Driven by Investments in R&D Technologies like Cloud-based printing and Laser printing, the Global Printer Market is forecasted to Cross ~$65 Bn by 2028 says Ken Research Study.
A printer is a device that is used to print any document in hardcopy format, there are different types of printers from multi-functional, standalone, laser, inkjet, thermal, led, dot matrix, and more, which provide output in color as well as the monochrome format and widely used in residential, commercial, educational institutes, enterprises, and government offices.
“Ken Research shares 3 key insights on this high opportunity market from its latest research study”.
1. The Global Printer Market is witnessing Steady Growth during the Forecast Period Owing to an Increase in Investment in Cloud-Based Printing Technology
The Global Printer Market is forecasted to continue the steady growth that is witnessed since 2017, primarily driven by advancements in technologies like cloud-based printing. Cloud-based printing means users are able to print the document from any device at any place, as those devices and printers have to be connected to the internet.
Many companies like Brother Industries Ltd., Canon Inc., HP Development Company, L.P, Kyocera Corp., Lexmark International Inc., and more, are now offering cloud-based printing solutions as this reduces the response time and high cost which was associated while managing any server.
For instance, HP+ launched by HP Development Company in 2021 and Lexmark CPM (Cloud Print Management) launched in 2020 by Lexmark International Inc., are some of the leading cloud-based printing solutions available in the market.
According to Ken Research estimates, the Global Printer Market –valued at US$ 35 billion in 2017 and is estimated to be US$45 Bn in 2022 – is further expected to reach a market size of US$ 65 Bn opportunity by 2028.
2. Increase in Small and Medium-Sized Enterprises (SMEs) and New Product Launches Are Driving the Market Growth
The increase in small and medium-sized enterprises (SMEs) and new product launches specifically for SMEs in printing technology such as Multifunctional device printers (those devices that can perform multiple tasks such as printing, photocopying, scanning, and telefaxing) are major growth drivers for the global printer market as these Multifunctional device printers are able to reduce the overall operational cost of printing operations significantly.
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In printing technology, many SMEs are now going for Multifunctional printer devices (MFD) with laser printing technology rather than old dot matrix or inkjet printer as MFD laser printer offers low operational cost high printing speed, and better response time for handling printing command as compared to other printer technology.
3. The Adoption of Digitization Is One of The Biggest Challenges That Is Hindering the Growth of The Global Printers Market.
Digitization is the process of converting and collecting documents or information into digital formats such as images, pdf, or Digi locker (Digi Locker is an Indian government service that provides a digital cloud-based account for authentic documents such as identity proof, driving license, and more).
The adoption of digitization in government offices, banks, and educational institutes is currently some of the biggest challenges faced by the global printer market. To deal with this problem many companies are now providing multi-functional printer devices, which can also act as a scanner, to scan hardcopy format document and convert it into softcopy.
For more information on the research report, refer to the below link:
Global Printer Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research
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