Managed Print Services Market Size Expanding to Reach USD 78.4 Billion by 2029
Managed print services market growth is fueled by the quick and exponential growth of digitization, as well as by lower operating costs and flexibility to meet individual customer needs.
BlueWeave Consulting, a leading strategic consulting and market research firm, estimated the global managed print services market size at USD 42.24 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global managed print services market size to grow at a CAGR of 9.4% reaching a value of USD 78.38 billion by 2029. The market for managed print services is mostly driven by the escalating need for cloud computing and software as a service. The market expansion is favorably fueled by the quick and exponential growth of digitization, as well as by lower operating costs and flexibility to meet individual customer needs. One of the key factors fueling the growth of the managed print services market is the rapid uptake of big data solutions and IoT.
Global Managed Print Services Market – Overview
Under the managed print service program offered by print service providers, all commercial printing equipment, including printers, scanners, fax machines, copiers, and other types, is managed. Businesses can cut costs, produce less wastepaper, and boost productivity by methodically changing these devices. Due to their extensive use in numerous industries, managed print services have been gaining popularity. Technology advancements in big data and the internet of things have a significant impact on the MPS market. The development of a more computerized paper process is one of the most significant issues facing the managed print services sector.
Opportunity: Increase in initiatives to reduce workplace paper waste
Organizations are increasingly implementing green initiatives for the benefit of their customers as well as the cost savings that green initiatives can provide. Many organizations have begun to opt for ways to reduce paper usage and waste in the workplace for these green initiatives, ensuring a simple, straightforward, and effective path toward more far-reaching sustainability goals. Managed print services enable organizations to make incredible long-term progress toward efficiency. It enables small, medium, and large businesses to eliminate print servers and streamline print management.
Challenge: Concerns about security in cloud-based services
Although the cloud-based deployment model is used in industries, it raises security concerns in organizations, stifling market growth. As cyber-attacks that target IoT devices become more common, cloud-based deployment exposes printer vulnerabilities, making them a more common attack vector. Protecting the print environment is difficult due to its complexity, especially with mixed fleets compromising outdated old and new devices.
Impact of COVID-19 on Global Managed Print Services Market
COVID-19 pandemic adversely affected many industries, including managed print services. However, in the aftermath of the pandemic, businesses worked to recover their losses by reducing operating and running expenses across all corporate operations. To measure printer usage and department costs, businesses quickly adopted print management software. Companies are now looking for solutions that can optimize and consolidate their printer fleets. During the forecast period, the need to manage costs in post-COVID-19 environment is expected to be a significant growth driver for the global managed print services across industry verticals.
Global Managed Print Services Market – By Channel
The global market for managed print services is divided into two channels: printer/copier manufacturers and channel partner/core MPS providers. Due to the growing use of analytics and cloud computing technologies in printing and businesses realizing the value of MPS to benefit from microdermabrasion's benefits while spending less money overall, it is expected that printer and copier manufacturers will hold a higher share of the market.
Global managed print services market is fragmented, with numerous players serving the market. The key players dominating the global managed print services market are Hewlett-Packard (HP), Lexmark Corporation, Xerox Corporation, Toshiba, Kyocera, Document Solutions, Konica Minolta, Inc., ARC Document Solutions, Inc., Ricoh Company Ltd., Canon, Inc., Print Audit, Sharp Corporation, Honeywell International Inc., and Samsung Electronics Co., Ltd. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global Managed Print Services Market statistics. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in the Global Managed Print Services market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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