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, according to a new report by Million Insights 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.
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Office peripherals include coin sorters, safes, counterfeit detectors, cash handlers, shredders, scanners, photocopiers, deposit boxes, laminators, and bill counters.
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.
In 2017, North America dominated the market. However, it is expected to lose its position to Asia Pacific in the next few years. Asia Pacific is projected to exceed at the highest CAGR from 2018 to 2025. The growing manufacturing sector and rapid urbanization are supporting the market growth in the region.
Key manufacturers in the market include Canon Inc., Yale (ASSA ABLOY), Epson America, Inc., Royal Sovereign, and HP. These players focus on new product innovation and enhancing product solutions using new technology.
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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.
Million Insights has segmented the global office peripherals and products market based on product, and region:
Office Peripherals and Products Market Product Outlook (Revenue, USD Billion, 2014 – 2025)
• Bill Counters
• Coin Sorters
• Counterfeit Detectors
• Safes, Deposit Boxes, & Cash Handlers
• Shredders
• Laminators
• Printers, Scanners, & Photocopiers
Office Peripherals and Products Market Product Outlook (Volume Shipment, Thousand Units, 2014 – 2025)
• Counterfeit Detectors
• Shredders
• Printers, Scanners, & Photocopiers
Office Peripherals and Products Regional Outlook (Revenue, USD Billion, 2014 – 2025)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Asia Pacific
• China
• Japan
• India
• Australia
• Central & South America
• Brazil
• Middle East & Africa
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