Press release
Global Multi-Functional Printer Market Projected to Grow at 6.8% CAGR, Reaching $45.49 Billion by 2029
Multi Functional Printer Market
What Will the Multi-Functional Printer Industry Market Size Be by 2025?
The market for multi-functional printers has seen significant growth in recent years. The size of this market is expected to increase from $32.66 billion in 2024 to $35 billion in 2025, with a compound annual growth rate (CAGR) of 7.1%. Factors that have contributed to the growth during the historic period include cost-effectiveness, better utilization of office space, environmental considerations, and compatibility with digital workflows.
What's the Long-Term Growth Forecast for the Multi-Functional Printer Market Size Through 2029?
The market for multi-functional printers is anticipated to witness robust expansion in the coming years. The market is set to increase to $45.49 billion in 2029, with a compound annual growth rate (CAGR) of 6.8%. The anticipated growth during this forecast period can be linked to the adoption of remote working and collaboration tools, security features, integration with IoT, personalized and custom features, AI, and automation. Notable trends for this period are subscription-based models, the integration of cloud printing and storage, environmentally friendly developments, support for augmented reality (AR), and edge computing.
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What Are the Key Growth Drivers Fueling the Multi-Functional Printer Market Expansion?
The rise in small and medium-sized enterprises (SMEs), typically characterized by employee counts of at least 50, is set to spur the expansion of the multi-functional printer market. The mounting preference for personalized services customized to individual consumers' unique product and service needs is fueling SMEs' growth. Such businesses frequently employ multi-functional printers to meet specialized printing needs, like the creation of marketing materials, reports, and presentations. As per data from the Innovation, Science and Economic Development Canada (ISED), a government department of Canada, in February 2024, Canada saw 1.22 million employer businesses by December 2022, among which 97.8% (1.19 million) were categorized as small businesses. Medium-sized businesses constituted 1.9% (23,395), with large businesses standing at 0.3% (3,128). Thus, the growing number of SMEs contributes significantly to the multi-functional printer market's expansion.
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What Are the Key Trends Driving Multi-Functional Printer Market Growth?
Leading firms in the multi-functional printer market are keen on introducing mobile printing solutions like MX-M1206/M1056 to elevate their market profitability. The MX-M1206/M1056, a high-capacity multi-functional digital printer (MFP), is tailored to fit the high-demand needs of extensive volume settings. For instance, SHARP Business Systems (India) Pvt. Ltd, an India-based subsidiary of SHARP Corporation specializing in in-office, visual and home solutions, launched MX-M1206/M1056 in August 2023. This series of high-speed mono multifunction printers is specially designed for the print-on-demand workplace. With a 15.4-inch color LCD touchscreen for easier operation, advanced paper handling capabilities, effortless cloud printing, and compatibility with prevalent mobile printing technology, these printers ensure secure and efficient printing.
How Is the Multi-Functional Printer Market Segmented?
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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Which Companies Are Leading the Charge in Multi-Functional Printer Market Innovation?
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
Which Regions Are Leading the Global Multi-Functional Printer Market in Revenue?
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.
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