Office Peripherals and Products Market Size & Overview:

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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.

The Office Peripherals and Products Market is growing globally. The technological advancement for the growth of this market is through a multi-pronged process developing in an ever-wireless office periphery with full integration of IoT and AI technologies and multifunctional ones. These innovations help boost office efficiency and productivity, making such peripherals necessary for businesses to survive in today's digital world.

During the COVID-19 pandemic, there has been a rapid impact on the Office Peripherals and Products Market as far as increasing home office peripherals, cloud-based printing solutions, and mobility-enhancing devices mainly because of the increased trend of remote working. In 2023, 82% of remote workers were working remotely from their homes, significantly rising from 59% from the previous year, which indicates a strong shift towards home-based work environments. This shift has forced organizations to install the latest technologies and productivity-enhancing peripherals inside the offices to optimize office operations with better connectivity among employees. Added to this, the intelligent office concept will be a major growth promoter in the market in the future. The changing business culture across the globe makes highly productive office automation tools a hot favorite. Over the global pandemic, work from home has been accelerated; now home office equipment is in increased demand. Employees working from home today depend on higher-quality and reliable office peripherals such as printers, scanners, and photocopiers that help maintain productivity. This trend is expected to continue in the future, and this will drive great strides in the office peripherals and products market.

Office Peripherals And Products Market Dynamics

KEY DRIVERS:  

• Driving Forces Behind Office Peripherals Market Growth

Increasing multifunctional printers and photocopiers meant a significant adoption of scanners in business operations to improve productivity and streamline processes. Growing remote working and enhanced technology increased the demand for quality home office equipment. Energy efficiency as well as multi-functionality in office products reduce operational costs while improving efficiency. Toward that end, an increase in small and medium-sized enterprises created a growing need for affordable and efficient office peripherals. Even so, the industry is not dissimilar from problems of high up-front cost, rapid obsolescence of technology, and issues with disposing of electronic waste, which companies have to deal with while managing their office equipment needs. Shares of Rashi Peripherals gained nearly 4 percent in afternoon trade on April 5, 2024, after the company said it had won an order worth ₹1,511 crore from NMDC Data Centre. According to reports, this order pertains to supplying information and communication technology products.

• Green Solutions, from which to meet operational needs without harming the planet

Integrating cloud-based solutions with office peripherals is providing businesses the flexibility and effectiveness to enable work-from-home and other remote or distributed operations. However, with the need to provide solutions to modern workplaces, there is an increased demand being placed on companies to be able to offer environment-friendly and energy-efficient office products to help provide working solutions with smaller ecological footprints. This, however, is changing due to the rising connectivity of office peripherals, thereby heightening the importance of strong cybersecurity measures. Therefore, innovations to counter these devices from cyber-attacks are now a must. The current cloud service spending was about USD 678.8 billion in 2024, displaying accelerating growth in cloud uptake by all types of businesses, from office management and peripherals.​

RESTRAIN:

• Navigating the High Cost of High-Tech Office Peripherals.

Such high-tech office peripherals are a significant cost burden for companies to buy, mainly catering to small and medium-scale enterprises. The pace at which technology advances in office equipment is tremendous. The existing product becomes at an alarming rate because of newly arriving features and functionalities at high frequencies. Thus, it renders older models out of fashion within a relatively short period.

Along with escalating environmental sustainability issues, the urge for concerns about waste in e-waste disposal is also increasing. Office peripherals are associated with the risk of hazardous materials, which need to be treated carefully and with minimum damage to the environment. This stringency in regulations over e-waste disposal forces businesses to build efficient strategies for waste management that may add complexity and cost to their operations. Compliance involves recycling and safe disposal practices. This increases the factors associated with sustainability, making procurement more complex because the companies have to factor in how leading-edge technology is related to their stewardship over environmental stewardship and compliance.

Office Peripherals And Products Market Segmentation Overview

BY APPLICATION

The business segment held a 55.2% market share in 2023 and dominated the market. Secure printing, user authentication, and encryption capabilities are increasing device functionality that boosts demand as these functionalities enhance security and ensure compliance requirements, thereby making operations more efficient and document control more effective. Firms invest in technologies that will increase productivity, safety, and connectivity and in this sense, aggressively expand the market and better align solutions.

The personal use segment is expected to have the highest CAGR during the forecast period 2024-2032 at 6.67%. With remote work and personal and professional life becoming increasingly blurred, people are looking forward to buying adaptable office tools that can cater to both purposes. This has led to a demand for the greater usage of Printers, scanners, ink cartridges, and all other accessories that have multi-functional uses. This includes specialty products such as label makers, paper shredders, and portable scanners.

BY PRODUCT

Printers, scanners, and photocopiers accounted for the highest revenue share of the market in 2023 is 29.2%. Growth in this sector is being led by increasing demand from manufacturing, healthcare, and banking sectors across the world. The reduction in the usage of traditional paper in the developed regions, mainly due to industrial automation and IT inclusion, also supports market growth. In addition to this, progress in single-color ink cartridges for better print quality has increased sales, further increasing the prospects for promising growth in future market expansion.

Laminators will post the highest compound annual growth rate of 6.60% in the forecast period. Offices will become increasingly demanding with laminators, and offices by purchasing laminators, will find that these machines turn out to be very essential to address paperwork, study material, and presentation efficiently which enhances productivity and professionalism.

Office Peripherals And Products Market Regional Analysis

In 2023, North America held a dominant market share of 33.2% of global revenue gathered for office peripherals and products. The trend in this region is expanding due to multifunction devices or MFDs that contain printing, scanning, copying, and faxing capabilities. These devices mainly optimize operations and cater to the changing needs of today's workplaces. North America has a solid business culture; the demand for office peripherals is therefore expected to increase further, which in turn is expected to expand the market further.

The office peripherals and products market in Europe is expected to have a global market CAGR of 6.58%. Government policies and initiatives are encouraging entrepreneurship development, thus likely to support setting up new ventures. Encouraging policies like legal safeguards, entrepreneur schemes, and tax exemptions are helping to streamline the creation of new businesses. It further shows that financial benefits such as tax refunds and a good tax system are aiding in the growth of the industry and producing a conducive atmosphere for the development of businesses in the area.

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Key Players

Some of the major players in the Office Peripherals and Products Market 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)

• Ricoh Electronics, Inc. (RICOH IM C4500 Color Multifunction Printer, RICOH MP 402SPF Black & White Multifunction Printer)

RECENT TRENDS

• USB 4.0 has become available since June 2024, which doubles the speed of data transfer and improves interoperability between devices; the Wi-Fi 7 rollout will enhance wireless and easier transfer.

• On 24 September 2024, Microsoft unveiled Surface's latest AI-enabled devices designed for the new office. These PCs are engineered with inbuilt AI capabilities, ensuring that productivity is simply improved and the user experience maximized credentials of Microsoft's efforts towards transferring the future of technology to businesses.

• The Canon U.S.A. added the Image Access WideTEK 36CL CIS and the 48" CCD scanners to its image PROGRAF large format photo printers with these two wide-scan document scanners in March 2024. The two models cover a wide variety of scanning needs by allowing users to quickly capture documents, CAD drawings, artwork, and photos with widths of 36" and 48".