The global managed print services (MPS) market size is poised to reach USD 6.77 billion by 2023, according to a new report by Technavio, progressing at a CAGR of close to 5% during the forecast period.
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“Apart from the need for the reduction of hardware and consumables costs, the integration of AI into the print industry and the strategic partnerships and acquisitions among market participants are some other major aspects expected to boost market growth during the forecast period,” says a senior analyst at Technavio. Request Free Sample Pages
The market is driven by the need for the reduction of hardware and consumables costs. In addition, increased adoption of MPS by SMEs is anticipated to further boost the managed print services market during the forecast period.
MPS is a professional service offered by external service providers to optimize print and document output. It helps organizations to manage print devices such as printers, fax machines, copiers, and multifunction devices. As MPS helps in saving time and money, it is often outsourced to vendors to streamline print operations. MPS enables organizations to set up cost-effective and well-managed imaging and printing network. For instance, the Newport City Council, a UK based local government organization, is using Xerox MPS. With the use of this MPS, the council has reduced its paper waste by 30% and saved almost $1,024 million in five years. Such advantages are boosting the adoption of MPS, thereby driving the growth of the overall market.
Furthermore, the increased adoption of MPS by SMEs is another major factor driving market growth as SMEs are price-sensitive. Currently, the cloud-based MPS is expected to be highly adopted by SMEs as they offer secured solutions and software updates on printing solutions. For instance, Xerox offers cloud-based deployment of MPS for SMEs, that delivers increased productivity, ease in proactively managing devices, and other benefits. Such launches are not only expected to encourage vendors to launch new product offerings but will also boost market expansion during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Canon Inc.
- HP Inc.
- Lexmark International Inc.
- Ricoh Co. Ltd.
- Xerox Corp.
Market Segmentation by Category and Product Types:
The Managed Print Services (MPS) Market can be broadly categorized into the following by deployment:
Key Regions for the Managed Print Services (MPS) Market:
Featuring a breakdown of region wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
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