Multi-Functional Printer Market size have been constantly innovating the technology to implement a reduction of total cost of multi-functional printers. The vendors have incorporated precision print and power management technologies to enable an enhanced print quality and manage the uniform ink distribution. This will aid the cartridges to last for a longer duration, providing growth opportunities for vendors in emerging nations and expanding businesses in developed countries.
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Another facet that has influenced the market significantly is the reduction of initial procurement cost by the multi-functional printer market for the sale of multi-functional printers. To capture the consumer end-use segment, some of the leading vendors in the market space such as RICOH and HP have reduced their ASPs of multi-functional printer year over year. This has implied MFPs have become more accessible and affordable for small office and home applications in 2016.
In the Asia Pacific region, the integration of multi-functional printers into sectors such as banking, IT, and real estate in developing countries including China and India for essential operations will drive the growth of the MFP market. The decrease of the ASP of multi-functional printers has also contributed considerably to the penetration of MFPs into the multi-functional printer market.
The North America region holds the largest market size of the multi-functional printer market globally, followed by Europe and Asia Pacific regions. The growth of the market in the North America region is due to the increase in communication technology and a sophisticated documentation system along with the rising demand for simplified consumer electronics. Moreover, Canada and the U.S. even possess an established technical infrastructure, which enables growth and implementation of advanced technologies.
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However, one of the market restraints of the multi-functional printers is their high pricing. This implies that performing operations with multi-functional printers can be very expensive. The machine comprises a combination of the copier, fax machine, printer, and the ink for multi-function printers that gets depleted quickly compared to separate machines. These factors can adversely affect the growth of MFPs. Moreover, when damaged internally, every feature of MFP shuts down and this can cause issues for businesses in the multi-functional printer market.
Multi-Functional Printer Market size is driven by the efficiency offered by MFPs and the market penetration of multi-functional printers in the end-user segments, such as enterprise and commercial segments, irrespective of color or monochrome MFPs and laser or inkjet MFPs. The growth of the market is primarily due to the demand for MFPs, which can perform multiple tasks of printing, copying, and scanning effectively compared to printers that perform individual tasks like scanning, copying, and printing.
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