Printer Market Is Expected To Be Dominated By North America Until 2028
Rising demand from SMEs and increasing investments in
printing industry are expected to drive the Global Printers Market during
the forecast period of 2024-2028.
According to TechSci Research
report, “Printers Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2018–2028, the Global Printers Market is anticipated to register
a robust growth during the forecast period, 2024-2028” due to factors such as rising
demand for 3D printers, increasing demand from SMEs, and rising demand for high
resolution pictures etc.
Increasing demand for
better print quality and higher print resolution owing to the consistently
expanding advertisement industry, is estimated to drive the market. Rising need
of marketers to print visual campaigns such as banner advertisement and graphic-rich
posters with high-quality images for display in public spaces is also
anticipated to propel sales. Moreover, digitization has been a major
game-changer in the printing industry, which includes product personalization,
innovation, and communication that aligns closely with the growing capabilities
of digital printing. As consumers want the products to be interactive and
contain everything there is to know about them, the devices are equipped with technological
features, such as QR codes with links to social media, virtual reality, etc.
Additionally, it is
predicted that throughout the course of the forecast period, the market for
printers would expand due to the increased demand for 3D printers. Before the
design is complete, 3D printers shape (or print) physical items layer by layer
using a process known as additive processing. Businesses from a variety of
sectors from the automotive to the consumer goods are learning about the
advantages that 3D printers offer for production.
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"Global Printers Market.”
Global
Printers Market is segmented into printer type, technology type, printer
interface, output type, end-user application, and region. Based on printer
type, the market is segmented into multi-functional and standalone.
Based on
technology type, the market is further segmented into dot matrix printer,
inkjet printer, LED printer, thermal printer, and laser printer.
Based on
printer interface, the market is further bifurcated into wired and wireless.
Based on output type, the market is further split into color and monochrome. Based
on end-user application, the market is further divided into residential,
commercial, government, and others.
Based on
printer type, multi-function printers are expected to dominate during the
forecast period because a multifunctional printer integrates multiple features
into one device to provide a higher level of convenience. It helps to organize
the company’s printing infrastructure in one place digitally and physically, multifunction
printers require less space than having separate devices. It helps to reduce
the office utilities by lowering the electricity bill etc. Hence, due to the
aforementioned factors the multi-functional printers is expected to increase
during the forecast period.
Based on
technology type, dot matrix is expected to dominate in the global printers
market because the dot matrix printer is used to print address book and handle
finance booklet, which is expected to help reduce the load and improve
efficiency of the workers in the industry. Hence, the need for the dot matrix
printer in the industrial sector is projected to drive the growth of the dot
matrix printer. In addition, advanced technologies such as USB interface with
dot matrix printer, small cartilage, and software allow control on the dot
matrix printer. Hence, due to such advanced technologies, huge opportunities
are penetrating the growth of dot matrix segment in the market.
Based on
region, in terms of market share and revenue, North America dominates the global
printers market and is expected to maintain this dominance throughout the forecast
period. This is as a result of the presence of significant key players in this region.
Major
market players operating in the Global Printers Market are:
- Hewlett-Packard
Enterprise Company
- Canon
Inc.
- Brother
Industries, Ltd.
- Seiko
Epson Corporation
- Kyocera
Corporation
- Konica
Minolta, Inc.
- Lexmark
International, Inc.
- Ricoh
Company, Ltd.
- Sharp
Corporation
- Xerox
Holdings Corporation
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“The growing demand for
high-quality photographs is one of the major factors affecting the industry. Moreover,
the printing of expert data and business presentations on large-format printers
is on the rise. Owing to this and the global expansion of the printing
industry, the market is growing. Moreover, 3D printing is being used more
frequently due to its high level of precision, efficient use of raw materials,
decreased production time and costs, capacity to make customized objects, and
capacity to print several materials simultaneously. This is having a favorable
impact on the market, as is the rising need for printers to print crucial
papers including accounting files, personnel information, and business policies
in corporate sectors.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Printers
Market - Global Industry Size, Share, Trends, Opportunities, and Forecast
2018-2028, Segmented By Printer Type (Multi-functional and Standalone), By Technology
Type (Dot Matrix Printer, Inkjet Printer, LED Printer, Thermal Printer, and
Laser Printer), By Printer Interface (Wired and Wireless), By Output Type
(Color and Monochrome), By End-user Application (Residential, Commercial,
Government, and Others), By Region, Competition”, has evaluated the future growth
potential of Global Printers Market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in Global
Printers Market.
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