The Managed Print Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Managed Print Services Global Market Report 2024, The managed print services market size has grown strongly in recent years. It will grow from $42.88 billion in 2023 to $46.83 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to cost reduction initiatives, increased printing complexity, rising awareness of environmental sustainability, growth in mobile printing, complexity of print infrastructure, focus on core competencies, globalization of business operations, integration with enterprise content management.
The managed print services market size is expected to see strong growth in the next few years. It will grow to $66.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to increasing digital transformation initiatives, shift to hybrid work environments, focus on user authentication and access control, advancements in print analytics, growth in 3d printing, focus on user experience, focus on sustainability and green printing.. Major trends in the forecast period include remote print management, data analytics and predictive maintenance, print fleet optimization, device and document security, vendor consolidation and partnerships, subscription-based models, managed document services (mds), artificial intelligence (ai) and automation.
The increase in print security spending is expected to drive the market for managed print services going forward. Print security refers to the secure management of print devices and related infrastructure. Managed printing aids the company in enhancing document security and environmental sustainability. For instance, according to an article published in May 2023, by Xerox, a US-based print and digital document products and services, print security spend continues to rise. Overall, 79% of organizations expect their security spend to increase in the coming 12 months in 2024, and it is expected to rise to 86% in the US and to 85% in business and professional services and retail . Hence, an increase in the print security spending is driving the growth of managed print services.
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The managed print services market covered in this report is segmented –
1) By Type: Print Management, Device Management, Discovery and Design, Document Imaging2) By Channel Type: Printer/Copier Manufacturers, System Integrators/Resellers, Independent Software Vendors (ISVs)
3) By Deployment Mode: On-premise, Cloud-based, Hybrid
4) By Organization Type: Small and Medium Enterprises (SMEs), Large Enterprises
5) By Application: BFSI, Government, Education, Healthcare, Telecom and IT, Manufacturing, Legal, Other Applications
Technological advancement is the key trend gaining popularity in managed print services market. Major companies operating in the managed print service market are focused on developing new technological solutions such as cloud-based solutions to improve flexibility and strengthen their market position. For instance, in September 2021, HP Inc., a US-based IT provider, introduced HP Managed Print Flex, a new cloud-first Managed Print Service (MPS), which simplifies management, boosts productivity and offers the flexibility to scale or modify in response to changing business needs, thus, reducing expenses. The cloud service allows customers and partners to select the printers that best suit their needs and quickly and effectively equip workers in the office or at home with the print technology.
The managed print services market report table of contents includes:
1. Executive Summary
2. Managed Print Services Market Characteristics
3. Managed Print Services Market Trends And Strategies
4. Managed Print Services Market – Macro Economic Scenario
5. Global Managed Print Services Market Size and Growt
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26. South America Managed Print Services Market
27. Brazil Managed Print Services Market
28. Middle East Managed Print Services Market
29. Africa Managed Print Services Market
30. Managed Print Services Market Competitive Landscape And Company Profiles
Top Major Players:
- ARC Document Solutions Inc
- Canon Inc
- Hewlett-Packard Development Company L.P
- Kyocera Document Solutions Inc
- Konica Minolta Inc
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