Over the past 12 months, the print hardware market has experienced a decline, particularly in the consumer segment, where economic uncertainty has resulted in reduced demand and slower printer refresh cycles. However, the business segment, especially multifunction printers (MFPs), has shown signs of recovery. Mid-range and high-end inkjet MFPs have posted significant growth, while laser MFPs have exhibited more modest improvements. On the consumables side, traditional ink cartridges and toners have experienced a downturn, while refillable ink bottles have gained popularity due to their lower running costs.

Looking ahead, the print hardware market is expected to rebound as economic conditions improve, with demand for both consumer and business printers likely to increase in 2025. Promotional efforts and postponed purchases are expected to stimulate the market, while innovations such as AI-driven features and advanced laser printer technology should further drive growth. Print consumables are anticipated to perform better in Q4 2024, particularly during key retail events such as Black Friday and the holiday season, while sales of refillable ink bottles are projected to continue rising.

Over the next 12–16 months, demand for print hardware is forecast to accelerate, particularly with the resumption of large-scale projects and printer upgrades. However, the adoption of paperless policies and subscription models may negatively impact page volumes and could bypass traditional distribution channels.

AI is beginning to make a significant impact on the print industry, particularly in commercial and production printing, where large-scale image generation can substantially reduce production costs. Nevertheless, challenges remain, including high integration costs, training requirements, and concerns surrounding data security. The ongoing development of AI solutions is likely to drive future innovations in business automation, device optimisation, and print security.

For SMBs, cloud print management solutions are expected to gain traction, although cost concerns and data protection issues continue to pose barriers. As awareness increases and industry leaders such as Microsoft advocate for the wider adoption of cloud-based solutions (e.g., Universal Print), demand is likely to grow in the coming years.

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