The global multi-function printer security market is expected to grow at a CAGR of more than 9% during the forecast period of 2016 – 2020, says Technavio.
Technavio has announced its latest market research report on multi-function printer security to its IT security portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the multi-function printer security market during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include Brother International, Canon, HP Enterprise, Xerox, and Ricoh.
In terms of geographical analysis, the Americas is the largest revenue contributor to the market and is expected to grow at a CAGR of around 8% during the forecast period. Rapid technological advancements and an increase in the number of tech-savvy consumers with an awareness of security features, will propel the growth of the market in this region.
“Organizations often print confidential documents and data loss from printers that can affect the stability of the organization and its brand image. MFPs are connected to the network of an organization and not secured with firewalls, which makes the devices an easy target data for hackers. This is a major factor driving the need for printer security for organizations and the global MFP market,” says Chetan Mohan a senior analyst at Technavio for research on IT security.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growing demand from industry verticals
Owing to the growing industries like healthcare, education, entertainment, and manufacturing, the demand for MFPs have increased. Just for printing and basic functions like scanning and copying users find more affordable to buy MFPs than to depend on external vendors. This, therefore leads to an increase in demand for security features in MFPs. The information to be printed contains critical information like tenders, medical records, and examination papers which are highly confidential. Thereby, increasing the requirement of secure printing. This has led the MFP vendors develop in-built printer security solutions and also managed security solutions to capitalize on the growing demand in the developing and developed nations.
Changing business environments
With the advent of technology and new age communication, the office environment has changed across the world. Organizations are constantly in need of software-driven, multi-functional office devices, as the use of the right hardware alone will not serve the document-management purposes. The need to fulfill a complete document solution through a reliable document imaging technology and customizable business applications is vital and not yet fulfilled. MFP vendors play a critical role in meeting this need as they can integrate document management within the MFPs.
Increasing need for document security
In the printing industry security is the primary concern. There is a huge need of building a controlled and secured monitoring environment. In IT companies the MFPs are networked, therefore the organizations often face data leaks due to unauthorized access to printed documents. This can be as serious as a financial blow or downfall of the brand image of the enterprises. A well-managed security providers offer secure printing environments and valuations of printer performance; this helps the organizations to reduce the probability of data breaches.
Some of the other prominent vendors identified in this report are ARC Document Solutions, Epson, Konica Minolta, KYOCERA Document Solution, Lexmark International, OKI Data corporation, Pitney Bowes, PrinterCorp, Sharp, and Toshiba.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Multi-Function Printer Security Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Production Printer Market 2016-2020
- Global 3D Printer Market 2016-2020
- Global Digital Security Market 2016-2020
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