All-in-One Printer/Multifunctionality Printer Market Size (2023 – 2030)

According to the latest analysis by Virtue Market Research, the Global All-in-One Printer/Multifunctionality Printer Market was estimated to be worth USD 5.21 billion in 2023 and is projected to reach a value of USD 6.90 billion by 2030, growing at a CAGR of 4.1% during the forecast period 2023-2030.

The market for equipment that combines various tasks including printing, scanning, copying, and faxing is known as the multifunctionality printer market. These machines are also referred to as multifunction printers (MFPs) or all-in-one printers. The market for multifunctional printers has changed throughout time as a result of customers' shifting demands and preferences, the development of printing technologies, and the creation of new printing markets. It is anticipated that the use of machine learning (ML) and artificial intelligence (AI) in printing would open up new avenues for intelligent and customized printing solutions. Nanotechnology and bioprinting are predicted to revolutionize the 3D printing industry and open up new opportunities in fields like engineering and healthcare.

Key Market Insights:

At the National Virtual Dealer Meet, SHARP introduced the "BP-30C25Z," a Free Fit Colour Multi-Function MFP, with the slogan "Sustainably with the Change. "The flexible MFP with the "Free to Fit" concept was built particularly for the new normal and can operate anywhere.

For many firms, the cloud has served as the cornerstone of a swift digital transformation. More businesses are speeding up their transition to the cloud due to factors including scalability, less IT strain, and agility. Customers, however, are at various stages of their cloud adoption journeys, so it is not always all or nothing for most businesses. To help clients expand their legacy infrastructure to cloud settings, MPS providers should develop their cloud knowledge. They should also provide access to new technologies and future-proof the IT environment.

Global All-in-One Printer/Multifunctionality Printer Market Drivers:

Increased online sales of multi-functional printers are likely to open up new business opportunities:

Shortly, manufacturers and distributors of multi-functional printers should benefit greatly from the growing trend of selling multi-functional printers and other exclusive ranges of printers through online distribution channels, especially on company-owned websites and e-commerce websites around the world. To promote the sale of their goods and gadgets, like multifunctional printers, manufacturers and suppliers also provide enticing discounts and special offers on e-commerce websites.

Increased use of multifunctional printers is anticipated to be a driving element in corporate offices, logistical centers, and educational institutions:

It is anticipated that the need for multi-functional printers at corporate offices, logistical centers, and educational institutions will rise shortly. The all-in-one solution for fax, scanners, photocopiers, etc. is a multifunctional printer. The sale of these printers is likely to be driven shortly by the steady increase in the use of multifunctional printers for business reasons.

Global All-in-One Printer/Multifunctionality Printer Market Challenges:

Increasing digitalization and cloud storage may pose a threat to market expansion:

Cloud-based technology advancements are having an influence on the market for multifunctional printers. With the development of cloud storage options, users may view their documents remotely using smartphones, tablets, and laptops. As a result, fewer end users will need to print. Users may now transmit information easily because of the increased usage of wireless communications and smart devices like smartphones and tablets. Commercial and enterprise end-user groups have found great success with these solutions. To reduce the consumption of paper, several end-user sectors support paperless technologies and environmentally friendly efforts. All of these elements have a detrimental effect on the worldwide MFP market's revenue expansion.

Impact of COVID-19 on the market for multifunctional/all-in-one printers globally:

The global commercial economy has suffered as a result of the coronavirus pandemic. To curb the spread of COVID-19, which has presented a severe threat of a worldwide economic downturn similar to the sub-prime crisis of 2008, the majority of governments have implemented a total statewide lockdown. This epidemic has affected every industry, including the market for multifunction printers. Due to the economic instability brought on by the coronavirus epidemic, major market participants were forced to abandon their prospectus preparations. For instance, a well-known multifunction printer maker, Xerox, said in April 2020 that it was canceling its intentions to buy the tech giant HP because of financial difficulties brought on by the current COVID-19 epidemic. Such market changes are likely to result in the multifunction printer industry's growth being restricted shortly.

Global All-in-One Printer/Multifunctionality Printer Market Recent developments:

A smart MFP has touch features and an interactive user interface. It is also cloud-optimized and connects quickly with home or corporate networks. Regular MFPs are losing market share to smart MFPs. The market is moving towards inkjet, laser, and LED MFP technology. With the help of the internet network or wireless connectivity capability, users of smart printers may link their smartphones or tablets with the MFPs. This also makes it easier to access cloud-based document solutions. The current tendency to include more technical elements in the electronics industry is mostly to blame for this change in vendors' behavior on the market.  When printing content onto paper, LED MFPs employ the same technology as laser MFPs. During the projected period, these factors will accelerate the expansion of the multi-functional printer market globally.

ALL-IN-ONE PRINTER/MULTIFUNCTIONALITY PRINTER MARKET REPORT COVERAGE:

Global All-in-One Printer/Multifunctionality Printer Market Segmentation: By Printer Type

• Inkjet Multi-functional Printer

• Laser Multi-functional Printer

With a market share of 67.4% in 2023 and 69.8% in 2028, the laser multi-functional printer category is anticipated to dominate the worldwide printer market throughout the projected period. This domination is attributed by the research to the several advantages that multi-functional printers provide, including decreased cost, space, and power usage as well as greater versatility and convenience.

The inkjet printer sub-segment within the multi-functional printer sector is anticipated to expand at a compound annual growth rate (CAGR) that is higher than that of the laser printer sub-segment. The primary factors driving this rise, according to the research, are the rising need for color printing, particularly in the packaging and textile sectors, as well as technological developments in inkjet printing, such as hybrid UV/water systems and high-speed inkjet heads.

