According to the latest report by IMARC Group, titled, “Managed Print Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global managed print services market size reached US$ 38.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 64.1 Billion by 2027, exhibiting a growth rate (CAGR) of 8.7% during 2022-2027.
Managed print service (MPS) is a customized service employed to manage the printing devices of the company. It optimizes printing work, minimizes operational expenditures and helps in effective planning by reducing the time spent on print-related tasks. It offers control in printing supplies and minimizes the wastage and carbon footprint of the printing fleet compared to conventional printing models. MPS assists in improving efficiency and enhancing flexibility by supervising printing functions and enabling users to access files from various web-connected devices. Apart from this, it allows organizations to improve their productivity and information security by monitoring usage, replacing consumables, and meeting the printing needs of the company, such as document size and format. At present, it finds extensive applications in banking, financial services, and insurance (BFSI), government, healthcare and education, manufacturing, retail and consumer goods, information technology (IT), and telecom industries.
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Managed Print Services Market Trends and Drivers:
Rapid digitization and the increasing use of paper across numerous industries are among the primary factors positively influencing the market across the globe. In addition, the growing need to manage time-consuming tasks is catalyzing the demand for cloud-based printing solutions to eliminate the need for on-premises infrastructure and enable the IT team to manage printers directly through a centralized portal. This, in confluence with the increasing demand for mobile printing ecosystems and reducing funding of businesses in buying printing solutions, is creating a favorable market outlook. Moreover, the incorporation of the latest technologies, such as artificial intelligence (AI) with wireless printing devices, combined with big data analytics for predictive maintenance, upgrading system, and reducing waste, is offering lucrative growth opportunities to the key market players to introduce advanced devices. Leading services providers are also introducing multi-level authentication to ensure protection against network intrusion and ensure streamlined workflow in the high-volume printing environment, which is further strengthening the market growth. Additionally, the increasing penetration of the high-speed internet and the rising adoption of devices, such as laptops, smartphones, and tablets, are contributing to the market growth. Moreover, the widespread adoption of MPS in the healthcare sector to provide a simple, efficient, cost-effective, and secure printing environment is propelling the market growth. Furthermore, several organizations are focusing on reducing printing margins and font size to reduce paper waste, which is creating a positive market outlook. Besides this, increasing investments in research and development (R&D) activities to employ robotic process automation (RPA) and introduce an error-free virtual workforce that replaces human involvement is anticipated to drive the market.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- 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.
Managed Print Services Market 2022-2027 Competitive Analysis and Segmentation:
The report has segmented the market based on type, deployment mode, organization size and industry vertical.
Breakup by Type:
- Print Management
- Device Management
- Discovery and Design
- Document Imaging
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Large Enterprises
- Medium Enterprises
- Small Enterprises
Breakup by Industry Vertical:
- BFSI
- Government
- Healthcare and Education
- Manufacturing
- Retail and Consumer Goods
- IT and Telecom
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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