According to the research report titled ‘Global Multi-Functional Printer Market Size study, by Product (Color Multi-function Printer and Monochrome Multi-function Printer) and Technology (LED Multi-Function printer, Laser Multi-function Printer, and Inkjet multi-function printer), and Regional Forecasts 2021-2027’, available with Market Study Report, global multi-functional printer market was worth USD 957.25 million in 2020 and is expected to register 5.9% CAGR over 2021-2027 to reach a valuation of USD 1.42 billion by the forecast period end.
 

Escalating demand from corporate offices and for personal use, rapid advancements in technology, booming online sales as well as increasing product adoption in healthcare sector are propelling global multi-functional printer market growth.
 

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For the unversed, multi-functional printers or MFPs leverage wireless technology to print from anywhere and are user-friendly. These have large cloud document solutions and can perform various functions like scanning, printing, photocopying, and faxing.
 

On the contrary, high product and accessory cost is likely to hamper the industry growth over the projected duration.
 

With respect to product, the industry vertical is bifurcated into monochrome multi-functional printer, and color multi-functional printer. In terms of technology, the market sphere is classified into inkjet, laser, and LED multi-function printers.
 

From a regional point of view, Asia Pacific, Europe, North America, and Latin America are key growth avenues for market partakers. The document claims that Asia Pacific currently holds a major industry share and is expected to continue the same trend over the next 7 years, owing to increasing product usage at logistics facilities, corporate offices, and educational institutes.
 

Parallelly, North America market is slated to register a remarkable rate of growth over the forecast period, creditable to presence of numerous industry leaders like Xerox Holdings Corporation in the region.
 

Prominent companies in global multi-functional printer industry include Konica Minolta Business Solutions U.S.A., Inc., Eastman Kodak Company, Brother Industries, Ltd., Seiko Epson Corporation, Hewlett Packard Enterprise, Brother Industries, Ltd., Xerox Holdings Corporation., Kyocera Corporation, The Ricoh Company, Ltd., Canon Inc., and Dell Inc. These companies are actively employing several strategies such as acquisitions, collaborations, and new product launches to elevate their standing in the marketplace.