Global All-in-One Printer/Multifunctionality Printer Market Segmentation: By Type

• Color Multi-functional Printer

• Monochrome Multi-functional Printer

The market for multi-functional printers worldwide was dominated by the sector of color multi-functional printers. They can create prints of the highest quality that are suited for a variety of uses, including presentations, reports, brochures, and flyers, with vibrant colors and fine details. By merging numerous tasks, such as printing, scanning, copying, and faxing, into one device, they may save money and space.

The market category for monochrome multi-functional printers grew the quickest. They are more reasonably priced and economically viable than color multi-functional printers, particularly for consumers who just need to print documents in black and white. They require less maintenance and have fewer components than color multi-functional printers, making them speedier and more dependable.

Global All-in-One Printer/Multifunctionality Printer Market Segmentation: By Price

• High/Premium

• Medium

• Low

This market category consists of printers with cutting-edge features like wireless networking, cloud services, security, and automation, as well as high-quality printing, scanning, copying, and faxing capabilities. These printers are ideal for large businesses, professional offices, and graphic design studios and are normally priced above US$ 500. Due to the rising demand for high-performance, multifunctional devices that can handle complicated and varied printing requirements, the high/premium segment is the one in the all-in-one printer/multifunctionality printer market that is expanding at the quickest rate.

This market category consists of printers with basic printing, scanning, copying, and faxing capabilities but with constrained characteristics including low paper capacity, poor resolution, and slow speed. These printers are appropriate for individual users, families, and students and are often priced around USD 200. The low segment dominates the market for all-in-one printers and multifunctional printers globally because it has the biggest volume share of the industry. The increasing prevalence of inexpensive, user-friendly machines that can satisfy the fundamental printing requirements of individual users and families is what drives the low category. 54.3% of the volume of the worldwide all-in-one printer/multifunctionality printer market was accounted for by the low segment.

Global All-in-One Printer/Multifunctionality Printer Market Segmentation: By End-use

• Residential

• Commercial

This market sector consists of printers used for personal and domestic tasks such as printing papers, photographs, assignments, etc. by single users and households. These printers often come with basic printing, scanning, copying, and faxing capabilities and are inexpensive, small, and simple to operate.  As it represents the greatest proportion of the market in terms of value, the residential sector dominates the all-in-one printer/multifunctional printer market globally. The growing prevalence of inexpensive and user-friendly devices that can satisfy the fundamental printing requirements of individual users and households drives the residential segment. In 2020, the value of the worldwide all-in-one printer/multifunctional printer market was 58.7% accounted for by the residential sector.

Businesses, organizations, and institutions utilize printers in this category for official and work-related tasks including printing reports, invoices, contracts, presentations, etc. These printers are frequently high-performance, versatile, and feature-rich machines capable of meeting a variety of demanding printing requirements.  In the global market for all-in-one printers and multifunctional printers, the commercial segment is the one that is expanding at the fastest rate due to the rising demand for effective and adaptable machines that can boost productivity and workflow in a variety of industries, including government, finance, healthcare, education, and others.

Global All-in-One Printer/Multifunctionality Printer Market Segmentation: By Distribution Channel

• Offline

• Online

This market category consists of printers that are offered for sale through online stores, smartphone applications, social media, etc. Customers may browse, purchase, and pay for printers on these platforms at any time and from any location. In comparison to offline channels, they also provide a broader variety of items, cheaper rates, and quicker delivery. In the global market for all-in-one printers and multifunctional printers, the online segment is the one that is expanding at the fastest rate due to factors like the rising internet and smartphone penetration rates, the popularity of online shopping, and the rising demand for contactless delivery in the wake of the COVID-19 pandemic.

As it has the bulk of the market share in terms of volume and value, the offline sector dominates the global market for all-in-one printers and multifunctional printers. Customers' desire for hands-on testing and demonstrations of printers, their confidence and loyalty to well-known brands and stores, and the availability of value-added services like warranties and technical assistance are what drive the offline market. This market sector consists of printers that are offered for sale in actual brick-and-mortar establishments, such as convenience stores, hypermarkets, specialized shops, electronics retailers, etc. Before making a purchase, buyers may view, touch, and compare various printer models and brands at these establishments. Additionally, they offer post-purchase services including installation, upkeep, and repair. Some examples of offline retailers that sell printers are Best Buy, Staples, Walmart, etc.

Global All-in-One Printer/Multifunctionality Printer Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East and Africa

Mexico, Canada, and the United States are all part of this area. With a market share of 37.8% of the global market for all-in-one printers and multifunctional printers in 2022, North America is the region with the largest market. The market in this area is propelled by the widespread use of cutting-edge printing technologies, the existence of significant printer producers, and the rising demand for smart and wireless printers across a variety of industries, including education, healthcare, finance, government, and others.

China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific are all included in this region. With a share of the worldwide market for all-in-one printers and multifunctional printers of 23.6% in 2022, Asia-Pacific is the region with the quickest growth. The COVID-19 epidemic, fast urbanization and industrialization, rising internet, and smartphone penetration, increased interest in online shopping, and rising need for contactless delivery are all factors driving the industry in this area.

Key Players:

1. Brother Industries, Ltd.

2. Canon Inc.

3. Hewlett Packard Enterprise Development LP

4. Seiko Epson Corporation

5. Ricoh

6. Xerox Corporation

7. Eastman Kodak Company

8. Dell

9. Konica Minolta Business Solutions U.S.A., Inc.

10. KOYCERA Corporation