laser Color MFPs
2) By Monochrome Multi-Functional Printer: Inkjet Monochrome MFPs, Laser Monochrome MFPs
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What Are the Primary Drivers Shaping the Multi-Functional Printer Market?
The surge in small and medium-scale businesses is projected to stimulate the expansion of the multi-functional printer market. These enterprises, typically having a minimum of 50 employees, are experiencing a rise in demand due to the growing trend for individualized services aimed at customers who desire unique products and bespoke services. Multi-functional printers are utilized within these firms to personalize printing options according to specific needs such as creating marketing materials, reports, or presentations. For example, in February 2024, as stated by Innovation, Science and Economic Development Canada (ISED), a government department of Canada, there were 1.22 million employer businesses in the country as of December 2022. These firms consisted of 97.8% (1.19 million) small businesses, 1.9% (23,395) medium-sized businesses, and 0.3% (3,128) large businesses. Consequently, the ascent in the number of small and medium-scale businesses is fuelling the growth of the multi-functional printer market.
Which Companies Are Leading in the Multi-Functional Printer Market?
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
What Are the Major Trends Shaping the Multi-Functional Printer Market?
Main players in the multi-functional printer market are striving to enhance their profit margins by developing mobile printing facilities like MX-M1206/M1056. The MX-M1206/M1056 is a high-capacity digital multi-functional printer (MFP), custom-designed to accommodate the rigorous demands of bustling environments. As an example, during August 2023, MX-M1206/M1056, a high-speed mono multifunction printer series, was launched by SHARP Business Systems (India) Pvt. Ltd., an Indian-based subsidiary of SHARP Corporation, renowned for its office solutions, visual solutions, and home solutions. These printers boast features such as a 15.4-inch color LCD touchscreen for easy handling, remarkable paper management options, efficient cloud printing, and compatibility with the trending mobile printing technology, ensuring efficient and secure printing to cater to an on-demand workspace.
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What Are the Top Revenue-Generating Geographies in the Multi-Functional Printer Market?
North America was the largest region in the multi-functional printer market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Multi-Functional Printer Market?
2. What is the CAGR expected in the Multi-Functional Printer Market?
3. What Are the Key Innovations Transforming the Multi-Functional Printer Industry?
4. Which Region Is Leading the Multi-Functional Printer Market?
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