The multi-functional printer market is expected to grow by USD 1.38 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Multi-functional Printer Market 2020-2024 (Graphic: Business Wire).
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Timely exchange of patient information is crucial in ensuring proper care and treatment of patients in healthcare facilities. In addition, governments across the world are introducing several mandates to ensure proper maintenance and sharing of electronic health records. This has increased the need for effective documentation. Besides, many healthcare facilities are focusing on expanding their presence. For instance, in November 2019, Sunway Healthcare announced its plans to set up eight hospitals with almost 2,000 beds in Malaysia by 2024. Many such factors are contributing to the overall growth of the global multi-functional printer market.
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As per Technavio, the growing popularity of MFPs among price-sensitive end-users will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Multi-functional Printer Market: MFPs Gaining Popularity Among Price-Sensitive End-Users
End-users across sectors such as education, healthcare, entertainment, and manufacturing are exhibiting high demand for low-volume printing. Since the printing volume is low in these industries, end-users find MFPs to be more cost-effective than depending on third-party document solution providers. Moreover, vendors in the market are introducing low-cost MFPs to cater to the emerging demand from these industries. Some vendors in the market have also dropped the ASPs of their products to gain market share and attract price-sensitive customers. All these factors are positively influencing the growth of the global multi-functional printer market.
"Rising adoption of customized MFPs and evolving documentation needs of businesses will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Multi-functional Printer Market: Segmentation Analysis
This market research report segments the multi-functional printer market by Geography (APAC, Europe, North America, MEA, and South America) and Technology (Inkjet and Laser).
The APAC region led the multi-functional printer market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increasing adoption of MFPs by individual customers and business enterprises in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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