Multi-functional Printer Market Size to Grow by USD 4.92 billion | Increasing Demand for Multi-functional Printers from the Healthcare Sector to Drive Market Growth| Technavio
NEW YORK, May 12, 2022 /PRNewswire/ -- According to the report "Multi-functional Printer Market by Technology and Geography - Forecast and Analysis 2021-2025", the market witnessed a YOY growth of 2.40% in 2021 and will witness a CAGR of 4% during the forecast period. The market size is expected to grow by USD 4.92 billion from 2020 to 2025.
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The multi-functional printer market is fragmented, and the vendors are deploying growth strategies such as expanding their product offerings to compete in the market. The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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Global Multi-functional Printer Market Technology Outlook (Revenue, USD billion, 2020-2025)
Global Multi-functional Printer Market Geography Outlook (Revenue, USD billion, 2020-2025)
Key Market Drivers & Challenges:
The increasing demand for multi-functional printers from the healthcare sector is driving the multi-functional printer market's growth. The healthcare sector is facing significant changes, as service providers are trying to adopt digital best practices to improve their service delivery. Timely patient information exchange is important in ensuring proper care and treatment of the patient. In healthcare facilities, interdepartmental communication plays a key role in coordinating patient schedules and relaying patient information quickly, efficiently, and securely. In addition, governments are making it mandatory to maintain and share electronic health records worldwide. Thus, the increasing demand for multi-functional printers from the healthcare sector is driving the multi-functional printer market's growth.
Factors such as increasing digitization and cloud storage may challenge market growth. Technological advances in cloud-based solutions are impacting the multi-functional printers market. Users can access their documents remotely by using smartphones, tablets, and notebooks with the advent of cloud storage solutions. This reduces the need for printing for end-user segments. The increase in penetration of wireless communications and smart devices such as smartphones and tablets has led to a seamless exchange of information among end-users. These solutions have become highly popular among commercial and enterprise end-user segments. Many end-user segments are encouraging paperless solutions and go-green initiatives to minimize the use of paper. All these factors have a negative impact on the revenue growth of the global MFP market.
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Table of Contents
Five Forces Analysis
Market Segmentation by Technology
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