Market Overview:
Managed Print Services refer to the outsourcing of printing tasks and processes to a third-party provider to optimize efficiency, reduce costs, and improve the overall reliability of the printing infrastructure. The increasing need for streamlining print operations, managing documents, and reducing wastage has boosted the demand for MPS across various industries. Managed Print Services offer advantages such as cost savings, increased productivity, enhanced security, and enhanced workflow management. As organizations continue to focus on their core competencies, the adoption of MPS is likely to witness significant growth in the coming years.
Market Key Trends:
One key trend in the Managed Print Services market is the integration of MPS with cloud-based solutions. Cloud-based MPS solutions enable organizations to centrally manage and optimize their printing infrastructure, regardless of their geographical locations. This integration provides remote monitoring, advanced reporting, and predictive analytics capabilities, allowing businesses to efficiently manage their printing requirements while reducing costs. Cloud-based MPS also offers scalability, flexibility, and the ability to quickly adapt to changing business needs. With the growing adoption of cloud computing and the increasing need for digital document management, the integration of MPS with cloud-based solutions is expected to drive market growth in the coming years.
The global Managed Print Services Market Growth is estimated to be valued at USD 44.4 Billion in 2023 and is expected to exhibit a CAGR of 11.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis:
The managed print services market can be segmented based on organization size, deployment type, vertical, and region. In terms of organization size, the small and medium-sized enterprises (SMEs) segment is expected to dominate the market. SMEs are increasingly adopting managed print services to reduce costs and improve efficiency. These services enable SMEs to effectively manage their printing infrastructure and optimize document workflows. The large enterprises segment is also expected to witness significant growth due to the need for centralized and standardized print management solutions.
Based on deployment type, the cloud-based segment is anticipated to dominate the market. Cloud-based managed print services offer advantages such as scalability, ease of management, and cost-effectiveness. Organizations are adopting cloud-based services to eliminate the need for on-premise infrastructure and reduce IT complexities.
In terms of vertical, the healthcare sector is expected to dominate the market. The increasing digitization of healthcare records and the need for secure and efficient document management in the sector are driving the adoption of managed print services. Furthermore, the banking, financial services, and insurance (BFSI) sector is also expected to witness significant growth, as these organizations generate a large volume of documents that require efficient management.
Key Takeaways:
The global managed print services market is expected to witness high growth, exhibiting a CAGR of 11.5% over the forecast period. This growth can be attributed to several factors. Firstly, the increasing adoption of managed print services by organizations across various industries to reduce costs, improve efficiency, and enhance security is driving market growth. Moreover, the digitization of documents and the need for effective document management solutions are also contributing to market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the managed print services market. This can be attributed to the presence of major key players in the region, technological advancements, and the increasing demand for managed print services from various sectors. Europe is also expected to witness significant growth due to the increasing adoption of cloud-based solutions and the emphasis on reducing printing costs.
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 players focus on strategic collaborations, acquisitions, and product innovations to gain a competitive edge in the market.
