Laser Printer Market to Grow by USD 4.02 Billion by 2027, Rising MFP Popularity and AI Impact on Market Trends to Drive Revenue Growth – Technavio

NEW YORK, Sept. 18, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global laser printer market  size is estimated to grow by USD 4.01 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  5.67%  during the forecast period. Increasing popularity of mfps is driving market growth, with a trend towards increasing demand for compact laser printers. However, adoption of cloud data storage  poses a challenge. Key market players include Brother Enterprises Holding Co. Ltd. , Canon Inc., CONTROL PRINT Ltd., Dell Technologies Inc., Eastman Kodak Co., Fujitsu Ltd., Guangzhou Labsim Biotech Co. Ltd., HP Development Co. LP, Konica Minolta Inc., Kyocera Corp., Lexmark International Inc., Monotech Systems Ltd., Oki Electric Industry Co. Ltd., Panasonic Holdings Corp., Ricoh Co. Ltd., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sharp Corp., Xerox Holdings Corp., and Zhuhai Pantum Electronics Co. Ltd..

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Key Market Trends Fueling Growth

The compact laser printer market is experiencing growth due to the rising demand from small work groups, homes, and offices. These customers prioritize printers that offer high print quality and performance while occupying minimal space. In response, vendors such as Brother International and HP Development Company have launched innovative products. Brother’s new range of laser printers, launched in August 2018, features touch-to-connect printing and NFC technology for small and home offices. HP’s LaserJet Pro M15 and M28, launched in March 2018, cater to micro and small businesses, offering the world’s smallest laser printer design. These compact printers enable professionals working from home to optimize their workspace while maintaining maximum print quality and efficiency. 

The laser printer market is experiencing a growth due to urbanization and the rising demand in emerging economies. Compact laser printers are becoming increasingly popular due to improved quality and high-speed printing, making them ideal for small office spaces and commercial activities. Budget-conscious enterprises and start-ups are investing in laser printers for documentation needs on business purposes. The market is witnessing trends like minimized costs, mobility features, cloud data storage, and cloud computing. Organizations are adopting software tools, digital formats, and cloud services for printing applications. Single-Function and Multi-Function laser printers are in high demand, with the multi-function segment leading in market revenue. Advancements in technology include Helium-neon Lasers and Semi-conductor Lasers, making laser printers more cost-efficient and small-sized, offering high-quality printouts for graphics, crisp text, and consistent black tones. Desktop publishing and the telecommunication industry are major sectors driving the demand for laser printers. 

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Market Challenges

• With the rise of cloud computing, businesses are shifting towards cloud-based data storage solutions for managing their documents. Cloud storage enables online access to data on remote servers, allowing authorized parties to share and access information using smartphones, tablets, and other devices. This trend reduces the need for printing applications and hardcopies, potentially impacting the laser printer market. Companies are adopting cloud-based Electronic Document Management Systems (EDMS) like Zoho Docs and LogicalDOC, which offer features such as cloud storage, mobile access, and document encryption for data protection. These systems enable faster and easier document management, potentially diminishing the demand for laser printers.
• The Laser Printer Market faces various challenges in coherence due to micro-economic factors such as price competition and external factors like changing consumer preferences and technological advancements. Internal factors like printer type, financial position, and industry trends also impact the market. The use of recycled materials in Laser Printers is a growing trend, while Touchscreen and Cloud-based printers are gaining popularity. Security concerns and wireless connectivity through Wi-Fi are essential features. Printer industry sectors like IT/ITeS, Pharmaceutical, Entertainment, Law firms, Auto shops, and Healthcare practices rely on Laser Printers for invoices, contracts, warranties, accounting, and finance. Product expansions include color printing, monochrome laser printers, transparencies, adhesive labels, lightweight cards, touchscreen panels, mobile printing, and IoT integration. The Laser beam technology’s efficiency and networking capabilities through cloud technology make Laser Printers a preferred choice for businesses.

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Segment Overview 

This laser printer market report extensively covers market segmentation by

1. Product 

• 1.1 Laser MFPs
• 1.2 Laser SFPs

Type 

• 2.1 Helium-neon lasers
• 2.2 Semi-conductor laser

Geography 

• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Laser MFPs-  The Laser Multifunction Printer (MFP) segment is a significant contributor to the global laser printer market. These devices offer printing, scanning, copying, and sometimes faxing functionalities in one machine, addressing various user requirements efficiently. The demand for Laser MFPs is increasing due to their versatility, cost-effectiveness, and productivity benefits in various environments, from homes to large corporations. Key players in this market segment include Brother Industries, Canon, and Dell, providing innovative solutions to cater to the evolving needs of consumers and businesses. For instance, HP Inc. Introduced the new HP Laser SFP series and HP Laser MFP series in May 2023, featuring easy setup and enhanced user interfaces. The growth of the laser MFPs segment is projected to be substantial due to technological advancements, digitalization, and the demand for streamlined document management solutions. These factors will fuel the market’s growth during the forecast period.

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Research Analysis

The laser printer market is experiencing a growth in demand due to urbanization and the increasing need for high-quality printouts in various industries, particularly in emerging economies. Compact laser printers are gaining popularity in office spaces due to their minimized costs and improved quality. The use of Semiconductor laser, Semiconductor diode lasers, and other light sources in laser printers has led to high-speed printing and better print quality. The telecommunications industry is also a significant consumer of laser printers, with a preference for wireless laser printers and those compatible with IoT devices. Printing technology advancements include touchscreen printers, cloud-based printers, personalized printer methods, and security features. Recycled materials are increasingly being used to minimize environmental impact. The laser beam technology, Wi-Fi compatibility, and other innovations continue to drive the growth of the laser printer market.

Market Research Overview

The laser printer market is experiencing a growth in demand due to urbanization and the rising need for efficient printing solutions in emerging economies. Compact laser printers are gaining popularity in offices, commercial activities, and even homes, as they offer improved quality, high-speed printing, and minimized costs. The market is segmented into Single-Function and Multi-Function printers, with the latter holding the largest market revenue due to its versatility. Laser printers use various types of lasers, such as Helium-neon Lasers and Semi-conductor Lasers, which offer cost-efficient, small-sized lasers for high-quality printouts. The market is driven by factors like the increasing number of start-ups, investments in organizations, and the growing demand for documentation for business purposes. Micro-economic factors, such as operating costs and performance, and external factors, such as space constraints and mobility features, are also influencing the market. Cloud data storage, cloud computing, and software tools are becoming essential for laser printers, enabling personalized printer methods and security features. Wireless laser printers, IoT, and touchscreen printers are the latest trends in the market. The market is expected to grow further with the integration of Wi-Fi, color printing, monochrome laser printers, and touchscreen features. The future of the laser printer market looks promising, with continuous advancements in technology and the increasing need for efficient printing solutions.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Product
• Laser MFPs
• Laser SFPs
• Type
• Helium-neon Lasers
• Semi-conductor Laser
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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