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Office Multifunction Devices Market Estimated to Expand at a Robust CAGR over 2017 - 2025 : PMR
Office Multifunction Devices play key role in managing documents in a variety of sectors, including healthcare, education, and the government. These products are also integral components of home offices and corporations, conveniently allowing users to print and photocopy documents from single device.
The supply chain and production process of Office Multifunction Devices is global and rely on a combination of in-house and outsourced production to electronic manufacturing services. Generally, developed markets such as the North America, and Western Europe are engaged in high-value-added activities such as R&D and consumables production, which require a skilled labor force. Conversely, majority of MFP manufacturing a labor intensive process occurs in Asia and Latin America, due to the relatively low cost of labor in these regions.
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Office Multifunction Devices Market: Drivers and Challenges
Two of the emerging drivers for Office Multifunction Devices Market include international compliance with environmental regulations, and increasing availability of managed print services (MPS). Former development has affected parts procurement, and led OEMs to create products that consume less energy and reduce industry’s carbon footprint. OEMs are also promoting the latter to increase revenues in response to business retrenchments in hardware spending.
One of the restraint for Office Multifunction Devices market is that the cost of these products is more than an individual can afford, and the prices for the refills and spares also counts up to be more.
The former typically have low printing speeds, offer modest copying capabilities, cater to much smaller workgroups, and are mostly low-to mid-end devices. Conversely, photocopy machines are intended for multiple users at a time, deliver high-speed printing and scanning functionality, and are most commonly middle-to high-end Office Multifunction Devices.
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Office Multifunction Devices Market: Key Players
Some of the key players of Office Multifunction Devices Market are: HP Inc., Canon, Epson, Brother, Samsung Electronics, Ricoh, Fuji Xerox, Dell Inc., Lexmark, Oki etc.
In September 2016, HP Inc. inked a deal for the acquisition of Samsung Electronics Printing business who was a premium manufacturer of multifunctional devices for offices. By focusing on multifunction printers and more deeply embedding mobile and cloud printing technologies to its product solutions HP Inc. wants to become a qualitative and quantitative leader in the industry.
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Office Multifunction Devices Market: Regional Overview
On the basis of geography, Office Multifunction Devices Market can be segmented into seven key regions namely North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and Middle East & Africa. Among various regions, the Office Multifunction Devices Market in North America is expected to dominate during the forecast period owing to large number of companies set up in this region which uses Office Multifunction Devices. North America region is expected to be followed by Europe and Asia Pacific, as the regions are slowly moving towards digital products for their day to day needs.
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