New York, US, May 15, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Managed Print Services Market By Organization, By Type By Deployment Model and Forecast till 2030”, the market to Capture a CAGR of 9.20% Between 2022 and 2030 While Touching Approximately USD 82.90 Billion by 2030-End – Report by Market Research Future (MRFR).
Market Synopsis
Managed Print Services (MPS) refer to the comprehensive management of an organization's printing devices and related processes, including printers, scanners, copiers, and fax machines. MPS providers typically take a proactive approach to manage their clients' printing environments, optimizing workflows, and improving document security while reducing costs. One of the primary drivers of the MPS market is cost savings. MPS providers can help organizations reduce their printing costs by optimizing print infrastructure, consolidating devices, and reducing waste. By providing a single point of contact for all printing-related issues, MPS providers can also reduce the time and resources required to manage printing environments.
Market Competitive Landscape:
The affluent companies in the Managed Print Services industry include
- Sharp Corporation
- Konica Minolta
- Lexmark International Corporation
- Canon UK Limited
- Toshiba Corporation
- Kyocera Corporation
- Systems Technology, Inc.
- ARC Document Solutions, Inc.
- HCL Technologies
- Samsung Electronics Co. Ltd.
- HP Development Company, L.P.
- Acrodex Inc.
- Ricoh Company, Ltd.
- Konica Minolta, Inc.
- Xerox Corporation
- Seiko Epson Corporation
- Wipro LTD
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Managed Print Services Market Report Scope:
| Report Metrics | Details |
| Managed Print Services Market Size by 2030 | USD 82.90 Billion (2030) |
| Managed Print Services Market CAGR during 2022-2030 | 9.20% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Growing in initiatives to reduce paper wastage |
Market Segmentation
By Organization
The organization in the market include Medium and Small Enterprises and Large Enterprises.
By Type
By Type, the segment includes Metal, Polymer, And Others
By Deployment Model
By deployment model, the segment includes On-Cloud And Premise
By end-user
By end-user, the segment includes Telecommunications and IT, Healthcare, BFSI, And Others.
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January 2023
Xerox has announced the acquisition of Uxbridge-based hardware and managed print services company Advanced UK.
Market USP Covered:
Market Drivers:
One driver of the Managed Print Services market is the increasing need for cost reduction and optimization in printing processes. Organizations are looking for ways to reduce printing costs while maintaining quality and efficiency, and managed print services offer a solution to achieve these goals. Managed print services providers can help organizations optimize their print environment, reduce unnecessary printing, and implement best practices to reduce printing costs. By outsourcing print management to a third-party provider, organizations can also free up resources and focus on their core business activities.
Market Restraints:
One major restraint of the Managed Print Services market is the increasing adoption of paperless technologies. With the growing use of electronic documents and the shift towards digital transformation, the demand for printing services is decreasing. This trend is particularly evident in industries such as banking, finance, and insurance, where the need for physical document processing is gradually declining. The decreasing demand for printing services is expected to hurt the growth of the Managed Print Services market. Additionally, concerns around data security and privacy may also act as a restraint, as organizations may be hesitant to outsource their print management to a third-party provider due to security concerns.
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COVID 19 Analysis
The COVID-19 pandemic has had a mixed impact on the Managed Print Services market. On the one hand, the shift to remote work and the increased need for digital transformation have created a demand for managed print services to support remote printing and scanning. With employees working from home, organizations require secure and efficient printing and scanning solutions, which can be provided by managed print services. On the other hand, the economic slowdown resulting from the pandemic has led to budget cuts and a decrease in overall demand for managed print services. Many organizations have had to reduce their spending on non-essential services, including managed print services. Additionally, supply chain disruptions have affected the availability of printing equipment and supplies, which has impacted the ability of managed print service providers to deliver their services.
Regional Insights
The Managed Print Services market is well-established in North America and Europe, with the United States and Western Europe being the major contributors to the market. In North America, the US holds the largest share of the market due to the strong presence of major players and the adoption of advanced technologies. In Europe, countries like the UK, Germany, and France are the major contributors to the market due to the high adoption of cloud computing and managed print services.
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The Asia Pacific region is expected to witness significant growth in the Managed Print Services market due to the increasing adoption of digitalization and automation across various industries. Countries like China, Japan, and India are the major contributors to the market due to the growing demand for managed print services in the healthcare, government, and education sectors. Moreover, the increasing trend of outsourcing print services is also expected to drive the growth of the Managed Print Services market in the Asia Pacific region.
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