Managed Print Services Market Size 2023 | Industry Growth, Share and Forecast 2028

IMARC Group, a leading market research company, has recently releases report titled, “Managed Print Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global managed print services market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the managed print services market?

Report Attributes Details
Market Size in 2022 US$ 42.5 Billion
Market Forecast in 2028 US$ 69.3 Billion
Growth rate (2023 to 2028) CAGR of 8.4%
Base Year of the Analysis 2022
Forecast Period 2023-2028

What is managed print services?

Managed print service (MPS) is a customized service employed to manage the printing devices of the company. It optimizes printing work, minimizes operational expenditures and helps in effective planning by reducing the time spent on print-related tasks. It offers control in printing supplies and minimizes the wastage and carbon footprint of the printing fleet compared to conventional printing models. MPS assists in improving efficiency and enhancing flexibility by supervising printing functions and enabling users to access files from various web-connected devices. Apart from this, it allows organizations to improve their productivity and information security by monitoring usage, replacing consumables, and meeting the printing needs of the company, such as document size and format. At present, it finds extensive applications in banking, financial services, and insurance (BFSI), government, healthcare and education, manufacturing, retail and consumer goods, information technology (IT), and telecom industries.

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What are the growth prospects and trends in the managed print services industry?

Rapid digitization and the increasing use of paper across numerous industries are among the primary factors positively influencing the market across the globe. In addition, the growing need to manage time-consuming tasks is catalyzing the demand for cloud-based printing solutions to eliminate the need for on-premises infrastructure and enable the IT team to manage printers directly through a centralized portal. This, in confluence with the increasing demand for mobile printing ecosystems and reducing funding of businesses in buying printing solutions, is creating a favorable market outlook. Moreover, the incorporation of the latest technologies, such as artificial intelligence (AI) with wireless printing devices, combined with big data analytics for predictive maintenance, upgrading system, and reducing waste, is offering lucrative growth opportunities to the key market players to introduce advanced devices. Leading services providers are also introducing multi-level authentication to ensure protection against network intrusion and ensure streamlined workflow in the high-volume printing environment, which is further strengthening the market growth. Additionally, the increasing penetration of the high-speed internet and the rising adoption of devices, such as laptops, smartphones, and tablets, are contributing to the market growth. Moreover, the widespread adoption of MPS in the healthcare sector to provide a simple, efficient, cost-effective, and secure printing environment is propelling the market growth. Furthermore, several organizations are focusing on reducing printing margins and font size to reduce paper waste, which is creating a positive market outlook.  Besides this, increasing investments in research and development (R&D) activities to employ robotic process automation (RPA) and introduce an error-free virtual workforce that replaces human involvement is anticipated to drive the market.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

  • Print Management
  • Device Management
  • Discovery and Design
  • Document Imaging

Breakup by Deployment Mode:

  • On-premises
  • Cloud-based

Breakup by Organization Size:

  • Large Enterprises
  • Medium Enterprises
  • Small Enterprises

Breakup by Industry Vertical:

  • BFSI
  • Government
  • Healthcare and Education
  • Manufacturing
  • Retail and Consumer Goods
  • IT and Telecom
  • Others

Breakup by Region:

  • North America
  • Asia-Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • ARC Document Solutions Inc.
  • Brother Industries Ltd.
  • Canon Inc.
  • HP Inc.
  • Konica Minolta Inc.
  • Lexmark International Inc.
  • Ricoh Company Ltd.
  • Sharp Corporation
  • Toshiba Corporation
  • WeP Solutions Ltd
  • Xerox Corporation.

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