Multifunction printers: Key market research findings
- Rising demand for MFPs owing to its cost-effectiveness
- Increased applications across various verticals
Technavio has released a new market research report on the global MFP market, which is expected to grow at a CAGR of around 5% between 2016 and 2020. MFPs are attracting huge demand worldwide, especially from the IT sector. The flexibility of MFPs helps firms to get documents on and off the network without increasing costs. APAC is the largest market for MFP printers, occupying around 41% of the overall market revenue. The integration of MFPs in sectors such as real estate, banking, and IT in India and China for basic operations provide a great opportunity for vendors to expand their market in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“One of the major benefits associated with the growing demand for MFPs is its cost effectiveness. Customers, especially in emerging nations like India and China, prefer cost-effective products, which has triggered the production of such printers. These printers have fewer issues of ink drying and overall performance. Also, the MFP manufacturers have come up with an innovative MFP assembly redesigning, where each device can be cleaned after use,” says Sunil Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research.
MFPs are in high demand across various industry verticals including education, healthcare, entertainment, and manufacturing, owing to their requirement for low-volume printing and need for basic functions such as scanning and copying. Also, these MFPs are more affordable for these industrial users as they have less volume demand.
The key players in the global MFP market include HP, Canon, Seiko Epson, Brother and Samsung. This market is exclusively dominated by key players. However, the competition in the market si expected to intensify due to the increasing presence of service providers along with SMBs and micro-businesses during the forecast period. Vendors are expected to increase their portfolios by offering products with unique features to emerging markets such APAC, where customers are price sensitive and prefer long life span.
A more detailed analysis is available in the Technavio report, Global MFP Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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