The global managed print services market is competitive. Key manufacturers operating within the managed print services market include: Xerox Corporation, Ricoh Company Ltd., ARC Document Solutions, Inc., Lexmark Corporation, Konica Minolta, Inc., Canon, Inc., KYOCERA Corporation, HP Development, L.P., Toshiba Corporation, and Print Audit.
Leading players within this market are focusing on boosting the number of channel partners, states Transparency Market Research (TMR) in its latest report on global managed print services market. Leading players are also focusing on expanding their markets across geographies so as to increase their market shares and also gain an edge among other players. Players within the market are also focusing on delivering cost-effective, flexible, and innovative offerings.
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According to the report, the global managed print services market is anticipated to expand at 14.8% CAGR from 2016 to 2024 and reach an evaluation of US$94.97 bn by 2024. On the basis of size, the global managed print services market will be led by large enterprises. Managed print services are used extensively for managing complex IT infrastructure in large enterprises, thereby boosting the growth of the segment.
Small and medium scale enterprises are also expected to up their use of managed print services on account of the growing awareness regarding the advantages of these services. By deployment, it is estimated that cloud-based managed print services segment will witness an increased popularity among end users. On the basis of end users, it is estimated that the government and public sector will emerge as the leading consumer for managed print services as this sector has massive volume of paperwork.
Increased Awareness Level about Benefits of MPS to Drive Growth of North American Market
On the basis of geography, it is estimated that North America will remain dominant regional segment in the managed print services market. The awareness level among small and medium scale enterprises as well as large scale enterprises in North America regarding the benefits of using managed print services is the key reason behind the higher level of adoption rate in this region, making it the most lucrative market.
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Strong presence of key players within the managed print services market as well as the presence of leading printer and copier manufacturers will also fuel the growth of the North American MPS market. In addition to North America it is also estimated that Latin American and Asia Pacific will emerge as promising markets for MPS on account of the rapid development of economy as well as widespread industrialization.
Eco-friendly Nature of MPS Services to Boost Demand
Some of the key factors boosting the growth of the managed print services market include the accurate allocation of costs, minimized IT workload, reduction in printer fleet, lower paper usage, enhanced authentication and security, reduced consumption of electricity, and improved efficiency. Managed print services help achieve streamlining of operations within businesses, thus ensuring maximum efficiency. The environmental benefits achieved by the use of managed print services such as reduced wastage of paper and reduced consumption of energy will also create a high demand for managed print services.
Transition to Digitization May Create Identity Crisis for Managed Print Services Market
The transition to digitized workflow will challenge the growth of the managed print services market. A large number of organizations are looking towards reduction in the use of paper and decreasing their reliance on paper, which is expected to severely crush the growth of the managed print services market. On a bright note however, experts within the managed print services market continue to believe that printing plays an important role for various business operations and this will ensure that companies will continue to rely on this function. In addition to this, as the print volumes are declining, providers of managed print services are extending their service to include document workflow, business process automation, and information management. This in turn is anticipated to drive the growth prospects of this market.