April 17, 2024
Managed Print Services Market

The Rapidly Evolving Managed Print Services Market is Driven by Digital Transformation

The managed print services market provides document output and management solutions to organizations by professionally analyzing and optimizing their printing requirements and infrastructure. It incorporates analyzing current printing needs, rightsizing the fleet, implementing security controls, and monitoring usage to significantly reduce costs while improving efficiency.

The Global Managed Print Services Market is estimated to be valued at US$52.63 billion in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the managed print services market are DIC CORPORATION, Solvay S.A., Lion Idemitsu Composites Co., Ltd, Toray Industries, Inc., Tosoh Corporation, SK chemicals, Chengdu Letian Plastics Co., Ltd., Celanese Corporation, TEIJIN LIMITED, SABIC, Zhejiang NHU Co., Ltd., LG Chem, RTP Company and Ensinger.

The demand for managed print services is growing significantly as organizations across industries are looking to optimize their printing infrastructure through professional management. Digitization and remote working culture has further increased the need for secure, cloud-based printing solutions.

The managed print services vendors are also expanding globally to tap foreign markets and gain new customers. Many players have entered into strategic partnerships or acquired local players to strengthen their international footprint especially in Asia Pacific and Europe.

Market Key Trends

One of the major trends in the managed print services market size is the shift towards more sustainable and eco-friendly printing solutions. Many vendors are focusing on developing recycling and remanufacturing programs for used cartridges and devices. They are also providing consulting to optimize paper usage through digital document management. Sustainability certifications are gaining prominence and influencing buying decisions. Moreover, adoption of digital printing technologies that reduce waste is surging driven by environmental concerns as well as cost benefits. This key trend is expected to continue in the coming years.

Porter’s Analysis

Threat of new entrants: Low capital requirement and absence of major economies of scale makes threat of new entrants moderate in the managed print services market.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products and differentiated needs of buyers.

Bargaining power of suppliers: A few large multinational companies control most of the managed print services market giving them strong bargaining power over buyers.

Threat of new substitutes: Threat of new substitutes is low as managed print services provide integrated solutions and customized services according to buyer needs.

Competitive rivalry: The global managed print services market is highly fragmented with presence of numerous global and regional players leading to high competitive rivalry.

Geographical regions: North America is currently the largest market for managed print services, accounted for around 35% of the global market share in terms of value in 2024. Strong economy, technological advances, and presence of major players drive the North American managed print services market.

Asia Pacific region is expected to be the fastest growing market during the forecast period from 2024 to 2030. Growth in Asia Pacific region is attributed to rising IT spending from companies, improving infrastructure, increasing number of SMEs adopting managed print services, and growing awareness about benefits of such services. Countries like China, India, Japan, and South Korea will be major revenue generators for managed print services market in Asia Pacific.

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