Global Printers Market is expected to grow during the
forecast period owing to factors such as increasing demand for sustainable
printers, growing investments in printers’ market, and rising demand from SMEs,
etc. For instance, in January 2023, 60% of organisations in Egypt are
concerned about energy use of printers, with 61% wanting to reduce energy
costs. In line with customer needs, Epson commits to sustainability advantages
of Heat-Free inkjet technology and launch new inkjet products to complete its
business printer range. Moreover, in December 2021, Print Digital
Media has made a significant investment, with the firm investing in equipment
which will enable it to print 400,000 sheets per day.
A printer is a hardware output device that
is used to generate hard copy and print any document. Printers are one of the
most popular computer peripherals and are commonly used to print text and
photos. Furthermore, the growing
demand for combining mobility and document solutions is driving the printer
market growth. Employees that work remotely in a warehouse should be able to
print labels by connecting the portable printer with their mobile device.
Work-from-home
and remote working acceptance will spur the global printer market expansion.
During the pandemic, at least 62% of businesses in all the regions shifted to
remote working. The necessary tools had to be given to workers in order to make
the transition to a mobile workforce. The demand for printers is mostly driven
by industries such as sales, logistics, and retail, which require instant
printing of receipts, tokens, tickets, invoices, shipping labels, barcodes,
etc. The increasing global internet penetration is also expected to be a major
driver of the printer market. It is predicted that there will be 75.58 billion
IoT devices (smart gadgets connected to the internet) deployed globally by
2025.
The
growing focus of enterprises toward paperless work is challenging the printer
market growth. The increased penetration of wireless communications and smart
devices has enabled the seamless exchange of information among end-users. These
solutions have become increasingly popular among commercial and enterprise
end-user segments. For instance, in conference rooms and classrooms, the
presence of smart devices such as interactive whiteboards, surface displays,
and interactive flat panels have reduced the need for hard copies and printing.
To minimize the use of paper, many end-user segments are encouraging paperless
solutions and go-green initiatives. All these factors have a negative impact on
the revenue growth of the global printer market.
Government Initiative: AM Forward
initiative
In May 2022, the government of United
States launched a new program called Additive Manufacturing Forward (AM
Forward). This federal initiative aims to use today’s 3D printing technologies
to improve supply chain resilience for the US manufacturers. By accelerating
adoption of additive manufacturing (AM) across small and medium-sized
companies, each of these AM-powered manufacturers will in turn contribute to
building resilient supply chains for the U.S.-based domestic manufacturing
ecosystem, while also using 3D printing to improve their industrial
competitiveness. As a result of this, the demand for printers is expected to
witness a robust across the country.
Global Printers Market: Trends
The primary trend driving the expansion of
the printer market is the integration of cutting-edge security solutions into
printers. Network connections are used by businesses for their printing needs.
The corporate WAN or other connected networks are used to carry out these
printing activities. Some printers include internal data storage as well, which
helps them process print jobs quickly. Unprotected printers, however, can be
simple targets for hackers and cybersecurity problems. Cybersecurity problems
can include malware installation for remote printer control, DoS attacks,
hackers stealing stored documents from a printer's memory, and hackers
targeting printers. Since printers can hold important data including customer
information, personnel records, and confidential company information, these
problems lead to a significant difficulty. Printers have been targets of an
increase in cyberattacks. So, businesses are putting more of an emphasis on
setting up strong security measures to guarantee the integrity of their printer
systems. Advances in printing technology and the possibility of cyberattacks on
printers will lead to a rise in the use of cybersecurity tools for portable
printers, which will in turn help the worldwide printers market grow over the
course of the forecast period.
Global Printers Market: Drivers
The growing demand from SMEs is causing
the printer market to grow dramatically. SMEs have a significant impact on a
nation's gross domestic product (GDP). SMEs also contribute significantly to
employment in numerous countries, including Germany, China, Japan, and India. As
a result, SMEs are essential to a nation's economic growth, particularly in
terms of production, employment creation, export contribution, and aiding in
the fair distribution of income. One of the crucial office tools for SMEs is a
printer because it enables them to print a variety of papers, including
invoices, advertisements, and memoranda for use between offices. Small and
medium-sized enterprises (SMEs) have different printing needs than major
corporations and ordinary home printers. Businesses require an economical
printer as well as supplies such as paper and ink or toner cartridges. The
majority of SMEs also face space and financial limitations. As a result, SMEs
invest primarily in multifunction printing equipment that can meet their
company needs at a low cost. As a result, SMEs are projected to experience
significant growth in a number of nations, which will aid in the market's
growth over the course of the forecast period.
Global
Government Investment in 3D Printing Projects:
Governments
all around the world are launching programs and providing financing to
educational institutions, research facilities, and research and technology
organisations to further study the possibilities offered by 3D printing
technology and promote its growth. National programmes have been put in place
in the US, UK, and Canada to support university-level 3D printing research,
promote technology, and foster the creation of start-ups. Industrialists and
governments all around the world are becoming interested in 3D printing as new
applications for the technology emerge. For instance, the UK National Strategy
for Additive Manufacturing expects to create 60,000 employments across
industries and gross value added (GVA) of USD 3831.31 each year by 2025. The
plan shows a comprehensive list of suggestions created by workgroups in charge
of particular subjects.
Global Printers Market: Challenges
The major challenges in the printer
industry are digitization trends, declining demand from industries such as banking,
advertising, postal services as digital channels have already taken over. Price
pressures with declining demand and increasing asset costs also hit the margins
of printing businesses. The decline in printing demand is not a result of a
drop in demand, but rather a result of firms not modernising to meet new
expectations. Industry education may play a significant role in helping SMEs
become more digital enterprises in this situation. Moreover, the issue of
skyrocketing expenses is another major difficulty the printing sector is
currently facing. For the time being at least, it appears that the era of cheap
interest rates, low inflation, and supply networks that operate mostly without
interruption is ended. Printing has traditionally been a fairly expensive
sector of the economy. The development of the global printers market is
expected to be hampered by everything from the printing apparatus to the
material you print on.