- Growing adoption of BYOD trend worldwide helps managed print services (MPS) worldwide capture stable revenues; companies to tap into the vast avenues by offering customization and innovation in traditional printing system as value propositions
- Small- and medium-scale enterprises to witness rapid adoption of MPS; Asia Pacific market to witness sizable revenue growth during forecast period
ALBANY, N.Y., June 30, 2022 /PRNewswire/ -- Analysis of recent managed print services statistics underscores the growing trend of industry investments in managed print services (MPS) market, especially for printing solutions in managing business document workflow. The demand for managed print services has been steadily growing among home and office users, mainly for cost-efficiency and better security. The market is projected to advance at CAGR of 9.3% during the forecast period of 2021-2031.
The growing use of cloud-based managed print services in hybrid workforces is increasingly driven by the increasing trend of bring your own devices (BYOD) in multiple industries. Best managed print services in 2022 have been able to capture customer interests by offering customization and constant value addition, including businesses of all size and home users. They are advancing document security capabilities.
As organizations globally are geared toward complying with the General Data Protection Regulation (GDPR) guidelines, service providers in the managed print services (MPS) market are anticipating enormous profitable avenues to capitalize on. Security and privacy concerns of digital content are thus expected to be key driving forces for generating new revenue streams in the near future.
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Key Findings of Managed Print Services (MPS) Market Study
- Cost Gains and Customization in Managing Document Workflows Spurring Demand: Managed print services have steadily grown in market prospects on the back of the demand for cost-effective as well as state-of-the-art printing products among enterprise users. Home users as well have shown a significant demand for MPS. The popularity has been stoked by the advantage of high security of business document MPS offer in hybrid working environment. Most players in the managed print services (MPS) market are tapping into the massive revenue potential by continuously tailoring the offering to the requirement of their customers aside from reiterating on the undeniable cost benefits.
- Cloud Integration Opens up Enormous Avenue: The demand for cloud-based solutions is expected to create massive profitable avenue in the managed print services (MPS) market. Cloud integration allows to save costs for businesses on buying on-premise printing solutions. Additionally, they are attracting customers who demand next-gen mobile printing ecosystem.
- Increased Security of Printing Solutions Attract Home and Office Users: Seamless and secure work experience for home users has spurred the demand for solutions in the managed print services (MPS) market. Providers in the market are persuading home users toward workflow automation and digital content management, wherein MPS occupy a pivotal role.
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Managed Print Services (MPS) Market: Key Drivers
- The managed print services (MPS) market is evolving on the need for flexible, reliable, and robust print services across enterprises. Customer's propositions for MPS stemmed from the rapid strides in the digitization of assets of companies across industries.
- The demand for cost-effective and secure solutions in the managed print services (MPS) market will keep fueling the revenue prospects
Managed Print Services (MPS) Market: Regional Growth Dynamics
- North America is expected to account for a major share of the global managed print services (MPS) market during the forecast period. The presence of some of the leading players in the U.S. and Canada keen on unveiling innovative products have reinforced the revenue growth of the regional market.
- Asia Pacific is a potentially lucrative managed print services (MPS) market. Massive demand for MPS in the IT, telecom, and healthcare sectors are likely to spur expansion of the Asia Pacific market. Small and medium enterprises are expected to witness high adoption of the services in the region.
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Managed Print Services (MPS) Market: Key Players
Key players are garnering strategic benefits by entering into collaborations and partnerships. Numerous providers in the managed print services (MPS) market aim at expanding their market shares by leveraging capabilities of a vast distribution channels around the world. Top 10 managed print services companies include Toshiba, Xerox Corporation, Lexmark Corporation, and Hewlett-Packard (HP).
Managed Print Services (MPS) Market Segmentation
- Channel Type
- Printer / Copier Manufacturers
- System Integrators/Resellers
- Independent Software Vendors (ISVs)
- Deployment
- Cloud
- On-premise
- Hybrid
- Enterprise Size
- Small and Medium Enterprise
- Large Enterprise
- End-user
- IT &Telecom
- BFSI
- Education
- Government
- Healthcare
- Manufacturing
- Retail
- Others
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Key Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries Covered
- U.S
- Canada
- Mexico
- Germany
- U.K
- France
- Italy
- Spain
- China
- India
- Japan
- ASEAN
- Saudi Arabia
- United Arab Emirates
- South Africa
- Brazil
- Argentina
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