Managed Print Services market to reach $94.97 billion by 2024: TMR

According to Transparency Market Research (TMR), a global market intelligence company, the worldwide market for managed print services (MPS) is poised for a strong CAGR (Compound Annual Growth Rate) of 14.8% during the forecasted period. Maintaining this pace, the opportunities in this market should rise from $26.18 billion (USD) in 2015 to $94.97 billion by 2024. MPS, said the TMR report, is driven by evolving customer needs and demands which have compelled players in this market to focus on delivering more innovative, flexible and cost-effective solutions. Managed print services are designed to streamline operations and ensure maximum efficiency. Benefits of MPS include reduction in print volumes, accurate allocation of costs, reduction in printer fleets, minimized IT workload, lowering paper usage, enhanced security and authentication, lower consumption of electricity, and improved overall business efficiency that impacts the bottom line.
One of the key challenges, said the report, is the ongoing transition to a more digitized paper workflow. Companies are looking to reduce their reliance on paper and this poses a major hurdle in the widespread adoption of MPS. Nevertheless, experts in the industry believe that, owing to the significant role that printing plays in various business operations, companies will continue to be reliant on it. Enterprises today are also presented with the opportunity of expanding the realm of MPS with the rising interest in document workflow automation. The market for MPS is undergoing what many in the industry term as an “identity crisis.” As print volumes decline at a steady pace, MPS providers are looking to extend their service areas to include business process automation, document workflow and information management.
Rising adoption of MPS by SMEs. The market for MPS is traditionally divided into large enterprises and small and medium-size enterprises (SMEs). The former accounted for the leading share in the overall market owing to the adoption of MPS in managing complex IT infrastructure. However, SMEs are slated to up their usage of managed print services because of increasing awareness of its many advantages. Managed print services fall into three main types based on deployment: on-premise, cloud-based and hybrid. Due to the growing popularity and adoption of cloud-based MPS, this segment enjoys increased preference by end-users. MPS find find their way into several end-use sectors – such as telecom and IT, banking, financial services and insurance, healthcare and government, as well as public, legal, education, manufacturing and construction. The government and public sector is by far the leading consumer of MPS, owing to its massive volume of paperwork.
Asia Pacific and Latin America identified as lucrative markets for MPS. The global MPS market is segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. North America has been the dominant market for MPS services and is likely to retain its lead through to 2024. The high level of awareness among SMEs, as well as large enterprises in the region enjoying the benefits of MPS, have greatly increased its adoption here. In addition to this, the North America MPS market is driven by the strong presence of major MPS providers and leading copier and printer manufacturers. Asia Pacific and Latin America are two of the most promising markets for MPS, and are slated to offer players a host of opportunities in the coming years, said the report. The growth of these regional markets can be attributed to rapid economic development and consequently, widespread industrialization.
Some of the leading players competing in the global MPS market are ARC Document Solutions, Kyocera, Ricoh, Canon, Toshiba, Lexmark, Xerox, Konica Minolta, Print Audit and HP Development. Geographical expansion and alliances with channel partners are some of the successful growth strategies adopted by these companies. You can access more TMR report details and purchase this and other studies by visiting www.transparencymarketresearch.com/managed-print-services…