Press release
Managed Print Service Market Projected to Hit USD 101597 Million by 2032, Expanding at 9.4% CAGR: Credence Research
Market OutlookThe global Managed Print Service (MPS) market is positioned for robust expansion, reaching USD 49,516 million in 2024 and projected to grow to USD 101,597 million by 2032. This upward trajectory is driven by the increasing need for cost-efficient print infrastructure management across industries. Organizations are adopting MPS to streamline operations, minimize printing-related costs, enhance workflow productivity, and strengthen document security. As sustainability becomes a strategic priority, MPS solutions that help reduce paper usage, energy consumption, and overall environmental footprint are further accelerating market demand.
The market's growth is also propelled by rapid digital transformation, with businesses integrating advanced print management tools as part of their broader IT modernization efforts. Expanding remote and hybrid work models are fueling the adoption of cloud-based MPS platforms that enable centralized print administration, improved accessibility, and stringent cost control. With a projected CAGR of 9.4% between 2024 and 2032, the MPS market is set for strong momentum, supported by technological advancements, increased focus on organizational efficiency, and growing awareness of the strategic benefits of managed print solutions.
Key Growth Drivers
The Managed Print Service (MPS) market is gaining significant traction due to rising demand for cost optimization and print infrastructure consolidation. Enterprises are increasingly aiming to reduce expenses linked to legacy print hardware, maintenance, and consumables like toner, ink, and paper. MPS converts unpredictable capital expenditure into predictable operating costs, ensuring smoother budgeting and minimizing operational downtime. Subscription-based, device-as-a-service models are enabling organizations to streamline print environments while freeing internal IT teams to focus on mission-critical activities.
Another major driver is the acceleration of digital transformation supported by hybrid and remote workforce models. This shift has intensified the need for flexible, cloud-enabled, and secure print ecosystems. Cloud MPS solutions are expanding rapidly as companies seek seamless, location-independent print operations. At the same time, sustainability initiatives are shaping buyer preferences, with organizations adopting MPS tools that promote eco-efficient practices such as print analytics, duplexing, and optimized device utilization. Furthermore, strict compliance needs in sectors like BFSI, healthcare, and government are contributing to rising demand for secure printing, audit trails, and automated document workflows. Collectively, these drivers are reinforcing the market's strong growth outlook.
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Regional Analysis
The global Managed Print Service (MPS) market exhibits distinct regional dynamics. North America leads the global landscape, supported by advanced print infrastructures, widespread adoption across BFSI, healthcare, and education, and heightened focus on cost reduction and security enhancement. Asia Pacific stands out as the fastest-growing region, fueled by expanding commercial printing needs, rapid digitalization among SMEs, and government-led initiatives in countries such as China and India that are encouraging broader MPS adoption. Europe, along with Middle East & Africa and Latin America, continues to experience steady growth driven by sustainability compliance requirements, growing preference for cloud-based print solutions, and rising outsourcing of print management among medium and large enterprises.
Key Player Analysis
• Sharp Corporation
• HP Inc.
• Canon Inc.
• Xerox Corporation
• Toshiba Tec Corporation
• Ricoh Company, Ltd.
• Konica Minolta, Inc.
• Lexmark International, Inc.
• Brother Industries, Ltd.
• Kyocera Document Solutions Inc.
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Market Segmentation
By Channel
• Printer/Copier Manufacturers
• Channel Partners/Core MPS Providers
By Deployment
• On-Premise
• Cloud-Based
By Enterprise Size
• Small and Medium-Sized Enterprises (SMEs)
• Large Enterprises
By End-Use
• BFSI
• Healthcare
• Education
• Legal
• Government
• Retail
• IT and Telecom
• Manufacturing
• Others
By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
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Credence Research is a viable intelligence and market research platform that provides quantitative B2B research to more than 2000 clients worldwide and is built on the Give principle. The company is a market research and consulting firm serving governments, non-legislative associations, non-profit organizations, and various organizations worldwide. We help our clients improve their execution in a lasting way and understand their most imperative objectives.
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