Managed Print Services Market Outlook 2031
The global managed print services market size was valued USD 38.79 Billion in 2022 and is anticipated to reach USD 80.97 Billion by 2031, expanding at a CAGR of 8.52% during the forecast period 2023 – 2031. The growth of the market is attributed to a rigorous rule to reduce paper waste and save operating costs.
Managed print services (MPS) are widely adopted by business organizations to enhance their operations through managing the track of their entire documents that optimizes their document output. MPS aids in the analysis of printing requirements, the reduction of local printers, the replacement of inefficient devices, the automation of supply delivery, the management of remote printing operations, and the attainment of predictability. These services offer various advantages such as reduced energy consumption, reduced paper waste, freeing up IT resources, and customized solutions.
MFPs and conventional printers are the two devices on the network that handle and store a certain amount of complicated business material on a regular basis. These printers have access to the internet, email, enterprise content management systems, and cloud-based document repositories on a regular basis.
New technologies with automated ordering capabilities enable the printer to assess its requirements and place a purchase order with the supplier before supplies run out. Advanced printers have a two-sided print capability that helps to reduce paper waste.
The COVID-19 pandemic had resulted in national lockdowns and stay-at-home orders that forced to start implementing remote working. Due to the impact of pandemic, some companies have purchased home printers through their MPS providers while others have relied on simple transactional internet procurement. However, the print volumes in offices are still declining and may take time to return to pre-pandemic levels.
Managed Print Services Market Trends, Drivers, Restraints, and Opportunities
- Increasing reliance on heterogeneous networks of applications and infrastructure of offices is expected to drive the market growth during the projected period.
- Managed print service companies give competent technical assistance that can enhance business operations. This is a key driver of the market.
- Lower operating costs and more flexibility to meet specific needs for printing activities of companies are expected to boost the market growth in the given timeline.
- Skepticism about the efficiency and usefulness of managed print services along with high expenditure on maintenance are major restraining factors, which can hinder the market growth in the coming years.
- Using analytics and cloud computing to maximize companies’ full potential are vital factors offering lucrative growth opportunities of the market.
Scope of Managed Print Services Market Report
The report on the global managed print services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Managed Print Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Applications (Healthcare, Industrial Manufacturing, Retail & Consumer goods, Telecom & IT, BFSI, Education, Government, and Others), Channels (System Integrators, Printers/Copiers Manufacturers, and Independent Software Vendors), Deployments (Hybrid, On-premises, and Cloud-based), and Organizations (Large Enterprises and Small & Medium Enterprises)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Ricoh; Lexmark; Xerox Corporation; HP; and Canon
Managed Print Services Market Segment Insights
BFSI Segment to Expand at a Considerable CAGR
On the basis of applications, the managed print services market is segregated into healthcare, industrial manufacturing, retail & consumer goods, telecom & IT, BFSI, education, government, and others.
The BFSI segment is projected to expand at a considerable CAGR during the forecast period owing to high pile of paperwork and other files are required in the banking and financial industries. The confidentiality and security of these paper files has to be preserved to ensure document's security and privacy.
Printers/Copiers Manufacturers Segment to hold a Significant Share of the Market
In terms of channels, the market is divided into system integrators, printers/copiers manufacturers, and independent software vendors. The printers/copiers manufacturers segment is expected to represent significant share of the market due to the rising number of start-ups for printer manufacturing.
However, the system integrators segment accounts for significant market share as system integrators are a type of channels that sell printers, copiers, as well as other products as part of a larger managed IT services package.
Hybrid Segment to Grow during the Forecast Period
Based on deployments, the managed print services market is segregated into hybrid, on-premises, and cloud-based. The hybrid segment is expected to grow at a significant rate during the projected period owing to rising deployment of the product as it offers combine advantages of cloud-based and on-premise systems.
Moreover, the cloud-based segment is expected to be a fast-growing segment during the forecast period as it is paid for on a monthly or annual subscription basis, with support and training expenses added on top.
Large Enterprises Segment Dominated the Market
On the basis of organizations, the market is bifurcated into large enterprises and small & medium enterprises. The large enterprises dominated the market in 2020 and is projected to register high CAGR during the projected timeline as they are responsible for overseeing the linked activities and procedures of big-sized business organizations.
Any danger, assault, malware, or spams, as well as other exposures, can compromise these processes. As a result, the demand for MPS in major businesses is increasing rapidly.
The small & medium enterprises segment, however, is expected to grow rapidly in the coming years as to avoid blunders and malware assault of networks deployed by various small scale companies.
Asia Pacific is Anticipated to Constitute a Key Market Share
In terms of regions, the managed print services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period due to increased use of advanced printing technology in the fields of education and healthcare in the region.
However, the market of North America is anticipated to expand at a rapid pace during the forecast period. As over the next eight years, strategic acquisitions and a new campaign to raise awareness of managed print services are expected to increase in the region.
The global managed print services market has been segmented on the basis of
- Industrial Manufacturing
- Retail & Consumer goods
- Telecom & IT
- System Integrators
- Printers/Copiers Manufacturers
- Independent Software Vendors
- Large Enterprises
- Small & Medium Enterprises
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the managed print services market are Ricoh; Lexmark; Xerox Corporation; HP; and Canon. The global market for managed print services is fiercely competitive as it is absolutely required for the existing market players to upgrade their product portfolios. System integrators and independent software providers have a lot of room to grow in the MPS industry.
Large scale adoption of cloud-based deployment methods associated with managed print services has given prospective opportunities for companies such as Xerox Corporation and HP to obtain a significant portion of the MPS market.