An MFP (multi-function product/printer/peripheral), multi-functional, all-in-one (AIO), or multi-function device (MFD), is an office machine that incorporates the functionality of multiple devices in one, so as to have a smaller footprint in a home or small business setting (the SOHO market segment), or to provide centralized document management/distribution/production in a large office setting. A typical MFP may act as a combination of some or all of the following devices like email, fax, photocopier, printer, and scanner.
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North America is the largest consumption region of Multi-Function Printers, followed by Europe, China, etc. Multi-functional Printer manufacturers range from large multinational corporations to small privately-owned companies in this industry. The leading players are HP, Ricoh, Canon, Epson, and Brother, accounting for above 60 percent revenue market share in 2019.
Global Multi-Function Printer Scope and Market Size
The global Multi-Function Printer market size is projected to reach US$ 22940 million by 2026, from US$ 19820 million in 2020, at a CAGR of 2.5% during 2021-2026.
The global Multi-Function Printer market is segmented by company, region (country), type, and by application. Players, stakeholders, and other participants in the global Multi-Function Printer market will be able to gain priority as they use the report as a powerful resource. The segmental analysis focuses on sales, revenue, and forecast by region (country), Type, and Application for the period 2015-2026.
Rise of Multi-Function Printer
Computers also paved the way for other various types of machines in modern-day offices, with even the most rudimentary start-up companies that operate on shoestring budgets requiring updated technology. Sharing documents with other employees is imperative, but printing multiple copies wasted valuable toner and ink. With the debut of copiers, not only did they take on the job of duplicating documents, and saving wear and tear on printers, but they also used consumables more proactively than their printer counterparts. To execute such activities and operate smoothly, they required vast amounts of office space.
Documents also had to be shared with other businesses. Initially, this meant a messenger service had to be utilized for a quick turnaround on document signage and processing. Using these services added to the cost of doing business. Fax machines made life easier, which allowed companies to share documents immediately. Purchasing a fax machine was an expensive affair as it took a chunk out of the operating budget, but it also demanded an allocated space to house the device itself in the office.
Adding a number of these necessary machines to office spaces resulted in a congested workspace. Moreover, as mentioned above, it also required employees to spend a big part of their day locating and using multiple devices. In many cases, it caused reduced workflow as team members waited their turn to use each machine. Such a scenario is very common these days at any place of business, a multifunction printer, also known as an all-in-one printer, can take on all these tasks in just one device. Not only that, but these versatile machines can save you money spent on ink, toner, electricity, and repair and maintenance bills. Although these expenses are imperative, you’ll still have these expenses, but only for one machine—your new multifunction printer—rather than their individual counterparts.
Features to look out for in Multi-Function Printer
Paper Size: Modern multifunction printers offer additional paper choices—standard, cardstock, labels, envelopes, and labels. And, of course, it will provide you with multiple drawers so you can quickly go from one type of paper to another.
Duplex Printing & Finishing Options: Also known as double-sided printing, duplex printing allows you to print on both sides of a sheet of paper in sequence. Other labor-saving features include finishing options, where your team can staple, fold, punch holes, and even bind documents for a high-quality final product.
Versatile Scanning: Multifunction printers provide choices when sending scanned copies, such as scanning to email, desktop, or server. Your team can even scan directly to the copy function on the device.
Automatic Document Feeding: Also known as ADF, automatic document feeding allows users to put a stack of documents into a tray in order to make copies, fax, or scan multiple sheets of paper with the touch of a button.
Cloud-based Printing: Since most multifunction printers are wireless, you can print on demand from anywhere to your office’s device. This is a fantastic feature for remote teams.
Intuitive Touchscreens: Save time on employee training with your multifunction printer’s intuitive touchscreen interface. Anyone can use a multifunction printer with ease.
Enhanced Security: Permission controls, data encryption, and other security measures are included in multifunction printers to ensure the highest level of document and data security.
Scope of the Multi-function Printer Market:
It also discusses the market size of different segments and their growth aspects along with growth trends, various stakeholders like investors, CEOs, traders, suppliers, Research & Media, Global Managers, Directors, President, SWOT analysis, i.e. Strengths, Weaknesses, Opportunities, and Threat to the organization and others. Revenue forecast, company share, competitive landscape, growth factors, and trends.
COVID-19 / Great lockdown has compressed the global economy and with it the manufacturing sector, production, disruption, financial.
According to the report ‘Multi-functional Printer Market by Technology and Geography – Forecast and Analysis 2021-2025’, the market witnessed a YOY growth of 2.40% in 2021 and will witness a CAGR of 4% during the forecast period. The market size is expected to grow by USD 4.92 billion from 2020 to 2025.
Key players in the Indian market
“The color Laser copier shipments crossed the pre-COVID level, having achieved 15.1% market share, the second highest in history. This comes at the back of the introduction of new color models at the end of 1Q22 accompanied by the Government’s growing appetite for the same. On the Laser printer based front, a gradual movement in the Color segment from 1-40 ppm to 40+ ppm speed range was observed following the shift in market demand, supplemented by lucrative schemes on high-speed printer-based color laser printers by the vendors,” says Bani Johri, Senior Market Analyst, IPDS, IDC India.
HP Inc. (excluding Samsung) maintained its leadership in the overall HCP market with a share of 43.8% and a YoY growth in shipment of 45.1%. The Inkjet segment led the growth, wherein HP grew by 70.5% YoY, increasing its market share to 37.3%, following the increased availability of its ink tank models.
In the Laser segment (including the copier segment) HP grew by 26.8. HP particularly grew in the Laser copier segment with QoQ growth of 5.3%, thus occupying the third position as a result of its increased focus on SMB and corporate accounts.
Epson occupied the second position in the overall HCP market with a market share of 24.3% while registering a marginal YoY growth of 0.2% as it continued to face challenges in securing sufficient stock because of production issues, particularly in the ink tank multifunction printer’s segment. In the inkjet segment, it occupied the first position in the market with a share of 38.3%.
Canon recorded a YoY growth of 9.9% and occupied the third position in the overall India HCP market, capturing a unit market share of 20.6%. In the inkjet segment, Canon observed a YoY growth of 13.4% on the back of the increased availability of its single-function models. In the laser segment (including laser copiers) Canon maintained its second position with a market share of 22.0% while growing YoY by 5.1%. In the laser copier segment, Canon grew by 82.3% YoY and continued to lead the copier segment with a 35.9% market share following the launch of its new color models.
“Most of the vendors have increased their pricing by 3-8% across all models, some already having introduced a price hike earlier in the year. While this is not expected to dampen the demand from the commercial segment, the demand from the consumer segment is likely to remain dull in 3Q22 as most of the demand seems to have been met in the previous few quarters. The upcoming festive season along with the online festive sales may provide a much-needed boost to the consumer market,” adds Johri.
Conclusion Multifunction printers can help streamline duplicate and cumbersome document processes and electronically organize, edit and archive paper documents. With a multifunction printer and a simple software application, one can turn paper documents into electronic format and send them to multiple destinations – email, document repositories, network folders, and even remote printers – with a single scan.
