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Managed Print Services Market Size And Forecast
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Managed Print Services Market size was valued at USD 49.51 Billion in 2024 and is projected to reach USD 118.27 Billion by 2031, growing at a CAGR of 11.5% during the forecast period 2024-2031.
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The continuous upsurge in dependency on heterogeneous networks of applications and infrastructure is likely to drive the market. The Global Managed Print Services Market report provides a holistic evaluation of the market. The report offers comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Managed Print Services Market Definition
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Managed Print Service is a program offered by print service providers that manage all facets of commercial printing equipment, including printers, scanners, faxes, and copiers. Businesses can save costs, create less waste paper, and boost productivity by systematically modifying these devices. Because of its broad use across numerous industries, managed print services have been gaining popularity. Big Data and IoT technology developments have a huge impact on the MPS market.
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The transition to a more computerized paper process is one of the major challenges confronting the managed print service business. An important barrier to the broad adoption of managed print services is that businesses want to decrease their use on paper. Because of the crucial role that printing plays in many business operations, business analysts predict that businesses will continue to rely on this activity.
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Global Managed Print Services Market Overview
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The continuous upsurge in dependency on heterogeneous networks of applications and infrastructure is likely to drive the market. The cloud-based print services are gaining high importance in large companies. The rising demand for cloud computing and software as a service is driving the Managed Print Services Market to a large extent. The rapid and exponential growth in digitalization coupled with reduced cost of operation and flexibility to match custom requirements positively propel market growth. Furthermore, a steep increase in the adoption of big data solutions and the Internet of Things (IoT) is one of the main driving factors of the Managed Print Services Market growth.
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There are certain restraints and challenges faced which will hinder the Managed Print Services Market growth. The factors such as low efficiency and effectiveness of managed print services decrease the quality and consume more time. Also, declining print volumes at a steady pace is continuously hampering the overall market growth. Other factors such as long-term recurring expenditure and high maintenance are the potential restraints.
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Global Managed Print Services Market Segmentation Analysis
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Global Managed Print Services Market is segmented based on Deployment Mode, Channel Type, Industry Vertical, and Geography.
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Managed Print Services Market, By Deployment Mode
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- On-Premises
- Cloud Based
- Hybrid
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Based on Deployment Mode, the market is bifurcated into On-Premises, Cloud-Based and Hybrid. Hybrid deployment is expected to be the fastest-growing deployment mode in the market as it offers mixed advantages of cloud-based systems and on premise deployment. In a hybrid deployment, a user can enjoy services that are hosted locally or on-premises and some services managed by cloud service providers.
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Managed Print Services Market, By Channel Type
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- Printer/Copier Manufacturers
- System Integrators/Resellers
- Independent Software Vendors
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Based on Channel Type, the market is bifurcated into Printer/Copier Manufacturers, System Integrators/Resellers and Independent Software Vendors. The printer/copier manufacturers are estimated to hold the largest share in the market due to the increasing use of analytics and cloud computing technologies in printing and organizations realizing the importance of MPS in printer/copier manufacturers segments.
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Managed Print Services Market, By Industry Vertical
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- BFSI
- Education
- Industrial Manufacturing
- Healthcare
- Telecommunications and IT
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Based on Industry Vertical, the market is bifurcated into Banking, Financial Services, and Insurance (BFSI), Education, Industrial Manufacturing, Healthcare, Telecommunications and IT and Others. The BFSI industry is predicted to hold the most significant CAGR in the forecast period due to the extensive use of papers for loan applications, mortgages, and new account opening leading to high investment cost in resources. The BFSI sector has huge printing demands to deliver secure data access benefits, henceforth creating growth opportunities for MPS.
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Managed Print Services Market, By Geography
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- North America
- Europe
- Asia Pacific
- Rest of the world
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On the basis of Geography, the Global Managed Print Services Market is classified into North America, Europe, Asia Pacific, And Rest of the world. North America dominated the overall managed print services and holds the largest share in the market. This is due to factors such as the presence of leading printer/copier manufacturers, favorable government regulations, and a rise in the number of startups in this region. Moreover, the U.S has widely adopted the managed print services in healthcare and government industries which fuels the growth of the Managed Print Services Market.
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Key Players
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The “Global Managed Print Services Market” study report offers a valuable insight with an emphasis on global market. The major players in the market are Xerox Corporation, Ricoh Company, Ltd., HP Development Company, L.P, Konica Minolta, Inc., Canon, Inc., Lexmark International, Inc., Kyocera Corporation, Samsung Electronics Co., Ltd., Sharp Corporation, Toshiba Corporation.
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Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
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Key Developments
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- On January 2018, Xerox went into partnership with Midwich to provide managed print services solution in the small and medium enterprise. Midwich is offering cloud-based, managed print services to their customers.
- On January 2018, Xerox introduced a channel program for the information technology service providers. The company is offering and extending their service of print and workflow solutions.
- In September 2018, Apollo Hospitals has awarded Xerox a multi-year contract for Managed Printing Services. Through this agreement, Xerox will deliver and manage Xerox ConnectKey-enabled workplace assistants.
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Ace Matrix Analysis
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The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.
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Market Attractiveness
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The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Managed Print Services Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.
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Porter’s Five Forces
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The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in Global Managed Print Services Market, gauge the attractiveness of a certain sector, and assess investment possibilities.
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Report Scope
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