Printer Market Analysis: Delving into Technology Trends, Printing Solutions, and Market Segmentation for Informed Business Strategies and Product Development

The printer market size has grown strongly in recent years. It will grow from $11.34 billion in 2023 to $12.01 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to market competition and pricing, consumer demands and trends, supply chain and manufacturing, regulatory compliance, environmental sustainability.

The printer market size is expected to see strong growth in the next few years. It will grow to $15.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to market competition and pricing trends, changing consumer demands, supply chain resilience, evolution of regulatory standards, emphasis on environmental impact. Major trends in the forecast period include mobile printing solutions, subscription-based printing models, remote printing and managed print services, augmented reality (ar) in printers, security features.

Market Overview -
A printer is a device that receives text and graphics output from a computer and sends that information to generate a hard copy.

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Increasing Demand For 3D Printers Boosts Printer Market Growth
The rising demand for 3D printers is anticipated to propel the growth of the printer market over the forecast period. 3D printers use a technique called additive processing to shape (or print) physical objects layer by layer before the design is finished. Companies across industries, from automotive to consumer products, are becoming aware of the benefits 3D printers provide for production. For instance, in August 2021, Shapeways Holdings, Inc., a US-based marketplace and service for 3D printing, in the study, 63% strongly agreed that their firm is developing confidence in 3D printing at scale, and 87% agreed that severe pandemic-related supply chain disruptions spurred 3D printing investments. Investments in 3DP are anticipated to yield a variety of advantages, including higher labor productivity (64%), increased asset utilization (57%), and lower inventory costs (46%). Therefore, the rising demand for 3D printers drives the growth of the printer market.

Competitive Landscape -
Major companies operating in the printer market report are Samsung Electronics Co. Ltd., Hitachi Ltd., Hewlett-Packard Company (HP), Honeywell International Inc., Fujitsu Limited, Toshiba Tec Corporation, Kyocera Corp., Mutoh Holdings Co. Ltd., Ricoh Company Ltd., Sharp Corp., Konica Minolta Inc., Seiko Epson Corp., Brother Industries Ltd., Zebra Technologies Corporation, Riso Kagaku Corporation, Oki Electric Industry Co. Ltd., Lexmark International Inc., Agfa-Gevaert N.V., Eastman Kodak Company, Inca Digital Printers Limited, Mimaki Engineering Co. Ltd., MGI Digital Technology, Roland DG Corporation, Kornit Digital Ltd., Printek LLC, DURST GROUP AG, Canon India Pvt. Ltd., Bixolon Co. Ltd., Polaroid Corporation, Screen Holdings Co. Ltd., AstroNova Inc., Primera Technology Inc., Electronics for Imaging Inc., SATO Holdings Corporation

Innovative Printing Solutions With Sharp's New Multifunctional Printer Series
Advancing technologies are gaining popularity in the printer market. Major companies operating in the printing industry are focusing on developing advanced technology solutions for printers. For instance, in July 2022, Sharp Electronics of Canada Ltd., a Canada-based distributor of office equipment and electronic consumer goods, announced the new BP Advanced and Essentials Multifunctional Printer Series. The elegant cabinet design with easy-roll casters, soft-close paper drawers, and contemporary color scheme make this series a perfect fit for any office environment. Improved cloud service connectivity, such as with Microsoft Teams, makes it simple to streamline communication, and native Microsoft Universal Print capability facilitates integration with Microsoft 365 environments that benefit from simplified print management. Innovative features like multi-feed scan detection and improved auto skew correction help ensure jobs are done correctly the first time, every time. With the 300-sheet duplexing single pass feeder on Advanced Series models, users can scan documents at up to 280 images per minute.

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Key Segments -

The printer market covered in this report is segmented -

1) By Type: Dot-Matrix Printers, Line Printers, Daisy-Wheel Printers, Laser & Led Printers, Mono Printers
2) By Technology: Inkjet, Thermal, Impact
3) By Printer Interface: Wired, Wireless
4) By Output Type: Color, Monochrome5) By End-user Applications: Residential, Commercial, Educational Institutions, Enterprises, Government, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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