Office Peripherals and Products Market Share, Growth Impact and Demand by Regions till 2025

Felton, California , USA, Apr 19, 2021 — /EPR Network/ — The global office peripherals and products market is anticipated to reach USD 51.65 billion, by the end of 2025, and is projected to grow at a CAGR of 5.4% over the forecast period, from 2018 to 2025. Rapid urbanization in developing countries is opening up new businesses which are anticipated to propel the demand for office peripherals. In addition, increasing demand for products like shredders, scanners, and printers is also boosting the market growth.

 

Moreover, a growing number of offices in sectors such as telecom, BFSI, IT, educational institutes, and transportation are projected to impact positively on the market growth. Manufacturers are focusing a lot on investment in R & D and advanced technologies to gain a competitive edge over others. The consumers are seeking for new & innovative products, which are in turn anticipated to surge the demand for office products.

 

Office peripherals include coin sorters, safes, counterfeit detectors, cash handlers, shredders, scanners, photocopiers, deposit boxes, laminators, and bill counters.

 

Get Free PDF Sample Copy of the Report (Including Full TOC, List of Tables & Figures, Chart and Covid-19 Impact Analysis) : https://www.millioninsights.com/industry-reports/global-office-peripherals-products-market/request-sample

 

Main features of the report:

• To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global Office Peripherals and Products Market.
• A complete backdrop analysis, which includes an assessment of the parent market
• Important changes in market dynamics
• Market segmentation up to the second or third level
• To provide country level analysis of the market for segment by application, product type and sub-segments.
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
• Track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the global Office Peripherals and Products Market.

 

Based on product, photocopiers, scanners, and printers segment led the office peripherals & products market with the highest share, in 2017. These products are essential in office related work. Furthermore, these products are widely used in government offices, stock markets, and the BFSI sector for data collection and information handling purposes. The shredders segment is projected to propel at a substantial rate during the forecast period, from 2018 to 2025.

 

Key manufacturers in the market focus on new product innovation and enhancing product solutions using new technology.

 

Further key findings from the report suggest:

• Growing number of startup’s and small businesses is proliferating the demand for office products.
• Increasing issues regarding fake currency, and laundering is increasing the demand for counterfeit detectors as a security measure.
• North America contributed to highest share in the overall office peripherals and products market.
• Asia Pacific is projected to propel at highest CAGR, due to the small business and rapid urbanization across countries such as China, and India.
• Manufacturers focus on developing innovative office peripherals using advanced technologies to meet the consumer needs.

 

Impact of COVID-19

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

 

Supply chain is disrupted because most of the vendors have its manufacturing facilities located in China. For example, HP’s majority of manufacturing facilities in China which are now re-opening, however the production is not at maximum capacity. Further, companies are expected to more inclined towards online sales owing to 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.

 

Global Office Peripherals and Products Market: Key Players

Canon Inc., Yale (ASSA ABLOY), Epson America, Inc., Royal Sovereign, and HP.

 

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