The latest report by IMARC Group, titled “Managed Print Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global managed print services market size reached US$ 42.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 69.3 Billion by 2028, exhibiting a growth rate (CAGR) of 8.4% during 2023-2028.
Factors Affecting the Growth of the Managed Print Services Industry:
- Technological Advancements:
The managed print services (MPS) industry is currently undergoing significant growth, largely driven by rapid technological advancements. Innovations in cloud computing, digital workflows, and the Internet of Things (IoT) integration are transforming traditional printing environments. These technologies enable more efficient printer fleet management, enhanced data security, and improved sustainability through optimized resource usage. The integration of artificial intelligence (AI) and machine learning (ML) algorithms is further refining predictive maintenance and supply management, minimizing downtime and reducing operational costs. This technological evolution streamlines document management processes and supports remote monitoring and management of print services, catering to the increasing demand for flexible and scalable solutions in diverse business environments.
- Environmental Concerns and Sustainability Initiatives:
Environmental sustainability is another key factor positively influencing the growth of the MPS industry. Businesses are becoming increasingly aware of the environmental impact of their operations, including print services. Managed print services offer solutions that promote eco-friendly practices, such as reduced paper wastage, energy-efficient printers, and recycling programs. These services align with corporate social responsibility (CSR) goals and regulatory compliance for environmental standards. By implementing MPS, companies can monitor and control their print environments more effectively, leading to a significant reduction in carbon footprint. This shift toward sustainability benefits the environment, enhances the company’s brand image, and fulfills customer expectations for responsible business practices, thus supporting market growth.
- Cost Reduction and Efficiency Improvement:
In the current economic climate, organizations are continuously seeking ways to reduce operational costs and improve efficiency. Managed print services provide a strategic approach to managing print resources, offering substantial cost savings and efficiency improvements. By outsourcing print management, companies can reduce capital expenditure on printing hardware and minimize ongoing expenses related to maintenance, supplies, and energy consumption. MPS providers conduct comprehensive assessments of print environments to identify inefficiencies and tailor solutions that optimize resource utilization. This leads to streamlined workflows, reduced print volumes, and lower overall printing costs. Additionally, MPS solutions often include automated supply replenishment and proactive maintenance, further enhancing operational efficiency and reducing the administrative burden on internal staff.
Competitive Landscape with Key Player:
- ARC Document Solutions Inc.
- Brother Industries Ltd.
- Canon Inc.
- HP Inc.
- Konica Minolta Inc.
- Lexmark International Inc.
- Ricoh Company Ltd.
- Sharp Corporation
- Toshiba Corporation
- WeP Solutions Ltd
- Xerox Corporation.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/managed-print-services-market/requestsample
Report Segmentation:
The report has segmented the market into the following categories:
By Type:
- Print Management
- Device Management
- Discovery and Design
- Document Imaging
Device management dominates the market by type as it is fundamental to optimizing printer fleets, reducing operational costs, and improving overall efficiency in diverse organizational settings.
By Deployment Mode:
- On-premises
- Cloud-based
Cloud-based holds the largest market share due to its scalability, flexibility, and cost-effectiveness in managing print services remotely and securely across various locations.
By End User:
- Large Enterprises
- Medium Enterprises
- Small Enterprises
Large enterprises represent the largest market segment owing to their extensive print management needs and the significant benefits they reap from centralized control and reduced printing costs.
By Industry Vertical:
- BFSI
- Government
- Healthcare and Education
- Manufacturing
- Retail and Consumer Goods
- IT and Telecom
- Others
BFSI represents the leading industry vertical segment on account of its rising demand for secure, efficient document management and compliance with stringent regulatory requirements.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the managed print services market is attributed to the rapid industrial growth, ongoing digital transformation, and increasing adoption of efficient business process solutions in emerging economies of the region.
Global Managed Print Services Market Trends:
The managed print services (MPS) market is currently experiencing significant trends, marked by a heightened emphasis on digital transformation and environmental sustainability. As businesses increasingly prioritize cost efficiency and operational agility, MPS providers are integrating advanced technologies like cloud computing and IoT to offer scalable, flexible solutions. Additionally, there is a growing focus on sustainability, with companies seeking MPS solutions that promote responsible resource usage and minimize environmental impact. In line with this, the market is seeing a rise in customized MPS offerings tailored to specific industry needs, reflecting the diverse requirements of different sectors. These trends collectively drive the MPS market toward more innovative, efficient, and eco-friendly solutions, propelling its growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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