Multi-function Printer Market: Introduction
With emergence of the automation and communication technology, offices and business are changing significantly. Earlier sharing document and data handling are difficult and messy. Therefore, in the present day, to provide a centralized document distribution, production, and management system in a large office setting, an MFP or Multi-function Printer is installed.
An MFP is also referred to as an all in one (AIO) device. A Multi-function Printer incorporates the purpose of multiple devices in one. Usually, a Multi-function Printer acts as a combination of fax, printer, email, photocopier, and scanner. These Multi-function Printers are designed for ease of work in enterprise, and commercial, and small business, even with increasing demand residential places are also deploying this printer to get cost advantages and features such as robustness, output quality, usability.
Usually many enterprise or commercial are deploying multi-function printers is laser-printer technology, while for personal use, inkjet technology is preferred in Multi-function Printers.
Multi-function Printer Market: Drivers and Challenges
Multi-function Printers have the capability of performing multitudinous functions like faxing, photocopying, printing, and scanning. Due to their reliability, versatility, ease of use and compact size, Multi-function Printers are usually used in offices and homes. Owing to which the demand for multi-function printer is expected to increase during the forecast period.
In case of businesses, Multi-function Printers, having multiple functions, provide flexibility and help in reducing capital costs. This eliminates the need to purchase separate peripherals such as printers, copiers and scanners in business-related fields, which acts as a major driver for the growth of Multi-function Printers market. Multi-function Printers are also being installed in homes and SOHO (Small Office/Home Office) segments, as people feel the need for convenience with respect to scanning and printing.
However, operating a multi-function printer could be expensive. The power required to run the machine and the necessary maintenance could get costly. Being multi-functional and having a combination of the fax machine, copier, and printer, the ink for Multi-function Printers could get used up faster than in case of separate machines. These factors could hinder the growth of Multi-function Printers. When damaged internally, all the features of Multi-function Printers are shut down which can be a problem for businesses.
Multi-function Printer Market: Segmentation
The Multi-function Printer Market can be segmented on the basis of product and technology.
On the basis of product, the Multi-function Printer Market can be divided into:
- Color Multi-function Printer
- Monochrome Multi-function Printer
The color Multi-function Printer segment dominated the Multi-function Printer market during 2016. Factors like increase in demand for paperless solutions, high ASP of color Multi-function Printers and growth in the business-related requirements for documentation solutions are the major drivers in the Multi-function Printers market.
On the basis of technology, the Multi-function Printer Market can be segmented into:
- LED Multi-function Printers
- Laser Multi-function Printers
- Inkjet Multi-function Printers
During the forecast period, the Laser Multi-function Printers segment is expected to dominate the Multi-function Printers market. The advantage over the high cost of inkjet Multi-function Printers in terms of TCO, faster printing, and long lasting IR toner cartridges are some factors driving the market for Laser Multi-function Printers.
On the basis of application, the Multi-function Printer Market is segmented into:
Multi-function Printer Market: Key Players
Some of the prominent vendors in the Multi-function Printer Market are Canon Inc., Seiko Epson Corporation, Eastman Kodak Company, KYOCERA Corporation, Xerox Corporation, Brother Industries, Dell, Hewlett Packard, Konica Minolta Business Solutions U.S.A., Inc, and Ricoh Company Ltd.
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Multi-function Printer Market: Regional Overview
The largest market share of the global Multi-function Printer market is held by the North America region followed by Europe regions and Asia Pacific region. The growth of the Multi-function Printer market in North America is owed to the increase in communication technology, need for a well-managed documentation system and a rising demand for simplified consumer electronics. Canada and the US, in the North America region, also have a strong technical infrastructure which allows proper implementation and growth of advanced technologies.