February 29, 2024
Managed Print Services Market

Managed Print Services Market Is Estimated To Witness High Growth Owing To Growing Demand For Cost Optimization & Improved Efficiency

Market Overview:

Managed Print Services refer to the comprehensive management and optimization of document output devices and related business processes. It includes services such as fleet management, device monitoring, maintenance, and support. Managed Print Services help organizations optimize their print infrastructures, streamline their document management processes, reduce costs, and improve efficiency. The market offers various products and applications including printer/copier leasing, print queue management, print server management, and document scanning and archiving.

Market Dynamics:

The Managed Print Services market is driven by the growing demand for cost optimization and improved efficiency. With organizations focusing on reducing operational costs and increasing productivity, Managed Print Services help in achieving these objectives by providing effective print management solutions. Additionally, the increasing adoption of cloud-based services and the rise in digitalization are further driving market growth. These services enable businesses to streamline their document workflows, enhance security, and reduce environmental impact. Moreover, the integration of advanced technologies such as artificial intelligence and machine learning in Managed Print Services is expected to create lucrative opportunities in the market.

The global Managed Print Services Market Growth is estimated to be valued at USD 44.4 Billion in 2023 and is expected to exhibit a CAGR of 11.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis:

The managed print services market can be segmented based on type, channel, organization size, and industry vertical. By type, the market can be divided into print management, device management, and discovery and design. Among these, print management is the dominating sub-segment due to its ability to improve productivity, reduce costs, and streamline printing processes for organizations. This type of service helps in monitoring and controlling the printing activities of an organization, which is essential for efficient business operations. With an increasing emphasis on cost reduction and process optimization, the demand for print management services is expected to grow significantly over the forecast period.

PEST Analysis:

Political: Governments across the globe are implementing regulations to reduce paper consumption and promote environmental sustainability, which is driving the adoption of managed print services.
Economic: With the rising need for cost optimization and operational efficiency, businesses are increasingly outsourcing their printing requirements, leading to the growth of the managed print services market.
Social: Increasing awareness about the environmental impact of excessive paper usage is encouraging organizations to adopt managed print services to reduce their carbon footprint.
Technological: Advancements in printing technology, such as cloud printing and mobile printing, have facilitated the adoption of managed print services by enabling remote printing and improving accessibility.

Key Takeaways:

The global managed print services market is expected to witness high growth, exhibiting a CAGR of 11.5% over the forecast period. The market is driven by the increasing need for cost optimization and operational efficiency in organizations. Managed print services help businesses streamline their printing processes, reduce costs, and improve productivity.

Regionally, North America is the fastest-growing and dominating region in the managed print services market. This can be attributed to the presence of key players and a high adoption rate of advanced printing technologies in this region.

Key players operating in the managed print services market include Xerox Corporation, HPE IT Services, Ricoh, Lexmark International, Inc., Canon, Inc., Samsung, Toshiba, Sharp, Kyocera, Pitney Bowes, and ARC Document Solutions. These companies are focusing on strategic partnerships, acquisitions, and product innovations to enhance their market presence and gain a competitive edge.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it