Managed Print Services Market forecast to witness phenomenal growth opportunities by 2024

Managed Print Services Market size is driven by the need to reduce the cost of operations and increase the flexibility in offering customizing services. Managed print services aid in obtaining a hindsight for businesses to gather the skillset and expertise required to counter the cost, risk, and complexity of the infrastructure that are unorganized. It also helps in gaining visibility and control of document processes. This helps in conserving time, automates further steps, uplifts productivity, and enhances security and sustainability. For instance, Ricoh (multinational imaging and electronics enterprise provider) has a holistic overview for ameliorating the print operations of an organization, which aid in aligning devices with businesses and managing everyday services to obtain an optimal efficiency.

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Large enterprises have changed their stance on the usage of managed print services and SMEs have started adopting these services aggressively. They are positive about the ROI in the technology; hence, as the market matures, it will bring in opportunities to drive business efficiency, especially in terms of digital transformation that is estimated to increase exponentially. However, product verification, optimization of the product, real-time quality, and monitoring of the services may impact the managed print services market growth over the forecasted timeline.

The technology can be delivered in the market through on-premise and cloud models. Large enterprises are deploying on-premise models as they want to have a control over their data and SMEs are inclined toward the cloud model due to its cost benefits and flexibility.

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Cloud model features will make the market more attractive over the forecast period and ensure that the products stay relevant. Thus, vendors offering MPS are collaborating with cloud providers to deliver their products to customers. The majority of the market revenue comes from IT & telecom, BFSI, healthcare, retail, manufacturing, and education industries.

North America leads the managed print services market and is expected to retain its lead in the global industry over the forecast timeline. This can be attributed to the awareness among the organizations in the region. Moreover, the majority of the leading copier and print manufacturers are present in the region, improving the revenue potential. Asia Pacific and Latin America are the most promising markets for MPS over the forecast timeline due to the rise in the economic development and simultaneous growth in industrialization. The high-end technological needs of the business are estimated to act as enforcers for cloud-based MPS market in the APAC region.

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Some of the key players in the managed print services market are Xerox, HPE, Ricoh, Lexmark, Canon, Samsung, Toshiba, Sharp, Kyocera, Pitney Bowes, and ARC Document solutions. The companies present in the market are adopting strategies of customized products, hybrid model for deployment, collaboration with cloud providers, and investment in pure providers. This will help them in capturing the market share with an enhanced product portfolio.

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