Market Highlights
Acknowledging the exponential growth, the market perceives currently and the potential of the market to grow in the future; Market Research Future (MRFR), in its recently published market forecast, asserts that the global managed print services market will garner the worth of approximately 51 BN USD by 2023, registering around 9% CAGR throughout the forecast period (2017 – 2023).
Market Boosters and Key Restraints
The size of the managed print services market is set to expand in the coming years, on account of rising need to bring down the cost of operations and elevate the convenience in providing customized services. Managed print services help gather hindsight for businesses to collect the skillset as well as the expertise needed for curbing the risk, complexity, and cost of the unorganized infrastructure. These services also help gain visibility and control document processes, which saves time, augment productivity, enhances security and sustainability and automates further steps.
Large enterprises and small and medium enterprises (SMEs) are now making extensive use of managed print services. These companies realize the returns on investment (ROI) potential of the technology and are constantly looking for opportunities that can help them elevate business efficiency. They are expected to take advantage of the new era of digital transformation, which is estimated to increase exponentially in the following years.
Rising adoption of big data solutions seems to have a significant effect on the managed print services market. Also, the demand for cloud-based print services is set to surge among large companies, which is deemed to add to the market strength in the following years.
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Segmentation:
The worldwide market for managed print services has been analyzed on the basis of segments like component, deployment, organization size, and end users.
The component segment consists of software, hardware, services, and others. The hardware types are fax, copier, printer, and others.
Deployment-based segments in the market are on-cloud and on-premises.
The organization sizes mentioned in the report are small & medium enterprises and large enterprises. Large enterprises are making use of on-premise models since they aspire to have better control over their data. Hence, the large enterprises segment can achieve the top position in the market in the coming years. SMEs, on the other hand, opt for cloud model services, given their cost benefits as well as flexibility.
The end-users in the market are IT and telecommunications, BFSI, healthcare, government, and others.
Regional Analysis
North America accounts for the leading market for managed print services, globally. Factors propelling the regional market include the presence of major vendors and the wide adoption of these services. Technological advancements transpired into the field have been powering the market growth, availing efficient systems.
Moreover, the increasing demand for cloud-based services is fostering the market growth in this region.
Europe region is also showing the positive sign towards the best-managed services. Technical advancements and increasing demand for multi-functional printers in the region will foster the market growth during the forecast period.
The Asia Pacific market for managed print services has emerged as the fastest growing market and is expected to show the highest growth using these services in the forecast periods. APAC countries like China, Japan, and India have accounted for a considerably fair share in the managed print services market and will be growing rapidly in the years to come.
Leading Companies
The players that are leading the worldwide market for managed print services are Konica Minolta (U.K), HP Development Company, L.P. (U.S.), Lexmark International Corporation (U.S.), Toshiba Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), Kyocera Corporation (Japan), Xerox Corporation (U.S.), Konica Minolta, Inc. (Japan), ARC Document Solutions, Inc. (U.S.), HCL Technologies (India), Ricoh Company, Ltd. (Japan), Canon UK Limited (U.K), Sharp Corporation (Japan), Acrodex Inc. (Canada), Wipro LTD (India), Systems Technology, Inc. (U.S.), Seiko Epson Corporation (Japan), to mention a few.
Recent News
September 2019
Flex Technology Group (FTG), a leading managed print services provider, has announced the opening of four new office locations across the United States (U.S). These locations include Texas, California, Dallas, Connecticut, New Haven, Arizona, Chico, and Mess.
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Global Managed Print Services Market Research Report: By Component (Hardware), Deployment (On Cloud), Organizations Size (SMB), End-Users (Telecommunications) - Forecast Till 2023
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