by The Managed Print Services Market is estimated to be valued at US$ 42.09 Billion in 2023 and is expected to exhibit a CAGR of 8.52% over the forecast period 2019-2027, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Managed Print Services (MPS) refers to an outsourced service that helps businesses effectively manage their printing infrastructure and document output. MPS providers offer a range of services including equipment, supplies, maintenance, software, and workflow solutions to optimize printing-related processes. The market is witnessing high growth due to the increasing need for cost reduction and improved efficiency in printing operations. Furthermore, the rising adoption of cloud-based MPS solutions is anticipated to further drive market growth.
Market Dynamics:
The Managed Print Services Market is driven by multiple factors. Firstly, organizations are increasingly adopting MPS solutions to reduce costs associated with printing infrastructure and streamline document workflows. MPS helps businesses optimize printing resources, reduce wastage, and lower total cost of ownership. Secondly, the shift towards cloud-based MPS solutions is gaining traction as it offers enhanced accessibility, scalability, and data security. Cloud-based MPS solutions allow businesses to manage their printing infrastructure remotely, resulting in improved productivity and reduced IT burden. These drivers are expected to propel market growth over the forecast period.
Segment Analysis
The Managed Print Services Market can be segmented based on organization size, deployment type, and end-user industry. In terms of organization size, the large enterprise segment dominates the market. This can be attributed to the fact that large enterprises have a higher number of printers and copiers, making it more beneficial for them to outsource their print management services. Additionally, large enterprises often have complex IT infrastructure and require customized solutions, which are provided by managed print service providers.
In terms of deployment type, the cloud-based segment is dominating the market. Cloud-based deployment offers benefits such as flexibility, scalability, and cost-effectiveness, which are driving its adoption. Furthermore, with the increasing trend of remote working and the need for mobile printing solutions, cloud-based deployment becomes even more attractive.
PEST Analysis
Political: The political stability of a country can impact the managed print services market. Governments with favorable policies and regulations regarding digitization and sustainability encourage the adoption of managed print services.
Economic: The economic factors such as GDP growth, disposable income, and business investments affect the market. A growing economy leads to increased spending on IT infrastructure and outsourcing services, thereby driving the demand for managed print services.
Social: The social factor of environmental awareness and sustainability practices influences the market. As companies strive to reduce their carbon footprint and implement sustainable practices, they turn to managed print services to optimize their printing operations and reduce waste.
Technological: Technological advancements play a significant role in the managed print services market. The integration of IoT, AI, and cloud computing in print management solutions enhances efficiency, security, and user experience. As businesses prioritize digital transformation, managed print services with advanced technological capabilities become increasingly attractive.
Key Takeaways
The global Managed Print Services Market is expected to witness high growth, exhibiting a CAGR of 8.52% over the forecast period (2019-2027). This growth can be attributed to the increasing adoption of managed print services by organizations to streamline their printing infrastructure, reduce costs, and improve productivity.
In terms of regional analysis, North America is the fastest-growing and dominating region in the managed print services market. This can be attributed to the presence of major market players, technological advancements, and the high demand for optimized print management solutions.
Key players operating in the Managed Print Services Market include Xerox Corporation, HPE IT Services, Ricoh, Lexmark International, Inc., Canon, Inc., Samsung, Toshiba, Sharp, Kyocera, Pitney Bowes, and ARC Document Solutions. These companies offer a wide range of managed print services, including print fleet optimization, document workflow assessment, and cloud-based print management solutions. The competitive landscape is characterized by strategic partnerships, acquisitions, and innovative product offerings to stay ahead in the market.
Read More : https://www.coherentmarketinsights.com/market-insight/managed-print-services-market-1542
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
