Managed Print Services Market Competitive Analysis by Key Vendors, Growth Factors, Development Status, and Forecast | COVID-19 Impact
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 size will garner the worth of approximately 51 BN USD by 2023, registering around 9% CAGR throughout the forecast period (2017 – 2023).
Managed Print Services (MPS) support the companies to gain proper control of the printing, boosting their productivity with cost-effective solutions. These services can reduce the printing office documents cost of up to 40%, improve productivity, and security. Over the past couple of years, the managed print services market has been growing rapidly owing to the increasing demand for cloud computing and software as a service.
The growing adoption of big data solutions is a major driving force behind the growth of the managed print services market. Moreover, the cloud-based print services are boosting the managed print services market growth to a large extent, gaining momentum among large companies. The cloud services along with the latest multi-functional printers for the integration of paper and digital workflows are widely used among organizations.
Owing to the beneficial features of MPS, there is a considerable rise in the adoption of these services across sectors, which increases the market size of managed print services, globally. Increasing uptake of BYOD policies by many organizations is also one of the key drivers propelling the market growth.
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.
MRFR has segmented its analysis into five key dynamics for enhanced understanding.
By Component: Hardware, Software, Services, and others.
By Deployment: On-Cloud and On-Premises among others.
By Organizations Size: Small & Medium Enterprises, and Large Enterprises.
By End-users: BFSI, IT & Telecommunications, Government, Healthcare, and others.
By Regions: Europe, North America, APAC and the Rest-of-the-World.
Global Managed Print Services Market - Competitive Analysis:
The highly competitive managed print services market appears to be fragmented owing to the competitive landscape formed by the many large and small players along with the new entrants. Major players are focusing on optimized situational awareness for customers, ensuring their mission success.
Matured players, through various strategic initiatives such as M&A activities, collaboration & innovations are constantly seeking market expansion. Substantial investments have been made in the R&D to develop a technology that is entirely on a different level and unrivaled.
Some of the players leading the global managed print services market include ARC Document Solutions, Inc. (U.S.), Lexmark International Corporation (U.S.), HP Development Company, Xerox Corporation (U.S.), L.P. (U.S.), Toshiba Corporation (Japan), Ricoh Company, Ltd. (Japan), Samsung Electronics Co. Ltd. (South Korea), Sharp Corporation (Japan), Kyocera Corporation (Japan), Konica Minolta, Inc. (Japan), HCL Technologies (India), Wipro LTD (India), Canon UK Limited (U.K), Acrodex Inc. (Canada), Seiko Epson Corporation (Japan), Konica Minolta (U.K), and Systems Technology, Inc. (U.S.) among others.
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