According to a new report published by BlueWeave Consulting, the global managed print services market valued at US$30,895.8 million is expected to grow at a CAGR of 7.5% from 2018-2026 reaching US$58,779.7 million over the forecasted period. According to the report, North America is the highest contributor in terms of revenue to the global managed print services market in the year 2017. However, Asia Pacific is the fastest growing region at a CAGR of 10.4%
Managed print services is a business solution that creates transparent and tangible value minimizing the energy usage on print, budget and time spend on the environment. It offers oversight and provision for business document output along with external service providers. The services include deployment of software/app by the vendors, device maintenance/support, and other additional services including assessment, analytics, mobility and other services/solutions offered by the MPS providers.
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Rise in increased security levels as well as reducing environmental impact are substantially driving the global managed print services market
Increased security level for printing document has been one of the instrumental factor driving the market. Data in any form has become very vital intellectual property (IP). Leakage of data such as business ideas, future strategies, or financial statements might adversely affect any company’s reputation in the market or cause heavy financial losses. Thus, security of data has been considered the highest priority in recent years. Advancements in technology and continuous innovation by vendors to provide high-level security to data while using MPS has recently attracted a high number of organizations to consider MPS for their printing needs.
Reducing Environmental Impact through the Use of MPS:
Organizations are increasingly considering CSR activities to comply with government regulations in order to mitigate environmental effects through their activities. Thus, reduction in the environmental effects is considered one of the major factors to aid the fast growth of the MPS market. Also, reduction in cost and reduction in downtime are key drivers too.
Efficient Maintenance and Reduction in Downtime
Maintenance is important to ensure the smooth functioning of printers in the long run and also to reduce the downtime. Furthermore, the replacement of cartridges, ink toners, papers, etc. is a part of printer maintenance, using up additional time and increasing operational expenses.
Scope of the Report
The global managed print services market is segmented on the basis of deployment, channel, enterprise size, and industry vertical. On the basis of deployment, the market is segmented into cloud, on-premise, and hybrid. The cloud-based market has contributed the highest revenue in 2017 while Hybrid is expected to grow at the fastest CAGR of 8.5% during the forecasted period. On the enterprise basis, there are SMEs and large enterprises. Based on channels there are Printer/Copier Manufacturers and Channel Partner/Core MPS Providers.
On the industry vertical basis the market is segmented into BFSI, Telecom and IT, Government and public, healthcare, education, legal, construction, manufacturing and others. The legal industry is expected to grow the highest in terms of both revenue and CAGR in during the forecasted period.
Recent Development – Competitive Dynamics
Major industry players in the managed print services market are adopting different expansion & innovation strategies to remain sustain themselves in the fast growing competitive market. . The key players in the market are Fujitsu Ltd, Xerox Corporation, HP Development Company, L.P., Canon, Inc, Konica Minolta, Inc., Kyocera Corporation, Ricoh Company Ltd, Toshiba Corporation, Epson, Sharp Corporation and others.
- In 2016, HP expanded its printing product portfolio with the introduction of PageWide web presses and Indigo digital presses. The expansion is aimed to drive business growth by providing high quality to print service providers without compromising on productivity
- In 2015 Canon U.S.A., Inc., collaborated with the Ontario, Canada-based Company PrintFleet LINK. This collaboration had enhanced in image CLASS Printonomics, an MPS program.
- Furthermore, in 2015, Fuji Xerox Co. Ltd. launched next-generation managed print services in the Asia-Pacific region which support document-related work processes with enhanced security in mobile and cloud environment
- For instance, Xerox emphasizes providing high-level authentication and encryption to ensure the protection of vital data. In February 2013, Xerox partnered with McAfee to enhance the security of its MPS.
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