Need for cost reduction & improved efficiency and increasing demand for digitization & workflow automation are driving managed print services market growth.
PORTLAND, OREGON, UNITED STATES, June 13, 2023/EINPresswire.com/ — The size of the world market for managed print services, which was estimated to be worth $27,500 million in 2017, is expected to increase to $59,709 million by 2025, rising at a CAGR of 10.3% from 2018 to 2025.
Increased use of big data solutions, measures to cut down on office paper use, lower operating costs, increased productivity, adaptability to meet specific customer needs, and enhanced information security all significantly contribute to the MPS market’s expansion. However, the expansion of the managed print services market is anticipated to be constrained by new and strategic alliances and agreements as well as recurring costs.
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The need for cost reduction and improved efficiency is a major driver of the MPS market. Organizations across various industries are looking for ways to optimize their print infrastructure and streamline document workflows. MPS providers offer comprehensive print management solutions that help businesses reduce printing costs, improve productivity, and minimize environmental impact. By outsourcing print management to MPS providers, companies can benefit from proactive monitoring, maintenance, and optimization of their print environment, resulting in significant cost savings and increased operational efficiency.
The increasing demand for digitization and workflow automation is driving the adoption of MPS. As businesses strive to become more digital-centric, there is a growing need to integrate print processes with digital workflows. MPS providers offer solutions that enable seamless integration of print and digital systems, allowing organizations to automate document capture, routing, and storage. By digitizing and automating document-intensive processes, companies can improve productivity, enhance collaboration, and accelerate business workflows. MPS providers also offer cloud-based print management solutions, providing flexibility and scalability to support remote work and mobile printing.
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The focus on sustainability and environmental responsibility is a significant driver for the MPS market. With the increasing awareness of the environmental impact of printing, organizations are seeking ways to reduce paper waste and energy consumption associated with printing. MPS providers offer sustainable print management solutions that include features such as print optimization, paperless workflows, and responsible recycling programs. By adopting MPS, businesses can minimize their carbon footprint, achieve sustainability goals, and promote environmentally conscious practices.
In terms of trends, there are several notable developments shaping the MPS market. One trend is the integration of advanced technologies such as artificial intelligence (AI) and machine learning (ML) into MPS solutions. AI and ML algorithms can analyze print usage patterns, predict maintenance needs, and optimize print workflows. By leveraging these technologies, MPS providers can offer proactive and predictive maintenance, intelligent print routing, and advanced analytics to optimize print infrastructure and improve user experiences.
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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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