The printer market is expected to register a CAGR of 7% in the forecast period (2020 - 2025). The major factor contributing to the market growth is substantial R&D investments in technologies like laser printers, LED printers, and cloud-based printing services.
- Additionally, multiple benefits offered by multi-functional printers are further augmenting the market growth amongst small and medium enterprises and individual users.
- Further, the growing use of mobile devices, increasing mobility and increasing BYOD trends are expanding the growth in the adoption of wireless printers, hence driving the overall printing industry.
- Also, with technological advancements such as cloud computing, and connected devices, there is a sudden increase in the number of business centers and end-points, thus increasing the number of mobile workforces. Hence, the business needs arising from each of these end-points are increasing the demand for portable printers. This is expected to augment the overall market growth further.
- Furthermore, thermal printers such as barcode printers find increased usage in logistics for printing barcode and radio-frequency identification (RFID) labels for better inventory tracking. Each of these segments is expected to increase the overall printer market growth.
- However, the rising economic concerns regarding paper wastage and the increasing trend to save trees is hindering the printer market growth.
- Also, digitization in almost all the end-user verticals is stimulating the use of digitized versions of documents rather than printed versions. For instance, educational institutes are increasingly adopting e-learning platforms to reach students. These trends are expected to constrain market growth.
Scope of the Report
A printer is a hardware device that accepts text and graphic as an input from a computer and transfers the information to paper, usually to standard size sheets of paper. Printers vary in size, speed, sophistication, and cost and it's the market share and trends driving its adoption has been studied in the various end-user segment such as residential, commercial, government, etc.
Key Market Trends
Multifunctional Printers Adoption Expected to Grow Significantly
- Multi-functional Printers also known as All-in-One printers, is a hardware device, which includes a printer, fax, and scanner all in one device. The basic advantage of all-in-one printers is that they take up less space and is an incredibly useful device for small and medium-sized businesses, and even home printers.
- Also, these printers are economical for their users, as they do not have to buy 3 different machines for individual tasks. These printers are suitable for small businesses or individuals who do not require a heavy amount of printing on a daily basis.
- A good all in one printer can provide a small business an easy way to print out hard copies of documents, scan receipts and other important items to keep digital records, communicate with others via fax, and carry out remote printing with a smartphone.
- Also, many of the vendors providing printers are extensively providing all-in-one printers as they are widely used by many businesses. As the new small businesses are ramping up, these vendors are introducing new technologically integrated all-in-one printers as a part of their product portfolio. The major players in this segment are - HP Inc., Canon, Epson, Samsung, etc.
Asia-Pacific Region to Show Significant Growth
- Asia-Pacific is the fastest-growing region in the global printer market. Since the growth opportunities in the developed regions have stagnated, the market players have shifted their focus on emerging countries like India, China, Japan, Indonesia, etc.
- Also, in emerging markets like India and China, countries are advancing to digital media owing to the technological transformation. However, printing is still a cheaper and more effective medium. Further, the market is expected to grow with the growth in diverse industries in the region.
- For instance, e-learning has transformed the way education is being imparted in the countries in the region. However, the need for printed material is still not eliminated. Instead, with the rise in the number of educational institutes, the different needs for printed material are increasing.
- Further, major players in the market are still viewing these countries as a lucrative market for further opportunities and expansion. For instance, according to the President and CEO of Epson India, in 2019, Epson India, part of the Japanese major Seiko Epson, plans to capture a 12% share of the laser printer market in India, from the current 8% through its InkTank printers.
The competitive landscape of the global printer market is highly fragmented owing to the presence of many market players holding diluted market share. Also, the market players hold diluted market share due to the technological drift taking place in almost all end-user verticals. Hence, the market players are moving towards providing technologically integrated products to gain maximum market shares from existing markets and potential markets too.
- July 2019 - Hp, Inc. introduced the world's first and high-capacity "HP Neverstop Laser" printers in the Indian market. The printer enables small and medium businesses (SMBs) to save critical time and cost of business operations. HP Neverstop Laser Printers have been made available across HP World Stores, Large Format Retail Outlets, Multi-Brand Outlets, HP Online Store, and e-commerce platforms to support its sales.
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