Office Peripherals and Products Market Analysis Report By Product (Bill Counters, Shredders, Coin Sorters, Counterfeit Detectors, Laminators, Printers, Photocopiers, Scanners), And Segment Forecasts, 2018 - 2025
The global office peripherals and products market size is estimated to reach USD 51.65 billion by 2025, according to the new report conducted by Grand View Research, Inc., exhibiting a 5.4% CAGR during the forecast period. The adoption of office peripherals and products is expected to increase as rapid urbanization is triggering the establishment of new businesses, especially in developing economies across the world. Demand for essential office products, particularly printers and scanners, counterfeit detectors, and shredders, is projected to increase and drive the market at a notable pace.
Demand arising from offices in departments such as IT, telecom, transportation, customer care, banking and financial sector, educational institutes, and factory/production is offering lucrative opportunities to the overall market. Furthermore, technological advancements thanks to intense R&D by product developers and manufacturers to spearhead a competitive environment are fueling market demand. These developments are attracting consumers to replace their existing products with newer versions. This is expected to drive the overall market at a significant pace over the forecast period.
The office peripherals and products market has been segregated, based on product, into bill counters, coin sorters, counterfeit detectors, safes, deposit boxes, and cash handlers, shredders (paper and plastic), laminators, and printers, scanners, and photocopiers.
The printers, scanners, and photocopiers segment held the largest market share in 2017. These products are widely used in offices across industries and have become essentials for any office setup. They are used in educational institutes and universities, BFSI sector, stock markets and investment firms, and government offices to maintain records and produce these records whenever required. Shredders are used in different offices to shred paper and plastic films. The segment is anticipated to grow considerably from 2018 to 2025.
North America accounted for the largest market share but is projected to lose share to Asia Pacific over the forecast period. Asia Pacific is anticipated to demonstrate the highest growth rate on account of rapid urbanization, growing manufacturing activities in the region, rapid setting up of SMEs, and government programs that require office setups.
HP Development Company, L.P.; Epson America, Inc.; Canon Inc.; Royal Sovereign; Yale (ASSA ABLOY); Brother International Corporation; and Ricoh Company Ltd. are some of the key industry participants. These and others are constantly emphasizing on product innovation and enhancement of their products and solutions portfolios. They have determined lucrative opportunities being offered by various offices in different sectors and are therefore, focusing on providing customized solutions based on consumer requirements.
Further key findings from the report suggest: