It's always hard for Doc to get reliable information about the size of the various markets covered in this blog. So I was glad to see a recent study by Global Industry Analysts that tries to put numbers to the global office equipment market.
The United States and Europe are mature markets for office equipment and therefore growth in these countries is expected to be relatively slow in the near future. Strong growth is expected from the developing markets of Asia, Latin America and Eastern Europe, in particular China, Brazil, India, Indonesia and Russia. China represents the largest market for office equipment in Asia-Pacific, with the demand for equipment such as Multi Function Products (MFPs) increasing at a significant pace. Rapid economic growth and emergence of numerous small and medium scale enterprises is contributing to the increased demand for low-end MFPs in China.
Product and technology innovations are driving global sales of office equipment. The new products are also cost-effective, efficient, and user-friendly thereby improving business efficiency of office environment. Presently, multifunctional products, that are capable of carrying out many tasks, are becoming popular in offices and home setups. Technological advancements have also played a vital role in improving the quality and reliability of multifunction printers. Further, the development of standards for interoperability of various electronic digital devices has made it possible to develop the multifunctional products.
The small office and home office (SOHO) sector offers enormous opportunities for manufacturers of office equipment. The sector accounts for a substantial portion of the demand for printers, PCs, copiers, scanners, faxes, and answering machines. While laser printers are popular with small offices, inkjet printers are popular with home offices. The market has also benefited from the declining prices of various products targeted at the SOHO sector. The increase in home office users fueled growth in the PC and telecommunications markets. Advent of powerful and flexible new computers and networking equipment provides home-based enterprises the advantage of having computing power similar to that of a large corporation. Consequently, the demand for PC and equipment, including printers, fax machines, and scanners, continues to rise among home-office users.
The research report titled “Office Equipment: A Global Outlook” provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers an aerial view of the global industry, identifies major short to medium term market challenges, and growth drivers.