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The managed print services market size is forecast to increase by USD 7.67 billion, at a CAGR of 4.9% between 2023 and 2028. The accelerated growth of the market can be attributed to several key factors. One major driver is the increasing need to reduce hardware and consumables costs, which has led many organizations to seek more efficient and cost-effective solutions for commercial printing. Additionally, there has been a notable rise in the adoption of managed print services by small and medium-sized enterprises (SMEs) as they recognize the benefits of outsourcing print management to reduce operational burdens and improve productivity. Furthermore, the banking, financial services, and insurance (BFSI) security sector is witnessing growing demand for managed print services due to their need for secure, compliant, and cost-efficient printing solutions.
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The managed print services market forecasting report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest market trends and analysis and growth opportunities from 2018 to 2028.
The cloud-based segment is estimated to witness significant growth during the forecast period. In the cloud-based segment, 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. In addition, the primary reasons for the increasing adoption of cloud-based managed print services 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 the largest segment and was valued at USD 11.57 billion in 2018. Moreover, one of the major drivers for this segment is the low initial investments required for infrastructure development. In addition, as print services in cloud-based managed print services deployment are hosted on external servers, buyers do not need to invest in hardware, and, hence, cloud-based deployment is highly preferred by buyers. Furthermore, this results in reduced technical support and maintenance costs for enterprises. In addition, 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. Hence, these factors are fuelling the growth of this segment, which in turn drives managed print services market growth during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is fuelled by the presence of a high number of enterprises from the BFSI, IT, healthcare, education, and other sectors. In addition, these organizations are looking for a solution that will help them manage their printers and print documents efficiently to reduce overall printing costs and monitor overall print activities. Moreover, these organizations have started using managed print services. In addition, another reason for the growth of the market in this region is the increased acceptance of cloud-based managed print services among various end-user sectors such as the BFSI, government, education, and other industries. Therefore, these organizations are implementing cloud-based managed print services as they automate workflow, reduce cost, and offer high security. Hence, these factors are driving managed print services market growth in North America during the forecast period.
Our researchers analyzed the data with 2023 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.
One of the key factors driving the market growth is the rising demand for managed print services from the BFSI sector. Besides the ongoing digitization, the BFSI sector is still paper-driven as various banks and financial institutions need to print documents for new account openings, loan applications, mortgages, and other customer services. In addition, in any industry, unmanaged printing operations can cause a waste of money and time and can lead to the waste of paper, printing ink, and other resources.
Moreover, to optimize their print infrastructure, these organizations are increasingly implementing managed print services. In addition, with the help of managed print services, banks can optimize their print environment, as managed print services companies evaluate the available resources at banks and determine the right placement of the right devices to meet the needs of the back office, branches, and processing centers. These factors are driving managed print services market growth during the forecast period.
A key factor shaping the market growth is the strategic partnerships and acquisitions among market participants. The competition between the existing companies is intense in the global market. Thus, companies are opting for strategic partnerships and acquisitions with market participants such as software, technology, and platform providers.
Moreover, strategic partnerships and acquisitions help companies in product development, geographical expansion, and gaining access to technological expertise. In addition, 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. Therefore, it is positively impacting the managed print services (MPS) market. Hence, such factors are driving managed print services market growth during the forecast period.
The increasing use of digital media is one of the key challenges hindering market growth. Several organizations across the world are implementing different strategies to reduce their operational costs. For instance, on average, enterprises spend 2%-3% of their annual revenue on imaging and printing and use 10,000 sheets of printing and writing paper annually.
Moreover, the buying cost of paper may not be high for organizations; however, the amount spent on storing, printing, and copying is high. Therefore, the cost associated with paper operations is roughly 30 times the actual purchasing cost of paper. Hence, spending so much on paper and print management can be a large operating cost for enterprises. These factors will negatively impact managed print services market growth during the forecast period.
The managed print services market research and growth 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 managed print services market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ARC Document Solutions Inc: The company offers managed print services that benefit manufacturers and dealers while locking customers into equipment choices and lease terms that do not align with their needs.
The managed print services market forecast report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.9% |
Market Growth 2024-2028 |
USD 7.67 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.7 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ARC Document Solutions Inc., Brother Industries Ltd., Canon Inc., Exela Technologies Inc., Flex Technology Group, Hon Hai Precision Industry Co. Ltd., HP Inc., Icon Infotech Private Ltd., Konica Minolta Inc., KYOCERA Corp., Lexmark International Inc., Novatech, Ricoh Co. Ltd., Samsung Electronics Co. Ltd., Seiko Epson Corp., Toshiba Corp., USAM Technology Solutions Pvt. Ltd., VitrX, Xerox Holdings Corp., and Zebra Technologies Corp. |
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. |
Customization purview |
If our managed print services market 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
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