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The managed print services market is estimated to grow at a CAGR of 4.7%and the size of the market is forecast to increase by USD 6,991.94 million between 2022 and 2027. Some of the key vendors in this industry include Flex Technology Group, ARC Document Solutions Inc., Canon Inc., and EuroForm AS.
MPS providers manage all aspects of organizations printing devices, including copiers, faxes, printers, and scanners. With the help of MPS, organizations can streamline their operations with efficient documentation processes and reduce the overall print cost. Therefore, there is a high demand for managed print services.
The growth of the managed print services (MPS) market depends on several factors, including the need for the reduction of hardware and consumables costs, increased adoption of MPS by SMEs, and increased adoption of MPS in the BFSI sector.
This report extensively covers market segmentation by deployment (cloud-based, on-premise, and hybrid), platform (large enterprises and SMEs), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The need for the reduction of hardware and consumables costs is notably driving the market growth, although factors such as the increasing use of digital media may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Managed Print Services (MPS) Market Driver
The need for the reduction of hardware and consumables costs is notably driving the market growth. To optimize print and document output, MPS is a professional service offered by external service providers. It helps organizations to manage print devices such as printers, fax machines, copiers, and multifunction devices. As MPS helps in saving time and money, it is often outsourced to vendors to streamline print operations. MPS also enables organizations to set up cost-effective and well-managed imaging and printing networks.
A few major advantages of using MPS include hardware maintenance (an organization can maintain a centralized printer rather than maintaining different printers for each department which helps in saving operation and maintenance costs.); reducing workflow bottlenecks (if print operations are not carried out properly, they can create workflow bottlenecks in organizations. MPS reduces employees' time to load paper into the printer or circulate documents once they are printed. MPS providers address all the issues quickly so that the workflow is not interrupted), and others. Therefore, MPS offers multiple benefits that help in reducing hardware and maintenance costs; this has led to various enterprises opting for MPS. Thus, such factors will boost market growth during the forecast period.
Significant Managed Print Services (MPS) Market Trend
Strategic partnerships and acquisitions among market participants are emerging trends in the market. The competition between the existing vendors is intense in the global MPS market. Therefore, vendors are opting for strategic partnerships and acquisitions with market participants such as software, technology, and platform providers. Strategic partnerships and acquisitions help vendors in product development, geographical expansion, and gaining access to technological expertise. These collaborations also enable vendors to explore areas of new opportunities for their products and services and generate revenue through the sales of their products and services to a wider customer base across the geographies.
One of the popular strategic partnerships and acquisitions between vendors and market participants include Xerox acquiring Arena Group, a provider of office technology, software, solutions, and services in the UK. With this acquisition, the company would focus on expanding its offerings to SMBs. Thus, the rising number of such strategic partnerships and acquisitions between vendors and market participants is expected to have a positive impact on the growth of the global MPS market during the forecast period.
Major Managed Print Services (MPS) Market Challenge
The increasing use of digital media is a major challenge impeding market growth. To reduce operational costs many organizations across the world are implementing different strategies. The buying cost of paper may not be high for organizations; however, the amount spent on storing, printing, and copying is high. The cost associated with paper operations is roughly 30 times the actual purchasing cost of paper. Thus, spending so much on paper and print management can be a huge operational cost for enterprises. Therefore, enterprises are motivating their employees to print the documents which are necessary.
Additionally, enterprises have started sharing digital reports, which would be more efficient and reduce paper use. Several enterprises are focusing on digital media instead of print media for offering services to customers. For instance, in May 2019, HSBC Holdings Plc (HSBC) announced that it had reduced operating costs and increased revenue by going paperless with Adobe. Hence, such factors will hinder the growth of the global market during the forecast period.
Key Managed Print Services (MPS) Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Managed Print Services Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the managed print services (MPS) market.
Flex Technology Group - The company operates under one segment. The company under this segment focuses on providing customized office technology solutions such as print, document management, document production, and managed IT solutions. The key offerings of the company include managed print services.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Technavio categorizes the global managed print services (MPS) market as a part of the global specialized consumer services market within the globally diversified consumer services market. The parent global specialized consumer services market covers revenue generated by the consumer service providers, including residential services, home security services, legal services, personal services, renovation, and interior design services, consumer auction services, wedding services, and funeral services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The market share growth by the cloud-based segment will be significant during the forecast period. In cloud-based MPS deployment, the printer software and files are hosted externally, which enables enterprises to access printer software and file software through a cloud network, thus reducing the need for hardware and software. The primary reasons for the increasing adoption of cloud-based MPS are globalization and the expanding geographical presence of end-users operating in the IT, BFSI, and retail sectors, which give rise to the need for a centralized system for print-related operations.
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The cloud-based segment was valued at USD 12,294.57 million in 2017 and continued to grow until 2021.One of the major drivers for this segment is the low initial investments required for infrastructure development. As print services in cloud-based MPS deployment are hosted on external servers, buyers do not need to invest in hardware, and, hence, cloud-based deployment is highly preferred by buyers. This results in reduced technical support and maintenance costs for enterprises. Additionally, cloud servers are hosted at different locations and incorporate numerous servers; therefore, even if there is an outage, enterprises will still have access to print servers. Owing to the abovementioned reasons, cloud-based MPS deployment is gaining traction among enterprises. Several SMEs that have low IT budgets prefer cloud-based MPS as they offer scalable networks, easy maintenance, reduced costs, and reduced up-time. Hence, such factors are anticipated to boost the growth of the cloud-based segment of the global market during the forecast period.
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North America is estimated to contribute 35% to the growth of the global managed print services (MPS) market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In 2022, North America dominated the global market in terms of revenue, and the leading position of the region is expected to continue during the forecast period. This is because of the presence of a high number of enterprises from the BFSI, IT, healthcare, education, and other sectors. These organizations are looking for a solution that will help them to manage their printers and print documents efficiently to reduce overall printing costs and monitor overall print activities. Therefore, these organizations have started using MPS.
Another reason for the growth of the MPS market in this region is the increased acceptance of cloud-based MPS among various end-user sectors such as the BFSI, government, education, and other industries. These organizations are implementing cloud-based MPS as they automate workflow, reduce cost, and offer high security. This factor will also boost the regional market during the forecast period.
The COVID-19 outbreak had a negative impact on the regional market in 2020. As the number of COVID-19 cases kept increasing considerably in North America various vendors shut down their retail stores on a temporary basis and moved to online channels. Specialized consumer services in the US are selling them through their online portals. Such strategies will help vendors survive in the competitive managed print services (MPS) market and retain customer loyalty toward specific brands. Thus, all these factors will lead to growth in the regional market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Deployment (Cloud-based, On-premise, and Hybrid), Platform (Large enterprises and SMEs), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
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Managed Print Services Market Scope |
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Report Coverage |
Details |
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Page number |
173 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.7% |
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Market growth 2023-2027 |
USD 6,991.94 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.6 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 35% |
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Key countries |
US, China, Japan, Germany, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ARC Document Solutions Inc., Canon Inc., EuroForm AS, Exela Technologies Inc., Flex Technology Group, HP Development Co. LP, Konica Minolta Inc., Kyocera Corp., Lexmark International Inc., Novatech, Ricoh Co. Ltd., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sharp Corp., Toshiba Corp., Vereco Inc., WBM Technologies Inc., Xerox Holdings Corp., YS Soft Corp AS, and Brother Industries Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Platform
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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