Managed Print Services Market is forecast to reach $58.6billion by 2025, after growing at a CAGR of 10.18% during 2020-2025. It allows small, medium and large scale enterprises to eliminate print servers and streamline print management thereby increasing the efficiency by cut down on consumables usage for good. It also allows the organizations in print fleet management by providing the managed document services across the globe.The report covers Managed Print Services Market size by type and applications, Managed Print Services Market share by top 5 companies and also the market share by start-ups during the forecast period.
North America dominated the managed print services market during the forecast period owing to the high manufacturers’ presence impacting the potential revenue of the region in 2018.
BFSI industry is analyzed to hold the highest market share owing to the significant usage of these services in the industry.
Increasing adoption of big solutions in various industries owing to the advantages including reduced costs and increase in productivity is analyzed to drive the market during the forecast period 2020-2025.
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Organization Size – Segment Analysis
Although the large Enterprises hold the highest market share as of 2018, small and medium scale enterprises are analyzed to show highest growth during the forecast period which is mainly attributed to the cast sensitivity of the managed print services. The MPS helps the organization in managing print devices such as printers, fax machines, copiers, and multi function devices. Xerox has stated that by employing the managed print services, the Newport City Council has observed >50% savings over a five year contract.
Application – Segment Analysis
BFSI industry is analyzed to hold the market share in 2019, however healthcare industry is analyzed to grow at highest rate during the forecast period due to high adoption rate. The market share for BFSI sector is mainly due to the wide use of papers for loan applications, new account opening and other purposes, which leads to high investment cost in resources. The high adoption in healthcare industry is mainly attributed to the management and optimization a high-volume print environment while reducing vulnerabilities with thousands of devices, which fuels the growth of the managed print services market.
Geography – Segment Analysis
North America dominated the Managed Print Services market, followed by APAC and Europe. The growth in the North America region is mainly due to the presence of leading printer/copier manufacturers, favorable government regulations, and rise in number of start-ups in this region. Moreover, the higher adoption rates of the managed print services in healthcare and government industries in the U.S. is further fuelling the growth of the managed print services market. The growth in APAC region is mainly attributed to the high adoption of these services in the small and medium scale enterprises.
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Drivers – Managed Print Services Market
Rise in initiatives to reduce paper wastage at work place
Organizations are increasingly implementing the green initiatives for the purpose of customer-facing benefit and also cost savings benefits that green initiatives can bring. For these green initiatives, many organizations have begun to opt for ways to reduce paper usage and wastage in the workplace thereby ensuring a simple, straightforward and effective path toward more far-reaching sustainability goals. Moreover the managed print services enable organizations to make incredible progress toward efficiency on a permanent basis. It allows small, medium and large scale organizations to eliminate print servers and streamline print management.
Challenges – Managed Print Services Market
Security Concerns in the Cloud based services
Although, the cloud based deployment model is employed is industries it poses the security concerns in the organizations thereby hindering the growth of the market. Cloud based deployment creates vulnerabilities on printers to become a more common attack vector, as cyber-attacks that exploit IoT devices are continuously on the rise. Moreover protecting print environment is challenging due to its complexity, particularly with mixed fleets compromising outdated old and new devices.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Managed Print Services market. In 2018, the market of Managed Print Services has been consolidated by the top players including Xerox, HP Inc., Ricoh Company, Ltd., Lexmark International, Inc., Konica Minolta, Inc., Canon Inc., Kyocera Document Solutions, Sharp Electronics, Toshiba, and ARC Document Solutions among others.
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