Market analysts HTF Market Intelligence expects the market to see 3.35 percent growth each year through to 2021.
The analysts stated that the MFP market globally is expected to see a compound annual growth rate (CAGR) of 3.35 percent between 2017 and 2021, noting that MFPs are “integrated device[s] that can perform multiple functions”, though fax “is not considered as a norm for MFPs” anymore as “it is no longer popular in the document solutions market”. It outlines that the devices are found in “homes and offices” due to “vast applications in the field of document solutions”.
Additionally, MFPs are “available in different sizes typically based on the print or photocopying requirement”, and for businesses they can “help to reduce capital costs and provide flexibility, as they eliminate the need for multiple devices and peripherals”. The report is divided into geographical segments for the Americas, Asia-Pacific and EMEA (Europe, Middle East and Africa), outlining key OEMs as Canon, HP Inc, Konica Minolta, Kyocera, Ricoh and Xerox.
Other “prominent vendors” are named as Brother and Lexmark, while the report cites a market challenge as the “increasing digitalisation among the end-users”, and a market trend is the “increasing awareness of green business models among end-user segments”. In turn, the report segments the industry by laser, inkjet and LED, smart and regular MFPS, colour and monochrome, and the end-user markets, including commercial, consumer and enterprise segments.
Finally, the report examines the “market drivers” for MFPs in the future, including the “evolving business environment”; the “decreasing cost of MFPs”; the “increasing efficiency of MFPs”; the “increasing use of laser printers”; and the “cost-driven end-users in emerging nations”. The report follows another recent study by analysts Technavio, which predicted a CAGR of three percent through to 2021.