Global Managed Print Services Market Projected to Reach US$ 84.3 Bn by 2031: TMR Analysis

The Global Managed Print Services (MPS) Market (관리형 인쇄 서비스(MPS) 시장), valued at US$ 37.4 Bn in 2021, is on a robust growth trajectory, expected to expand at a CAGR of 8.7% from 2022 to 2031, reaching an estimated US$ 84.3 Bn by the end of 2031. This growth is being propelled by an increased focus on improving operational efficiency, the rising need for enhanced security and compliance, and the widespread adoption of digital transformation initiatives across various industries.

Key factors driving the global managed print services market include the growing emphasis on operational efficiency and the need for secure document management. As enterprises increasingly adopt cloud-based solutions and digital transformation strategies, the demand for MPS is rising. MPS providers are responding by offering comprehensive solutions that address the evolving needs of their clients, such as print fleet management, document workflow optimization, and enhanced security and compliance measures.

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Market Introduction: Managed Print Services (MPS) refers to the outsourcing of print management tasks to third-party providers, who help organizations optimize their printing infrastructure, manage print devices, and streamline document workflows. MPS offerings typically include a range of services such as assessment and optimization, hardware and software provision, monitoring and maintenance, supply management, and cost optimization.

The benefits of MPS are numerous, including improved cost control, increased efficiency, reduced environmental impact, enhanced security, and access to the latest technology. By outsourcing print management, organizations can focus on their core business activities while leveraging the expertise of MPS providers to manage their print operations.

Driving Forces Behind Market Growth
1. Cost Reduction and Efficiency Improvement
In-house print infrastructure management can be costly, particularly for companies with high-volume printing needs. The adoption of MPS allows companies to reduce these costs by outsourcing the management of print equipment, supplies, and processes to specialized providers. MPS providers offer services such as print fleet management, process optimization, and supply management, enabling organizations to benefit from economies of scale and specialized expertise.

Additionally, MPS providers help organizations identify further cost-saving opportunities by optimizing print processes, such as recommending double-sided printing or consolidating print fleets. By implementing these strategies, companies can achieve significant cost reductions while also reducing their environmental footprint.

2. Enhanced Document Security
With the rise in digital data and the growing number of cyberattacks, organizations are increasingly concerned about the security of their documents. MPS providers offer a range of security services, including secure printing, access control, document encryption, and secure disposal of documents. These services enable organizations to protect sensitive information, implement secure print policies, and ensure proper document destruction to prevent unauthorized access.

The need for secure document management solutions has become even more critical with the increase in remote work. MPS providers are addressing this demand by offering solutions that enable secure printing and document management from any location, further driving market growth.

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3. Integration of AI and Automation
The integration of artificial intelligence (AI) and automation into MPS solutions is enhancing the efficiency and cost-effectiveness of print management. AI and automation enable MPS solutions to optimize printer usage, route print jobs to the most appropriate devices, and reduce the need for manual intervention. These technologies help businesses reduce printing costs, improve process accuracy, and save time, making MPS solutions more appealing to organizations seeking to enhance their operational efficiency.

By automating routine tasks and optimizing workflows, AI and automation are driving demand for MPS, further fueling market expansion.

Regional Outlook
North America is expected to dominate the global managed print services market (Marché des services d'impression gérés (MPS) from 2022 to 2031, driven by the region's focus on cost optimization and the widespread adoption of cloud-based MPS solutions. The market in North America is highly competitive, with major players such as Xerox Corporation, HP Development Company, Canon Inc., and Konica Minolta Inc. leading the industry.

Asia Pacific is anticipated to record the fastest growth during the forecast period, supported by increasing awareness of MPS among enterprises and a growing focus on reducing operational costs. The region's expanding business landscape and the need for efficient document management solutions are key factors contributing to the market's rapid growth.

Key Players and Competitive Landscape
The managed print services market features several key players who are investing in advanced technologies to deliver cutting-edge solutions. Major companies such as HP Development Company, Zebra Technologies Corporation, Brother Industries, Xerox Corporation, Ricoh Company, Lexmark International, and others are focused on expanding their product offerings and enhancing their service capabilities.

Recent developments in the industry include Xerox Corporation's acquisition of Go Inspire in July 2022, aimed at expanding its digital services and printing solutions business in the EMEA region. Additionally, in February 2022, Toshiba Tec Corporation launched the Encompass Managed Print as a Service (MPaaS) subscription program, offering cloud-based solutions to manage document workflows from any location.

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