Managed Print Services Market Snapshot (2023 to 2033)
The managed print services market is projected to expand at a healthy CAGR of 16.1% during the forecast period. The market is expected to hold a share of US$ 71.82 billion in 2023, while it is anticipated to cross a value of US$ 319.5 billion by 2033. Managed Print Services (MPS) have evolved over time. A fully integrated MPS solution addresses organizational concerns on manageability, mobility, security, and sustainability by integrating technology into its CAPEX and OPEX models. To help organizations optimize efficiency, cut down wastage, and minimize printing costs, the organizations analyze their current practices and consider what they'll need in the future.
Managing print services will enable businesses to take control of the printing process in enterprises and save valuable time. This is an entirely new approach to printing that helps business simplify their print environment, reduce cost and improve productivity while keeping their IT staff focused on other priorities in the organization. The IT department can reduce the staffing required with MPS programs. Managing printing environments efficiently is made easier with an MPS program.
According to a survey conducted by Computing magazine in 2015, more than half of IT managers believe their managed print service provider has already adopted pay-per-page. IT departments tend to be devoted to their regular tasks. Providing employee training and resolving their printing problems are not their primary concerns and are usually placed on the back burner. In addition to providing help desk support for print-related issues, an MPS provider can also assist with employee and manager training.
A managed print service allows an organization to improve productivity and reduce costs by outsourcing its entire print portfolio. A service provider that specializes and has experience handling similar services handles the design, optimization, and printing of works. As a result, capital expenditures are reduced and operational expenditures can be freed up to pursue other projects that are part of the company's core offering.
Print providers provide managed print services to their customers which include all aspects of the business printing device, such as printers, scanners, faxes, and copiers, which are managed by a device manager. There are, however, other options that can be considered by businesses on the condition that they choose to explore them. In addition, retailers and commercial printers can also be contacted. Printers as a Service has recently gained popularity among agencies. Printing services let agencies avoid ownership, maintenance, and management of printers and consumables.
Managed print services give agencies the chance to upgrade devices regularly while leaving maintenance and upkeep to their partners. IT workers can concentrate on what they are best at, as partners handle everything from devices to consumables. A print services management system also provides agencies with print analytics that can be useful in detecting anomalies in printing. To save money and make IT teams more productive, managed print services seem to be gaining credibility among agencies that seek to save money and host more printers on their networks instead of keeping them loaded with paper.
Hybrid work setups continue to be used by a variety of federal agencies for a variety of purposes. Although hybrid and remote employees are now part of many agencies and are supported across a variety of circumstances, some aspects remain the same from before the pandemic. Printing is still a big part of the federal government's business. Despite government debates over property footprints, printed documents are still needed. Printing supplies and consumables - like ink cartridges, toner drums, and paper, remain in high demand across the government.
The InfoTrends report suggests that printing costs are significantly underestimated by most organizations, by a factor of up to 50%. The cost of producing documents is often among the top five expenses incurred by an organization. Organizations still have uncontrolled expenses associated with printing. In the post-pandemic office, with more home printers and a shift away from centralized printing, securing the print environment has become more important to prevent data breaches and overall insecurity.
Data Points
Key Statistics
Estimated Base Year Value (2022)
US$ 65 billion
Expected Market Value (2023)
US$ 71.82 billion
Anticipated Forecast Value (2033)
US$ 319.5 billion
Projected Growth Rate (2023 to 2033)
16.1% CAGR
Managed print services can be utilized for print providers to manage all aspects of business printing devices, including scanners, printers, copiers and faxes. Managed print services are used to control and gain visibility of the printing infrastructure that helps the businesses to save money and increasing productivity. It is the ideal solution for businesses that consistently rely on printing and have a widespread print environment.
These services are designed to meet speacific business requirement, such as improving efficiency, driving down costs, and reducing environmental impacts. The managed print services are also used for improving environmental sustainability and document security. The exponential growth in the digitalization of various businesses, and enterprises has resulted in growing demand for managed print services.
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Increasing Adoption of Managed Print Services amid the COVID-19 Pandemic outbreak
The COVID-19 pandemic outbreak has created disruption in many industries, including the managed print services market. The printing market is facing a slowdown as a result of the COVID-19 epidemic, including the effects triggered by self-isolation guidelines, manufacturer’s moving supply chains away from manufacturing hubs like China, and modifying packaging materials used for essential commodities.
The demand for essential products such as food & healthcare products have increased as both these industries are offering essential commodities in the pandemic. In the last 2-3 years, the market for managed print services has grown by almost 7% globally. However, due to coronavirus outbreak, there is an increase in adoption of managed print services in Q2, 2020, which would follow the trend in Q3 and Q4 2020.
Managed Print Services Market: Drivers and Challenges
Drivers
The demand for managed print services is increasing for decreasing paper wastage in the work place, reduced cost of operation, and improved information security, and also enhancing the efficiency of the organization. Such factors are driving the growth of the managed print services market during the forecast period. The managed print service providers are utilizing big data solution for streamlining their operation, reducing costs, and increasing productivity within the workplace.
It also offers enhanced security features which helps to protect the valuable information from network braches. The reliability of such benefits drives the growth of managed print services market. Optimizing the use of analytics and cloud computing, greater networking opportunities and new business propositions, is creating new growth opportunities for managed print services market during the forecast period.
Challenges
The privacy and security concerns, and doubt in efficiency and effectiveness of printing process, directly affects the managed print services market. Furthermore, lack of awareness, poor network infrastructure and long-term recurring expenditure are hampering the managed print services market growth.
Some of the prominent players providing Managed Print Services are-
Xerox Corporation
Lexmark International Corporation
ARC Document Solutions, Inc.
Ricoh Company, Ltd.
Toshiba Corporation, among others
Managed Print Services Market: Regional overview
Based on the region, the trends of the managed print services market fluctuate across various geographical regions. On the basis of geography, North America & East Asia is expected to capture the most significant managed print services market share, owing to the majority of the leading copier and print manufacturers and service providers are present in this region.
South Asia Pacific and Europe are expected to witness double-digit growth, in terms of revenue, in the global endpoint protection platform market, due to the increasing demand for multi-functional printers in the regions. The managed print services market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The managed print services market report also maps the qualitative impact of various market factors on market segments and geographies.
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The report covers exhaustive analysis on
Managed Print Services Market Segments
Managed Print Services Market Dynamics
Managed Print Services Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Managed Print Services Market
Technology Landscape
Value Chain of the Managed Print Services Market
Managed Print Services Market Drivers and Restraints
Regional analysis includes
North America (USA, Canada)
Latin America (Mexico, Brazil, & Rest of Latin America)
Europe (Germany, Italy, United Kingdom, Spain, France, BENELUX, Russia, Rest of Europe)
East Asia (China, South Korea, and Japan)
South Asia & Pacific (India, ASEAN, and Australia & New Zealand, Rest of South Asia)
Middle East and Africa (GCC Countries, Turkey & South Africa, Rest of MEA)
Managed Print Services Market: Segmentation
The managed print services market has been segmented on the basis of type, industry, and region.
