Managed Print Services Market Is Estimated To Witness High Growth
The managed print services market is estimated to be valued at US$ 45.68 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Managed print services involve the evaluation, implementation, and ongoing optimization of an organization's document output systems through the professional management of the procurement, deployment, and use of imaging/printing devices like photocopiers, printers, multi-function devices (MFDs), and related support infrastructure. It helps businesses reduce costs, improve uptime, enhance security, and increase sustainability through optimized management of document output fleets and infrastructure.
Market Dynamics:
Increasing adoption of connected devices across industries is expected to drive growth of the managed print services market over the forecast period. Various organizations are increasingly adopting connected MFDs and printers for better document management and security. For instance, managed print services allow organizations to remotely monitor device usage patterns and proactively reorder supplies or schedule maintenance to avoid downtime. They also help secure documents through features like authentication, job tracking, automatic document deletion, and pull printing. Further, growing emphasis on reducing paper usage and promoting sustainability is also fueling demand for managed print optimization. Managed print service providers help organizations cut paper consumption through assessment of printing behavior and centralized administration of output infrastructure.
SWOT Analysis
Strength: Managed print services enable reduction in printing costs by 30-40% through optimization of printer fleets. It offers scalable multi-functional devices along with security of documents. Customized software solutions help improve workflow efficiency.
Weakness: Initial investment required for upgrading existing infrastructure is high. Lack of in-house IT expertise is a challenge for small businesses to manage complex managed print services.
Opportunity: Growth of BYOD and rise in mobile workforce is expanding the scope of managed services. Adoption of cloud-based printer management solutions provide opportunities for recurring revenues.
Threats: Customers may prefer to invest in printer hardware instead of outsourcing print management. Economic slowdowns can impact organizations' budgets for managed services.
Key Takeaways
The Global Managed Print Services Market Size is expected to witness high growth, exhibiting a CAGR of 8.5% over the forecast period, due to increasing need to optimize printing infrastructure and rationalize costs. Managed print services help organizations reduce operational expenses related to printing by 30-40% through assessment, implementation and management of multi-functional devices.
Regional analysis: North America dominated the global market in 2023, with a share of over 30%, owing to growind adoption of cloud-based printer management solutions among enterprises in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period, due to rise of BYOD culture and expansion of corporate offices in emerging countries of China and India.
Key players operating in the Managed Print Services market are Xerox Corporation, Ricoh Company, Ltd., HP Development Company, L.P, Konica Minolta, Inc., Canon, Inc., Lexmark International, Inc., Kyocera Corporation, Samsung Electronics Co., Ltd., Sharp Corporation, Toshiba Corporation. Xerox holds the leading position with strongest services capabilities and global presence. Ricoh has significant market share in Asia Pacific region. HP caters to both large enterprise as well as small and medium businesses.
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