Latest News- Multi-Functional Printer Market: Inkjet is expected to lead the Technology segment during 2025-2029

The Multi-Functional Printer Market is being driven by Increasing demand for MFPs from healthcare sector

The Multi-Functional Printer Market is expected to grow at a CAGR of 3.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 7.52 billion. In the evolving business landscape, the market for Multi-Function Printers (MFPs) is witnessing a significant shift towards smart MFPs. These advanced devices boast an intuitive user interface and touchscreen functionality, seamlessly integrating with office or home networks and offering cloud optimization. Smart MFPs are disrupting the market, with both monochrome and color segments experiencing cannibalization. This trend applies to inkjet, laser, and LED MFP technologies. The tap-to-print feature enables users to connect smartphones or tablets via the internet or wireless connectivity, providing greater access to cloud-based document solutions. This market evolution is driven by the increasing demand for advanced technological features in the electronics sector. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for MFPs from healthcare sector
• Evolving documentation needs of businesses
• Increasing need for combining mobility and document solutions

However, the market also witnesses some limitations, which are as follows:

• Increasing digitization and cloud storage
• Service-related issues of MFP
• Intense competition in multi-functional printer market

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Market Scope in Multi-Functional Printer Market Research Report

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Research Analysis Overview

In the dynamic printing landscape, multi-function printers (MFPs) cater to enterprises and SOHO markets with diverse connectivity options, including wireless and cloud printing. These devices offer high-resolution scanning capabilities, document management systems, and support for images, hard copies, digital files, faxes, and more. MFPs, which include all-in-one printers, scanners, fax machines, and laser or color printers, come with features like duplex printing, automatic document feeders, and affordable solutions for industries like legal and printing.

Market Research Overview

The Multi-Functional Printer (MFP) market is a significant segment of the global technology hardware, storage, and peripherals market, encompassing connectivity choices, wireless printing, cloud printing, resolution scanning capabilities, document management systems, and color capabilities. Technavio, a leading technology research firm, categorizes this market within the broader global IT hardware, storage, and peripherals sector. This market includes manufacturers of printers, servers, data storage components, and other peripherals, generating revenue from hardware sales. Market expansion will be fueled by the increasing 4Vs (volume, velocity, veracity, and variety) of data, necessitating advanced data storage solutions and the growing adoption of paperless offices in enterprises, particularly in industries such as legal, where document management is crucial.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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