Office Peripherals And Products Market Size, Share & Trends Analysis Report By Product (Bill Counters, Shredders, Coin Sorters, Counterfeit Detectors, Laminators, Printers), By Application (Business), By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global office peripherals and products market size was valued at USD 40.7 billion in 2023 and is projected to grow at a CAGR of 6.1% from 2024 to 2030. The ongoing advancement of technology in office equipment, the increasing focus on designing workspaces, and growing need for paper shredders across MNCs are the factors driving the office peripherals and products market.

Industry growth worldwide is driven by several key factors, including technological advancements. The industry is witnessing a shift towards wireless office peripherals, integration of IoT and AI technologies, and the growing popularity of multifunctional devices. These advancements enhance overall office efficiency and productivity, making it an essential component for businesses to stay competitive in today's digital landscape.

The COVID-19 pandemic has also played a significant role in driving the demand for office peripherals and products. The acceleration of remote working practices has led to a surge in demand for home office peripherals, cloud-based printing solutions, and enhanced mobility. This has prompted organizations to equip their offices with the latest technological advancements and productivity-enhancing peripherals to streamline workflows and improve communication among employees. Furthermore, the increasing adoption of smart office concepts will continue to shape the market, with the integration of AI, IoT, and cloud technologies providing advanced functionalities and improving overall productivity.

The Asia Pacific region is emerging as a lucrative market for office peripherals and products, driven by rapid urbanization, digitization initiatives, and the growth of SMEs. The demand for technologically advanced office equipment is also fueling the market, with players continuously innovating to meet the ever-growing demands of businesses and consumers. As a result, the key players are expected to focus on providing innovative solutions that enhance productivity and streamline processes.

Product Insights

Printers, scanners, & photocopiers accounted for the largest market revenue share of 29.2% in 2023. Segment growth is driven by growing demands in manufacturing, healthcare, and banking sectors worldwide. The decline of traditional paper usage in developed regions due to industrial automation and IT integration is also contributing to the market's growth. Moreover, the shift towards one-color ink cartridges for improved print quality has boosted sales, presenting promising opportunities for the market's future expansion.

Laminators are expected to register the fastest CAGR of 7.9% during the forecast period. The demand for laminators is likely to increase in offices seeking to create high-quality, durable materials for projects, presentations, and training purposes. Offices investing in laminators will find them an essential tool for efficiently processing documents, flashcards, and displays, ultimately enhancing productivity and professionalism.

Application Insights

Business use dominated the market and accounted for a share of 55.2% in 2023. Segment growth is driven by the demand for advanced features like secure printing, user authentication, and encryption in devices. These features enhance data protection and compliance with regulations, streamlining operations and improving document management. Businesses invest in solutions that boost efficiency, security, and communication, driving market growth and enabling them to meet specific requirements.

The personal use segment is projected to grow at the fastest CAGR of 7.1% over the forecast period. As the remote work trend continues to blur the lines between personal and professional life, individuals are seeking to invest in versatile office peripherals that cater to both needs. This has led to increased demand for printers, scanners, ink cartridges, and other accessories for both personal and professional use, as well as specialty items like label makers, paper shredders, and portable scanners.

Regional Insights

North America office peripherals and products market dominated the global office peripherals and products market in 2023 with 33.2% of the total revenue share. Industry growth in the region is driven by the adoption of multifunction devices (MFDs) that integrate printing, scanning, copying, and faxing capabilities. These cost-effective solutions streamline processes and meet the evolving needs of modern workspaces. Leveraging a strong foundation in North America's well-established business culture, the demand for office peripherals is expected to continue growing, driving market expansion.

U.S. Office Peripherals And Products Market Trends

The U.S. office peripherals and products market dominated the North America market with a share of 67.9% in 2023. Workplaces in the U.S. are evolving, with an increasing number of companies embracing remote work and co-working spaces. This shift requires accessories that are flexible and adaptable to a diverse workforce. Moreover, the growing emphasis on environmental sustainability is driving demand for peripherals made from recycled materials or featuring energy-efficient designs, aligning with the country's commitment to eco-friendliness.

Europe Office Peripherals And Products Market Trends

Europe office peripherals and products market is anticipated to witness significant growth in the global office peripherals and products market over the forecast period. Government initiatives are driving entrepreneurship growth, as new company creation is expected to surge. Favorable policies, such as legal safeguards, business assistance programs, and tax incentives, are streamlining the startup process. Financial benefits like tax refunds and favorable tax systems are also supporting the industry's expansion, fostering a conducive environment for business growth in the region.

UK office peripherals and products marketis poised for significant growth, driven by the need for robust data security compliance. The introduction of GDPR has led to a surge in demand for peripherals featuring advanced security capabilities, including secure printing, user authentication, and encryption, as businesses prioritize information protection and regulatory compliance to safeguard sensitive data.

Asia Pacific Office Peripherals And Products Market Trends

Asia Pacific office peripherals and products market was identified as a lucrative region in the global office peripherals and products market in 2023. The high demand for office equipment in China, Japan, and India is driven by the widespread use of these products for daily needs. Furthermore, Japan's and China's well-established import/export infrastructure for stationery and official-use products further accelerates consumption. This phenomenon fuels the growth of the market in the region, presenting opportunities for businesses to tap into this thriving demand.

China office peripherals and products market is expected to grow rapidly in the coming years, fueled by the country’s rapidly growing economy and increasing business formation across various sectors. As businesses expand, there is a growing need for basic supplies and equipment like printers, scanners, and paper. With enhanced international trade and collaborations, Chinese workplaces are adopting modern practices, resulting in investments in advanced peripherals like multifunctional devices and digital document management systems.

Key Office Peripherals And Products Company Insights

Some key companies in office peripherals and products market include Epson America, Inc.; Canon U.S.A., Inc.; Zytech; and HP Development Company, L.P.; among others. Manufacturers are focusing on increasing their customer base by undertaking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies.

• American Shredder, Inc. offers comprehensive shredding and product destruction services, providing secure data protection through paper shredding, hard drive and media destruction, waste recycling, and medical and server destruction solutions for clients seeking to safeguard intellectual property and maintain brand integrity.

• Martin Yale offers a range of print finishing products and office equipment, including tabletop trimmers, paper punches, and catalog racks, to streamline office operations and reduce costs, along with maintenance and repair services for efficient equipment management.

Recent Developments

• In June 2024, Epson America introduced two A4 color MFPs, the AM-C550 and AM-C400, to its WorkForce Enterprise AM Series, featuring simplified designs that reduced maintenance parts, minimized downtime, and decreased energy usage and waste for improved employee productivity.

• In March 2024, Canon U.S.A. introduced two new large format scanners, the Image Access WideTEK 36CL CIS and 48” CCD scanners, to its imagePROGRAF printer lineup, catering to diverse scanning needs for documents, CAD drawings, artwork, and photos with up to 36” and 48” width capabilities, respectively.

Office Peripherals And Products Market Report Scope

Global Office Peripherals And Products Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global office peripherals and products market report based on product, application, and region.

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Bill Counters

  • Coin Sorters

  • Counterfeit Detectors

  • Safes, Deposit Boxes, & Cash Handlers

  • Shredders (Paper & Plastics)

  • Laminators

  • Printers, Scanners, & Photocopiers

  • Other Products

• Application Outlook (Revenue, USD Billion, 2018 - 2030)

  • Business Use

  • Governmental Use

  • Personal Use

  • Other Applications

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • Latin America

    • Brazil

  • Middle East and Africa (MEA)

    • UAE

    • Saudi Arabia

    • South Africa