Managed Print Services Market Size And Forecast 2024-2033

The Business Research Company recently released a comprehensive report on the Global Managed Print Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The managed print services market size has grown strongly in recent years. It will grow from $42.88 billion in 2023 to $46.83 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to cost reduction initiatives, increased printing complexity, rising awareness of environmental sustainability, growth in mobile printing, complexity of print infrastructure, focus on core competencies, globalization of business operations, integration with enterprise content management.

The managed print services market size is expected to see strong growth in the next few years. It will grow to $66.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to increasing digital transformation initiatives, shift to hybrid work environments, focus on user authentication and access control, advancements in print analytics, growth in 3d printing, focus on user experience, focus on sustainability and green printing. Major trends in the forecast period include remote print management, data analytics and predictive maintenance, print fleet optimization, device and document security, vendor consolidation and partnerships, subscription-based models, managed document services (mds), artificial intelligence (ai) and automation.

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Market Drivers and Trends:

Increase in digital transformation is expected to propel the growth of the managed print services market going forward. Digital transformation is the process of leveraging digital technologies, strategies, and tools to fundamentally change how organizations operate, deliver value to their customers, and interact with their stakeholders. Managed Print Services (MPS) play a pivotal role in the digital transformation journey of organizations. As businesses strive to embrace digital technologies and streamline their operations, MPS providers offer solutions that extend beyond traditional printing. MPS assists in transitioning from conventional print environments to digital platforms, enabling organizations to leverage cloud-based services, automate document workflows, and enhance overall document management. For instance, in November 2022, Zippia, a USA-based online recruitment services company published a report, according to which $1.5 trillion was spent on digital transformation globally in 2021 and global spending on digital transformation is expected to reach $6.8 trillion by 2023. Therefore, increase in digital transformation is driving the managed print services market.

Technological advancement is the key trend gaining popularity in managed print services market. Major companies operating in the managed print service market are focused on developing new technological solutions such as cloud-based solutions to improve flexibility and strengthen their market position. For instance, in September 2021, HP Inc., a US-based IT provider, introduced HP Managed Print Flex, a new cloud-first Managed Print Service (MPS), which simplifies management, boosts productivity and offers the flexibility to scale or modify in response to changing business needs, thus, reducing expenses. The cloud service allows customers and partners to select the printers that best suit their needs and quickly and effectively equip workers in the office or at home with the print technology.

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Major Key Players of the Market:

ARC Document Solutions Inc., Canon Inc., Hewlett-Packard Development Company L.P., Kyocera Document Solutions Inc., Konica Minolta Inc., Lexmark International Corporation, Ricoh Company Ltd., Sharp Corporation, Toshiba Corporation, Xerox Corporation, Novatech Inc., Samsung Electronics Co. Ltd., Ingram Micro Inc., SCC Document Services, Print Audit, Brother UK Ltd., EuroForm AS, Exela Technologies Inc., Epson America Inc., Fujitsu Limited, Comarch SA, Unisys Corporation, Amdocs Inc., ZTE Corporation, Nokia Corporation, Tech Mahindra Limited, CenturyLink (Lumen Technologies Inc.), Juniper Networks Inc., Motorola Inc., Vodafone Idea Limited

Managed Print Services Market 2024 Key Insights:

• The managed print services market size is expected to see strong growth in the next few years. It will grow to $66.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Rise In Print Security Spending Fuels Managed Print Services Market Growth
• Hp Inc. Redefines Flexibility With Innovative Managed Print Services
• North America was the largest region in the managed print services market in 2023

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