LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global multi-functional printers (MFP) market to grow at a CAGR of above 3% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global MFP market for 2017-2021. The report considers the MFPs used by the individual consumers, commercial, and enterprise segments.
APAC held the largest market share in the global MFPs market, followed by EMEA and the Americas. The penetration of MFPs in EMEA and the Americas is high, and the market will reach maturity. The growth of the MFPs market is predominantly from the sales in emerging economies. Vendors are currently shifting toward paperless document solutions for regions like EMEA and the Americas.
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Technavio hardware and semiconductor analysts highlight the following three factors that are contributing to the growth of the global MFP market:
Evolving business environment
The penetration of the MFP products in the end-user segments such as commercial and enterprise segments is high, regardless of monochrome or color MFPs and inkjet or laser MFPs. This is mainly due to the preference for MFPs as compared with devices that perform individual tasks such as printing, copying, or scanning. The technology and uses of MFPs have changed with the evolving business requirements, from wireless connectivity to mobile printing to even cloud storage, which is available in smart MFPs.
Chetan Mohan, a lead computing devices research analyst at Technavio, says, “The documents that need to be stored digitally have to be scanned, which increases the use of the scanning functionality of the MFPs. Wireless connectivity and network technology for remote control are expected to increase the demand for smart MFPs during the forecast period.”
Decreasing cost of MFPs
The MFP vendors have formulated a sale strategy to reduce the initial procurement costs of the MFPs. The leading vendors have reduced their ASPs of MFPs year-over-year, mostly in favor of consumer end-user segments, making them affordable for home and very small office applications. This has resulted in the consumer segment accounting for a 72% market share for unit shipment in the global MFPs market in 2016.
“Though the vendors face losses due to such low ASPs, the vendors realize their revenue through the sales of ink and toner cartridges. The vendors who adopt such a pricing strategy manufacture their MFP products in such a way that they are compatible only with the vendor's brand of ink refills,” adds Chetan.
Increasing efficiency of MFPs
MFP vendors try to constantly innovate to reduce the TCO of MFPs. They aim to capitalize on the market growth in emerging nations and expand their market shares in the developed countries. The vendors have successfully incorporated power management and precision print technologies that not only improve print quality but also help manage even ink distribution, which makes the cartridges last longer.
Top vendors:
- Canon
- HP
- Konica Minolta
- KYOCERA Document Solution
- RICOH
- Xerox
Browse Related Reports:
- Global Receipt Printers Market 2017-2021
- Global Large Format Printers Market 2017-2021
- Global Production Printer Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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