Companies adopting Managed Print Services to cut costs: New study

A recent report from IT publication CXOtoday.com, based in New York & India, revealed that, not surprisingly, in a challenging economic environment, enterprises around the world are focusing on layoffs as well as outsourcing some of their key business operations to cut costs. But it also added that printing was no exception. A large number of firms are now considering Managed Print Services (MPS) to cut operational expenditures, both to reduce the printing activities of employees as well as to achieve a more seamless workflow within the organization. It’s also estimated that an un-managed print environment can cost a firm as much as 30% more in costs compared to an managed printing environment.
A promising future for MPS is further confirmed by a recent report from Transparency Market Research (New York, Utah and India), which predicts that the market for Managed Print Services is poised to reach $94.97 billion by the year 2024, growing from $26.18 billion in the year 2015. The market is also expected to balloon at a compound annual growth rate of 14.8% between 2016 and 2024. Other factors that are pushing businesses to adopt MPS are its increased environmental benefits – including a significant reduction in paper waste coupled with a more efficient use of power.
Small and Medium Enterprises (SMEs) are further expected to drive this growth as they become more aware of the increased efficiency of the service. This unprecedented growth, coupled with cloud-based deployments, will also mean new opportunities for channel partners and system integrators – which contribute the largest share in the overall market. “Furthermore, cloud-based deployment was the largest segment of the MPS market in 2015 and is likely to dominate over the forecast period,” the report added.
The MPS market is currently dominated by OEM’s HP, Ricoh, Konica Minolta, Xerox, Toshiba, Canon and others, all of which intend to increase the number of channel partners to garner a larger market share of this promising segment.