The Future of Office Peripherals and Products….. COVID-19 & Its Impact….
Posted by mrudulaGVR on May 19th, 2020
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.
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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:
The global office peripherals and products market size was valued at USD 34.10 billion in 2017 and is expected to exhibit a CAGR of 5.4% during the forecast period. Increasing number of offices and setting up of new businesses worldwide is driving demand. Furthermore, technological advancements in printers, desktop scanners, and other office peripherals are likely to fuel market demand over the forecast period.
Offices considered while estimating market size include those in departments such as IT, telecom, customer care, banking and finance, transportation, factory/production of various industry verticals, educational institutes, government, stock market firms, civil sector, and construction. Products used only for official purposes have been taken into consideration, whereas, demand originating from the retail sector, including enterprises, shops, retail outlets, printing, scanning, and photocopy service providers, as well as the residential sector has not been estimated.
The global market is poised for unprecedented growth over the forecast period owing to high demand for essential supplies such as shredders, scanners, and counterfeit detectors. Growing demand for multifunctional equipment, such as printers, photocopiers, and scanners, in commercial avenues has been witnessing steady growth.
North America held the dominant market share in 2017 owing to presence of a substantial number of players and suppliers of office products. U.S. is one of the most prominent manufacturing hubs of office supplies. In the Asia Pacific region, Japan and China are currently at the forefront as far as office peripherals are concerned. These countries are projected to account for a significant share in the regional market over the forecast period.
Grand View Research has segmented the global office peripherals and products market based on product:
Office Peripherals & Products Product Outlook (Revenue, USD Million, 2014 - 2025)
Office Peripherals & Products Product Outlook (Volume Shipment, Thousand Units, 2014 - 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.Also See: Office Peripherals, Forecast Period, Counterfeit Detectors, View Research, Peripherals, Offices, Office
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