Office Peripherals and Products Market Analysis Report By Product And Segment Forecasts From 2018 To 2025

Industry Insights

The global office peripherals and products market size was accounted for USD 34.10 billion in 2017. It is projected to grow at a CAGR of 5.4% over the forecast period, 2018 to 2025. A growing number of new businesses and building up of offices is boosting the product demand. In addition, advancement in technology for developing desktop scanners, printers, and others is anticipated to spur market growth.

The office sizes are pre-estimated in sectors such as telecom, IT, banking & finance, transportation, educational institute, stock market, government, civil sector, construction, and customer care. The products which are required for official purposes are only considered. The demand from shops, retail sector, enterprise, photocopy, printer, scanning service providers, and residential sector is not considered.

The market is projected to witness high growth in the coming few years due to the increasing demand for products such as scanners, counterfeit detectors, and shredders. Furthermore, the rising demand for multifunctional products like photocopiers, scanners, and printers, especially in the commercial sector is expected to bolster the market growth.

North America region has led the market in 2017, due to the presence of a high number of suppliers and manufacturers. Japan and China contribute a major share in the Asia Pacific market. This trend is expected to continue in the next few years. 

The growing adoption of 3D printing in the manufacturing of seals and gaskets with advanced features is proliferating the product demand. 3D technology helps in developing new different seal designs and custom printed designs. These seals and gaskets are highly intricate and durable.

In addition, technological advancement is enabling manufacturers to develop all-in-one featured bill counters and coin sorters. This equipment is expensive; thus, the cost factor is expected to hinder the market growth.

Product Insights

Depending on the product, the office peripherals & products market is fragmented into safes, coin sorters, bill counters, shredders, laminators, scanners, cash handlers, deposit boxes, photocopiers, and printers. Photocopiers, scanners, and printers segment has dominated the market, in 2017.

Counterfeit detectors are widely used in financial institutes and banks to counterfeit and detect currency. Furthermore, illegal laundering of money, and fake currency generations is increasing the need for counterfeit detectors. 

The Paper shredder product segment is expected to account for a significant share by the end of the forecasting period. The product is highly used in government offices, stock markets, and the BFSI sector. Rising security concerns regarding office data are mainly driving the demand for the product.

Regional Insights

The Asia Pacific and North America are the key regions with the highest number of shipments and demand for shredders, scanners, counterfeit detectors, and printers.

In the Asia Pacific, the growing economies such as Japan, India, Australia, and China are expected to be major contributors in the market. Additionally, the growing investment by the government for the development of office supplies along with the rising telecom and IT sector is supporting the market growth.

Increasing population, literacy rate, and rapid urbanization in countries such as China, and Japan is boosting the demand for office peripherals. Growing economies like India, Singapore, Indonesia, and South Asia countries are also contributing significantly to market growth.

In Europe, the rising penetration of Startups along with favorable government programs is impacting positively on the market growth. Moreover, financial aids such as taxation schemes are supporting the growth of the regional market.

Impact of COVID-19

The demand for office peripherals including printers, scanners, and others has foreseen decline owing to the closedown of major offices and disruption in the supply chain caused by the COVID-19 pandemic. For example, according to the IDC tracker, in India, the office peripherals market has witnessed demand fall by 16.5% between January and March 2020. 

The supply chain is disrupted because most of the vendors have their manufacturing facilities located in China. For example, HP’s majority of manufacturing facilities in China are now re-opening, however, the production is not at maximum capacity. Further, companies are expected to be more inclined towards online sales owing to the lockdown situation. In addition, during the pandemic people are staying at home and working from home, thus are purchasing office peripherals for their flexibility and comfort.

Office Peripherals and Products Market Share Insights

Leading players in the market include Canon Inc., Yale (ASSA ABLOY), Epson America, Inc., Royal Sovereign, ZY Tech Co., Ltd, HP, Ameri-Shred, and Ozone Group.

Key players in the market focus on strategic activities such as acquisitions, and new product launches to remain competent in the global market. For instance, in 2017, HP has acquired Samsung Electronics Co, a printer business to increase its product portfolio. Similarly, Epson America has launched new products printer business specifically for small business operations.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, Million Insights has segmented the global office peripherals and products market report on the basis of product and region

• Product Outlook (Revenue, USD Billion, 2014 - 2025)
    • Bill Counters
    • Coin Sorters
    • Counterfeit Detectors
    • Safes, Deposit Boxes, & Cash Handlers
    • Shredders (Paper & Plastics)
    • Laminators
    • Printers, Scanners, & Photocopiers

• Product Outlook (Volume Shipment, Thousand Units, 2014 - 2025)
    • Counterfeit Detectors
    • Shredders
    • Printers, Scanners, & Photocopiers

• Regional Outlook (Revenue, USD Billion, 2014 - 2025)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • France
    • The Asia Pacific
        • China
        • Japan
        • India
        • Australia
    • South America
        • Brazil
    • Middle East & Africa (MEA)