Market Highlights
The global managed print services market is expected to rise at a strong 9% CAGR over the forecast period from 2017 to 2023 to reach a valuation of USD 51 billion, according to the latest research report from Market Research Future (MRFR). The global managed print services market is set to rise at a strong growth rate over the forecast period due to the increasing demand for managed print services and the increasing incorporation of cloud and other modern facilities to make managed print services more capable and useful to the client.
The research report on the managed print services market provides a detailed historical review of the managed print services along with a detailed analysis of the microeconomic and macroeconomic factors affecting the market the most. The major drivers and restraints for the global managed print services market are profiled in the report, thus providing readers with a clear picture of what is making the managed print services market move.
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.
Segmentation:
The global managed print services market is segmented on the basis of component, deployment, organization size, end use, and region.
By component, the global managed print services market is segmented into hardware, software, services, and others. The hardware segment is further sub-segmented into copiers, fax machines, printers, and others.
By deployment, the global managed print services market is segmented into cloud and on-premise.
By organization size, the global managed print services market is segmented into large enterprises and small & midsized enterprises.
By end use, the global managed print services market is segmented into BFSI, IT and telecom, government, healthcare, and others.
Regional Analysis
The global managed print services market has been regionally split into Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW).
North America is the most profitable market for managed print services, thanks to the soaring demand for cloud-based services across large enterprises. In addition, most of the esteemed copier and print manufacturers are based in North America, which enhances the revenue potential of the market.
APAC is estimated to attain the highest growth rate during the conjectured time frame, on account of the quickly rising number of small & medium-sized businesses among others. Amplifying demand for managed application services in the BFSI sector benefits the regional market as well. Executives across the region face issues related to data security, as it directly affects their brand reputation. These data security issues call for managed print services, increasing their demand in the region. The surge in cybercrime activities, high adoption of mobile devices for accessing the corporate network, and surging importance of e-business are projected to boost market demand in the ensuing years.
A number of countries in Europe like France, the United Kingdom (U.K), and Germany are emerging as lucrative markets for managed print services. The regional market is also progressing as a result of the intensifying demand for multi-functional printers as well as cloud-based services.
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.