Press release
With 8.7% CAGR, Managed Print Services Market to hit $ 64.1 Billion 2027
Managed Print Services Market Report 2022-2027
What are the growth prospects of the managed print services industry?
The global managed print services market size reached US$ 38.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 64.1 Billion by 2027, exhibiting a growth rate (CAGR) of 8.7% during 2022-2027.
What is a managed print services?
Managed print service (MPS) is a customized service employed to manage the printing devices of the company. It optimizes printing work, minimizes operational expenditures and helps in effective planning by reducing the time spent on print-related tasks. It offers control in printing supplies and minimizes the wastage and carbon footprint of the printing fleet compared to conventional printing models. MPS assists in improving efficiency and enhancing flexibility by supervising printing functions and enabling users to access files from various web-connected devices. Apart from this, it allows organizations to improve their productivity and information security by monitoring usage, replacing consumables, and meeting the printing needs of the company, such as document size and format. At present, it finds extensive applications in banking, financial services, and insurance (BFSI), government, healthcare and education, manufacturing, retail and consumer goods, information technology (IT), and telecom industries.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the managed print services market?
Rapid digitization and the increasing use of paper across numerous industries are among the primary factors positively influencing the market across the globe. In addition, the growing need to manage time-consuming tasks is catalyzing the demand for cloud-based printing solutions to eliminate the need for on-premises infrastructure and enable the IT team to manage printers directly through a centralized portal. This, in confluence with the increasing demand for mobile printing ecosystems and reducing funding of businesses in buying printing solutions, is creating a favorable market outlook. Moreover, the incorporation of the latest technologies, such as artificial intelligence (AI) with wireless printing devices, combined with big data analytics for predictive maintenance, upgrading system, and reducing waste, is offering lucrative growth opportunities to the key market players to introduce advanced devices. Leading services providers are also introducing multi-level authentication to ensure protection against network intrusion and ensure streamlined workflow in the high-volume printing environment, which is further strengthening the market growth. Additionally, the increasing penetration of the high-speed internet and the rising adoption of devices, such as laptops, smartphones, and tablets, are contributing to the market growth. Moreover, the widespread adoption of MPS in the healthcare sector to provide a simple, efficient, cost-effective, and secure printing environment is propelling the market growth. Furthermore, several organizations are focusing on reducing printing margins and font size to reduce paper waste, which is creating a positive market outlook. Besides this, increasing investments in research and development (R&D) activities to employ robotic process automation (RPA) and introduce an error-free virtual workforce that replaces human involvement is anticipated to drive the market.
Managed Print Services Market 2022-2027 Competitive Analysis and Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global managed print services market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, deployment mode, organization size and industry vertical.
Breakup by Type:
Print Management
Device Management
Discovery and Design
Document Imaging
Breakup by Deployment Mode:
On-premises
Cloud-based
Breakup by Organization Size:
Large Enterprises
Medium Enterprises
Small Enterprises
Breakup by Industry Vertical:
BFSI
Government
Healthcare and Education
Manufacturing
Retail and Consumer Goods
IT and Telecom
Others
Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa
List of Major Key Players:
The major players in the market are
ARC Document Solutions Inc.
Brother Industries Ltd.
Canon Inc.
HP Inc.
Konica Minolta Inc.
Lexmark International Inc.
Ricoh Company Ltd.
Sharp Corporation
Toshiba Corporation
WeP Solutions Ltd
Xerox Corporation.
Key Highlights of the Report:
Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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