According to a report published by Transparency Market Research (TMR), the global managed print services market is projected to expand at a 14.8 per cent CAGR between 2016 and 2024. The opportunity in this market is anticipated to touch a valuation of US$94.97 billion by the end of 2024.
The global market for MPS is driven by evolving customer needs and demands, which has compelled solutions providers to focus on delivering innovative, flexible, and cost-effective offerings.
TMR says that the increasing demand from organisations for cost-effective systems has amplified the adoption of MPS on a global scale. Moreover, the requirement to streamline the printing workflow is also likely to boost the demand for MPS in the coming years.
Other factors driving the wider implementation of MPS include the ability to achieve cost savings, with organisations looking to reduce operational costs now focusing on MPS. Managed print solutions deliver insights over printing expenses, enabling businesses to devise printing budgets for the future.
Companies looking to tighten up security are also likely to adopt MPS in the coming years. TMP also suggests that increasing awareness regarding the environmental benefits of MPS, such as reducing paper wastage from conventional printers and the energy efficiencies associated with modern devices, is also likely to cause a spike in demand globally.
One of the key challenges facing managed print service providers is the ongoing transition to digitised paper workflows, The continuous strive to reduce reliance on paper and the introduction of paperless or paper-lite processes is an obstacle in the widespread adoption of MPS, however, according to TMR, industry experts believe that as printing plays a significant role in various business operations, companies will continue to be reliant on this function.
The market for MPS is undergoing an identity crisis. As print volumes decline at a steady pace, MPS providers are looking to extend their service area to include business process automation, document workflow and information management. Moreover, enterprises are now presented with the opportunity of expanding the realm of managed print services with the rising interest in document workflow automation.
According to the report, managed print services find application in several end-use sectors, such as telecom and IT, banking, financial services and insurance, healthcare, government, legal, education, manufacturing and construction. The government and public sector is by far the leading consumer of MPS.
Geographically, North America has been the dominant market for MPS services and is likely to retain its lead through 2024. The companies operating in the global managed print services market, such as ARC Document Solutions, Xerox, Ricoh, Canon, