Office Peripherals and Products Market Set to Reach USD 70.50 Billion by 2032, at a CAGR of 5.85% | Report by S&S Insider
Increasing emphasis on workplace flexibility and employee well-being is driving the demand for innovative Office Peripherals and Products.
Austin, Oct. 24, 2024 (GLOBE NEWSWIRE) — Market Size & Growth Outlook:
According to the S&S Insider, “The Office Peripherals and Products Market Size was valued at USD 42.45 Billion in 2023 and is expected to reach USD 70.50 Billion by 2032 and grow at a CAGR of 5.85% over the forecast period 2024-2032.”
Growing Demand for Smart Office Solutions Drives Expansion of the Office Peripherals and Products Market
The growing demand for efficient office solutions and technological advancements in office peripherals are driving the expansion of the Office Peripherals and Products Market. Companies are increasingly focusing on enhancing productivity and streamlining operations through innovative products. The rise of remote work and hybrid models has further intensified the demand for high-quality office peripherals, including printers, scanners, and ergonomic furniture. As organizations prioritize employee well-being and productivity, there is a notable shift toward smart office technologies that integrate seamlessly with existing systems. This trend reflects a broader transformation in the workplace, where technology plays a crucial role in facilitating communication, collaboration, and overall operational efficiency.
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Leading Market Players with their Product Listed in this Report are:
- HP Inc. (LaserJet Printers, OfficeJet Pro Printers)
- Canon Inc. (imageCLASS Multifunction Printers, PIXMA Inkjet Printers)
- Brother Industries, Ltd. (MFC-L3750CDW Color Laser All-in-One Printer, HL-L2350DW Compact Laser Printer)
- Epson America, Inc. (EcoTank All-in-One Printers, WorkForce Pro Printers)
- Xerox Corporation (Versalink Multifunction Printers, Phaser Color Printers)
- Ricoh Company, Ltd. (MP C3004ex Color Multifunction Printer, SP 6430DN Color Laser Printer)
- Lexmark International, Inc. (CX825de Multifunction Printer, MB2236adw Monochrome Laser Printer)
- Samsung Electronics Co., Ltd. (Xpress M2020W Laser Printer, MultiXpress X4300LX)
- Panasonic Corporation (KX-NS700 Phone System, KV-S1027C Document Scanner)
- Toshiba Corporation (e-STUDIO Multifuntion Printers, e-STUDIO Color Copiers)
- Fujitsu Limited (ScanSnap iX1600 Document Scanner, fi-7160 Document Scanner)
- Dymo (Newell Brands) (LabelWriter 450 Turbo Label Printer, Dymo XTL 300 Label Maker)
- Oki Electric Industry Co., Ltd. (C332dn Color Laser Printer, B412dn Monochrome Printer)
- Hewlett Packard Enterprise (HPE LaserJet Managed MFP, HPE Color LaserJet Enterprise MFP)
- Avision Inc. (AV1560U Document Scanner, AVS7000DN Document Scanner)
- Kyocera Document Solutions Inc. (TASKalfa 4052ci Multifunction Printer, ECOSYS P5021cdw Color Printer)
- Muratec USA, Inc. (MFX-3535 Multifunction Printer, MFX-1550 Multifunction Printer)
- Shenzhen HPRT Technology Co., Ltd. (HPRT MT800 Mobile Printer, HPRT HPRT 80mm POS Printer)
- OKI Data Americas, Inc. (C542dn Color Laser Printer, B432dn Monochrome Laser Printer)
Office Peripherals and Products Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 4.21 Billion |
| Market Size by 2032 | USD 9.57 Billion |
| CAGR | CAGR of 9.60% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments |
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| Key Drivers |
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Rise of Remote Work Propels Growth in the Office Peripherals and Products Market
The Office Peripherals and Products Market is experiencing substantial growth globally, primarily driven by advancements in technology. The shift towards wireless office solutions and the integration of IoT and AI are enhancing productivity and efficiency, making these multifunctional peripherals essential for modern businesses. As remote work becomes increasingly common, the demand for home office peripherals, cloud-based printing solutions, and mobility-enhancing devices has surged. In 2023, 82% of remote workers operated from home, a significant increase from 59% the previous year, underscoring the shift toward home-based work environments. Organizations are responding by adopting cutting-edge technologies and productivity-enhancing peripherals to optimize operations and improve connectivity. Additionally, the rise of the intelligent office concept is set to further stimulate market growth, as businesses prioritize high-quality automation tools. This trend ensures that employees have access to reliable equipment like printers, scanners, and photocopiers, sustaining productivity in the evolving workspace.
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Rising Demand in Business and Personal Use Fuels Growth in the Office Peripherals Market
In 2023, the business segment dominated the Office Peripherals and Products Market with a significant 55.2% market share. Key functionalities like secure printing, user authentication, and encryption are driving device demand, enhancing security and ensuring compliance, which in turn streamlines operations and improves document control. Companies are investing in technologies that boost productivity, safety, and connectivity, leading to aggressive market expansion and better-aligned solutions. Meanwhile, the personal use segment is projected to experience the highest CAGR of 6.67% during the forecast period of 2024-2032. As the lines between personal and professional lives increasingly blur due to remote work, consumers are seeking versatile office tools that serve dual purposes. This trend is fueling demand for a wide range of products, including printers, scanners, ink cartridges, and multifunctional accessories such as label makers, paper shredders, and portable scanners.
In 2023, printers, scanners, and photocopiers contributed the largest revenue share to the Office Peripherals and Products Market, accounting for 29.2%. This growth is primarily driven by rising demand from sectors such as manufacturing, healthcare, and banking worldwide. Additionally, the decline in traditional paper usage in developed regions—thanks to advancements in industrial automation and IT integration—supports market expansion. Innovations in single-color ink cartridges that enhance print quality have also boosted sales, indicating a positive outlook for future growth. Among the various segments, laminators are expected to achieve the highest compound annual growth rate (CAGR) of 6.60% during the forecast period. As offices increasingly recognize the importance of laminators for efficiently managing paperwork, study materials, and presentations, these devices are becoming essential tools that significantly enhance productivity and professionalism in the workplace.
North America Leads Office Peripherals Market While Europe Experiences Steady Growth Through Supportive Policies
In 2023, North America captured a substantial market share of 33.2% of global revenue in the Office Peripherals and Products sector. This growth trend is driven by the increasing adoption of multifunction devices (MFDs) that integrate printing, scanning, copying, and faxing functionalities, optimizing operations to meet the evolving demands of modern workplaces. Given North America’s robust business culture, the demand for office peripherals is projected to rise further, contributing to continued market expansion. Meanwhile, Europe is expected to experience a global market CAGR of 6.58%, bolstered by government policies and initiatives that promote entrepreneurship development. Supportive measures such as legal protections, entrepreneur schemes, and tax incentives are facilitating the establishment of new ventures. Additionally, financial benefits like tax refunds and an efficient tax system are fostering a favorable environment for business growth in the region.
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Recent Development
- USB 4.0 Availability: Launched in June 2024, it offers double the data transfer speed and improved device interoperability.
- Wi-Fi 7 Rollout: Enhancements in wireless technology will facilitate easier and more efficient data transfers.
- Microsoft’s AI-Enabled Devices: On 24 September 2024, Microsoft unveiled its latest Surface PCs designed for modern offices, featuring integrated AI capabilities to boost productivity and optimize user experience.
- Canon’s New Scanners: In March 2024, Canon U.S.A. expanded its imagePROGRAF large format photo printer lineup by introducing the Image Access WideTEK 36CL CIS and 48″ CCD scanners, catering to diverse scanning needs for documents, CAD drawings, artwork, and photos up to 48″ wide.
Future Trends
- Hybrid Work Adoption: 64% of employees favor a hybrid work model, with 74% of employers planning to implement this approach.
- Investment in Multifunctional Devices: Companies are increasingly investing in multifunctional devices that enhance productivity and collaboration.
- Focus on Smart Office Technologies: There is a growing emphasis on smart office technologies to streamline operations and support the evolving workforce’s needs.
Table of Contents – Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Office Peripherals and Products Manufacturing Output, by Region (2023)
5.2 Office Peripherals and Products Utilization Rates by Region (2023)
5.3 Office Peripherals and Products Maintenance and Downtime Metrix
5.4 Office Peripherals and Products Technological Adoption Rates, by Region
5.5 Office Peripherals and Products Export/Import Data, by Region (2023)
6. Competitive Landscape
7. Office Peripherals and Products Market Segmentation, by Product
8. Office Peripherals and Products Market Segmentation, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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