Managed Print Services Market research
The increasing need for cost reduction and operational efficiency is a key driver of the Managed Print Services market’s growth.
PORTLAND, OREGON, UNITED STATES, September 26, 2023 /EINPresswire.com/ — The global managed print services market size was valued at $27,500 million in 2017 and is projected to reach $59,709 million by 2025, growing at a CAGR of 10.3% from 2018 to 2025.
Rise in adoption of big data solutions, initiatives to reduce paper wastage in the workplace, reduced cost of operation, improved productivity, and flexibility to match custom requirements and improved information security, majorly supplement the growth of the MPS market. However, new and strategic partnerships & agreements and recurring cost is expected to hamper the managed print services market growth.
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Based on deployment mode, the hybrid cloud-based MPS segment dominated the overall managed print services market share in 2017 and is expected to continue this trend during the forecast period owing to increase in demand for hybrid cloud services among organizations of all sizes that are looking to minimize the cost of printing and move toward new solutions that support mobility, enhance security, and improve business workflows.
One prominent trend is the integration of MPS into broader digital transformation initiatives. As organizations seek to enhance efficiency and reduce costs, MPS providers are offering comprehensive solutions that encompass not only print optimization but also document digitization, workflow automation, and cloud-based document management. This integration ensures that MPS remains relevant in an increasingly digital world.
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With the growing threat of cyberattacks, security is a paramount concern. MPS providers are responding by incorporating advanced security features into their offerings. This includes secure printing solutions, access control measures, and robust data encryption to safeguard sensitive documents. As businesses prioritize data protection, MPS providers are adapting to meet these heightened security requirements.
The MPS market is witnessing a shift towards managed services models, wherein providers take on a more proactive role in monitoring and managing clients’ print environments. This proactive approach involves real-time monitoring, predictive maintenance, and automated supply replenishment, reducing downtime and ensuring consistent performance.
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Environmental sustainability is gaining prominence, and this trend is reflected in the MPS market. Providers are focusing on reducing the ecological footprint of print operations by promoting paperless practices, energy-efficient hardware, and responsible disposal of consumables. Sustainability initiatives not only align with corporate social responsibility goals but also help organizations reduce costs through reduced paper consumption and energy usage.
Some of the key market players profiled in the report include Xerox, HP Inc., Ricoh Company, Ltd., Lexmark International, Inc., Konica Minolta, Inc., Canon Inc., Kyocera Document Solutions, Sharp Electronics, Toshiba, and ARC Document Solutions. This study includes the market analysis, managed print services market trends and future estimations to determine the imminent investment pockets.
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