The Global Managed Print Services Market is projected to grow at a CAGR of 9%. It is estimated that the market will further expand and will reach up to 51 Billion during the forecast period. The major drivers of the market growth are the rising demand for advanced technologies such as software as a service and cloud computing. The advanced technological upgrade is improving the market growth significantly.
The outsourcing of business is helping the companies to lessen the costs that are required for network connection and IT development. This is why the increasing digitalization is promoting the growth of the global Managed Print Services Industry. The Managed Print Service is basically a program that is offered by the print providers. These are used to manage all the required tasks that include machines like printers, faxes, scanners, etc. It helps to save money by reducing the costs of papers and other materials.
The Managed Print Services Industry has a huge scope in the future for providing security and customized options. Also, it improves visibility and controls several aspects of the document. The above-mentioned factors are responsible for improving the growth of the market. It will help to track the requirements of printing and improving the environmental condition. Also, several major key players are merging and acquiring that can affect the market growth to some extent.
One of the sub-segments called the hybrid cloud has been dominating the market for the past few years. Hence, the new technological developments will improve the market value and reduce the necessary costs. Also, the BFSI category is projected to propel market growth during the upcoming period. However, some of the restraining factors such as new partnerships to develop chap alternative can hinder the market growth.
The outbreak of COVID-19 disease has heavily impacted the market growth during the forecast period. Various industries in the different sectors across the world had to suffer due to the pandemic. Several manufacturing units were shut down as lockdown was applied by governments across the world. Several key players in the Managed Print Services Industry are trying to revive the market after the pandemic is over.
The major drivers of the Managed Print Services Industry are the rising demand for cloud computation. There has been a significant rise in cloud-based services among large companies. Papers are used for various purposes in several industries. The Managed Print Services help reduce the costs and also keep track of the process. It also helps to adjust the devices such as the printers, fax, etc. for a smooth workflow.
There are several restraints that are projected to hinder the market growth to some extent. The low efficiency of the managed print services is one of the main restraints. That is why the low efficiency will lead to producing low-quality results that affect the market largely. The gradual decrease in the printing volumes can also hamper the Managed Print Services Industry.
Various opportunities are projected to open along with the rising graph of Managed Print Services Industry. It is because managed print services help to reduce the overall costs and its flexibility with components as well. It is estimated that the healthcare sector will have the highest growth due to the rising adoption of MPS.
One of the major challenges for the growth of Managed Print Services Industry is the security concerns. It is because managed print services are vulnerable to spams, malware, and threats. This is why it will be a huge challenge for the market to thrive.
With the rising demand for cloud-based services, Managed Print Services Industry will have exponential growth. It is estimated that the Compound Annual Growth Rate (CAGR) of the market is 9%. Hence, Managed Print Services Market Profit will rise to USD 51 Billion during the forecast period 2019-2023.
Value Chain Analysis
The market is divided into various segments. Also, different geographical regions will push towards positive growth and increase Managed Print Services Market Size. Also, the MPS helps to lessen the costs of raw materials such as papers by up to 40%. In this way, the small and medium enterprises will improve their productivity.
The Managed Print Services Market Segments are divided into deployment, end-users, component, and organization size.
The Managed Print Services Industry on the basis of organization size is further divided into large enterprises and medium and small enterprises.
On the basis of components, Managed Print Services Industry is further divided into software, hardware, services, and others. The hardware segment is again divided into the printer, copier, fax, and others.
On the basis of end-users, the Managed Print Services Industry is bifurcated in telecommunications, healthcare, BFSI, government, IT, and others.
Based upon deployment, the Managed Print Services Industry is again divided into on-premise and on-cloud.
Geographically, the Managed Print Services Industry is divided into Europe, North America, Asia-Pacific, and the Rest of the World. It is estimated that the North American region will have the largest Managed Print Services Market Share. The major factors of the growth are the rising demand for cloud-based services. Hence, in the future years, the North American region will register exponential growth.
Also, the European region will register substantial growth during the forecast period. The growing demand for advanced printers and several technological advancements are fuelling the market growth. The Asia-Pacific region is also projected to have significant growth in the forthcoming years. Several countries such as Japan, China, and India are the leading countries in this region.
There are various key players in the global market to increase the Managed Print Services Market Profit. For example, mergers, acquisitions, partnerships, new product launches, market analysis, etc. are some tactics used by the major key players.
For example, In 2018, Xerox, a renowned US-based company announced its partnership with Midwich to offer solutions for Managed Print Services. It will benefit the medium and small enterprises in the industry.
Here is the list of Managed Print Services Market Top Players-
The report overview of the Managed Print Services Market Trends is as follows-
Report Score and Segmentation
The scope of the report is to give information about the Managed Print Services Market Sales during the forecast period. The report provides brief information about opportunities, restraints, and challenges as well. Also, it gives substantial information about the key players.
Frequently Asked Questions (FAQ) :
ARC Document Solutions, Inc. (U.S.), Lexmark International Corporation (U.S.), HP Development Company, L.P. (U.S.), Xerox Corporation (U.S.), Toshiba Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea) and Ricoh Company, Ltd. (Japan) are the leading providers of solutions for managed print services globally.
The increasing adoption of big data solutions is one of the main influencing factors of the managed print services market growth in the forecast.
The market will be valuing approximated USD ~51 billion by the year 2023.
The market will be growing in the coming years at a CAGR of ~9%.
Asia Pacific, North America, Europe are the top regions grossing with high revenues of the market.