Managed Print Services Market: Cloud-based Deployment to Remain Leading Contributor

According to TMR, the global managed print services market is expected to reach a valuation of US$31.5 bn by the end of 2016 and further rise to close to US$95 bn by 2024 at a robust CAGR of 14.8% from 2016 to 2024.

By deployment, the global managed print services market is segmented into on-premise, cloud-based, and hybrid services. Of these, cloud-based managed print services accounted for a share of around 44% in the global market in 2014, but are expected to hold a majority share in the market by the end of 2024, exhibiting a solid 16.3% CAGR between 2016 and 2024. Hybrid deployment of managed print services is also likely to gain steady demand in the coming years, with a 15.6% CAGR expected for the segment in the 2016-2024 forecast period.

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The healthcare, education, government, telecom and IT, legal, and BFSI sectors are the leading consumers of managed print services, followed by construction and manufacturing. “The steady and consistent rise in the demand for managed print services is illustrated by the high expected CAGR of these segments, with all of the aforementioned expected to exhibit a double-digit CAGR in the 2016-2024 forecast period,” said TMR’s lead analyst. The government and public sector is likely to remain the leading consumer of managed print services by the end of 2024, with an expected 2024 valuation of US$14.2 bn.

Regionally, North America is the leading contributor to the global managed print services market. The strong presence of market leaders such as Xerox Corporation, ARC Document Solutions, and HP has been beneficial for the North America market, since the economic environment in the region is highly conducive to technological innovations, which have helped the managed print services industry remain relevant in the digital age.

Environmental Benefits, Improved Data Security Crucial for Widespread Adoption of MPS

One of the key drivers for the global managed print service market is the increasing awareness about the environmental benefits of adopting MPS. Due to the reduced need for dedicated printing hardware, the volume of digital waste is reduced drastically. This is a significant advantage for the managed print services market, as e-waste is already becoming a key concern due to the booming consumer electronics industry.

Managed print services providers have also made significant efforts to improve the security of the client data handled during printing. Due to the rising threat of cybercrime, this has become a key driver for the global MPS market. Authentication as well as encryption services are now being used in the managed print services industry to ensure the safety of client data, with players increasingly looking to collaborate with digital security providers.

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Increasing Preference for Digital Content Holds Back Demand for Managed Print Services

One of the key restraints on the global MPS market is the increasing use of digital rather than physical content. Due to the convenience of being able to save data on the cloud from virtually any modern communication device, paper printing has taken a distinct back seat in the corporate sector and is likely to remain in that position in the coming years. However, the constant need for documents in sectors such as government, education, and law is expected to help the managed print services industry achieve steady growth.

Managed print services have become popular primarily among large businesses, whose diverse printing needs can be best served through outsourcing. However, for small and mid-sized enterprises (SME), managed printing may often be more expensive than in-house printing, as the volume of the data is too low to necessitate specialist services. Coming up with a modified cost structure to make managed print services lucrative to SMEs is thus a key opportunity for key market players.

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This release was published on openPR.