A multifunction printer (MFP) is an office device that consolidates the functionality of a printer, copier, scanner and fax machine into one device. Multifunction printers are a common choice for small and medium scale businesses that want to consolidate assets, and improve workflow. The multifunction printer market is expected to grow at steady pace owing to increasing number of small and medium scale businesses across the globe. For instance, according to U.S. Small Business Administration (SBA), each year over 627,000 businesses starts in the U.S. This number is increasing rapidly since last few years therefore the demand for multifunction printer has also been increased significantly. A typical multifunction printer acts as a combination of some or all of the office requirements i.e. email, fax, photocopier, printer and scanner, therefore eliminating separate device for each function resulting into reduced capital for an office.
Hence, business owners prefer to own a multifunction printers, which has caused substantial growth in the multifunction printer market. However, the global outbreak of COVID-19 is set to impact drastically to the global multifunction printer market as the ongoing economic slowdown is poised to hamper small and medium scale businesses. Which can influence demand for multifunction printers in near future.
COVID-19’s Impact on the Global Multifunction Printer Market
The outbreak of coronavirus has caused adverse impact on the business economy of the globe. Most of countries have imposed complete nationwide lockdown to stop the spread of COVID-19 which has posed serious threat of global economic slowdown akin to the 2008 sub-prime crisis. No industry is untouched of this pandemic including the multifunction printer market.
Leading players in the market had to cancel their prospectus plans due to economic volatility created because of coronavirus pandemic. For instance, in April 2020, a leading multifunction printer manufacturer Xerox announced cancellation of its plans to acquire tech company HP due to financial complications arising from ongoing COVID-19 pandemic. Such developments in the market is poised to create stunted growth of the multifunction printer market in the near future.
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Developed Regions to Accumulate Majority Chunk of the Global Multifunction printer Market Revenue Pie
Developed regions such as North America and Europe leads the global multifunction printer market. This is attributed to high number of business start-ups in these regions. However, developing countries in Asia Pacific region such as China and India which leads the manufacturing of multifunction printers are also showing positive growth outlook in the global multifunction printer market.
However, the outbreak of the coronavirus has put some barriers on the multifunction printer market such as economic uncertainty, disturbed supply chain and insufficient inventory which has caused latency in the market. Although, the market is poised to rebound in long run to create significant opportunities.
The Multifunction Printer Market Competitive Landscape
The global multifunction printer market is highly consolidated as well as competitive in nature. Leading players are introducing new products in order to maintain their position in the global market. For instance, in July 2019, a leading multifunction printer manufacturer company Xerox launched a new series of affordable printers with Wi-Fi direct and mobile printing.
Some of the other leading players in the global multifunction printer market are Brother Industries Ltd., Canon Inc., Dell, Seiko Epson Corporation, Hewlett – Packard (HP), The Eastman Kodak Company, Konica Minolta Inc., Kyocera Corporation, Lexmark International Inc., Oki Electric Industry Co. Ltd., Olivetti S.p.A., Panasonic Corporation, Ricoh Company Ltd., Samsung Electronics Co. Ltd., Sharp Corporation, Sindoh, and Toshiba Corporation.
The research report presents a comprehensive assessment of the multifunction printer market and contains deep insights, facts, historical and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to multifunction printer market segments such as by multifunction printer unit, power source, end use & region.
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The Multifunction Printer Market report covers exhaustive analysis on:
- Multifunction Printer Market Segments
- Multifunction Printer Market Dynamics
- Multifunction Printer Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis for Multifunction Printer Market includes:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of Latin America)
- Europe (EU-4, BENELUX, Nordic, U.K., Eastern Europe, Rest of Europe)
- East Asia (China, Japan & South Korea)
- South Asia (India, Malaysia, Thailand, Indonesia & rest of South Asia)
- Oceania (Australia & New Zealand)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa, Rest of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on multifunction printer market segments and geographies.
An Adaptive Approach to Modern-day Research Needs
- Detailed overview of parent market
- Changing multifunction printer market dynamics in the industry
- In-depth multifunction printer market segmentation
- Historical, current and projected multifunction printer market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key multifunction printer players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on multifunction printer market performance
- Must-have information for multifunction printer market players to sustain and enhance their market footprint.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
Multifunction Printer Market: Market Segmentation
For a better understanding, global multifunction printer market is being studied under product, technology & Region.
Based on the product, the multifunction printer market can be segmented as:
- By Product
- All-in-one Printer (AIO)
- SOHO MFP
- Office MFP
- Production MFP
Based on the technology, the multifunction printer market can be segmented as:
- By Technology
- LED Multifunction Printer
- Laser Multifunction Printer
- Inkjet Multifunction Printer
Based on the region, the multifunction printer market can be segmented as:
- By Region
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa (MEA)
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