by The Managed Print Services Market is estimated to be valued at US$ 45.68 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Managed print services (MPS) involves managing, monitoring and optimizing printers, copiers and multifunction devices within an organization. It aims to reduce the costs associated with printing hardware, supplies, administration and support. MPS allows businesses to shift their focus from print operations to core business functions by outsourcing hardware procurement, maintenance and supplies management tasks to a third-party MPS provider. MPS facilitates cost control, improved security and environmental sustainability for organizations of all sizes across various industry verticals.
Market Dynamics:
The rising need among enterprises to reduce operational expenses associated with print infrastructure is driving the growth of the managed print services market. MPS ensures cost savings through optimized procurement of hardware and supplies, reduced paper consumption and improved security of sensitive documents. Furthermore, the increasing adoption of digitalprinting technologies such as continuous feed printers and high-volume printers among print service providers is also fueling market growth. For instance, continuous feed printers offer low cost-per-page printing suitable for high-volume print jobs. Additionally, the provision of additional value-added services such as document process automation, scan workflows and cloud-based fleet management by MPS vendors is further propelling market expansion. However, budgetary constraints among small and medium enterprises for outsourcing print operations act as a major growth restraint.
Segment Analysis
Content: The managed print services market can be segmented into printer/copier management, document management, and others. Among these, the printer/copier management segment dominates the market as most organizations are outsourcing the management of their printers and copiers to MPS providers to reduce costs and improve operational efficiency. The MPS providers take care of procurement, installation, and maintenance of printers/copiers along with supplies management and help organizations optimize their printer fleets.
PEST Analysis
Political: Favorable government regulations promoting paperless work environments and waste management are boosting adoption of managed print services.
Economic: Growing business needs to optimize costs and focus internally on core business functions is driving demand for outsourcing of non-core print management activities to MPS providers.
Social: Rising environmental concerns and sustainability goals of organizations are propelling the shift towards digital documentation and paper reduction solutions offered by MPS.
Technological: Advances in network technologies, digital workflows, and mobility are enabling flexible multi-device management and supporting transformation to cloud-based managed print services models.
Key Takeaways
The Global Managed Print Services Market Size is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing need to optimize document-related costs and drive digital transformation among organizations. The market size for 2023 is estimated to be US$ 45.68 Bn.
The North America region is expected to dominate the managed print services market owing to strong focus on workplace transformation initiatives and presence of leading MPS vendors in the region. Europe is another major market for managed print services driven by ongoing development of smart office solutions.
Key players operating in the managed print services 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. The market players are focusing on partnerships, acquisitions, and development of intelligent devices and solutions to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
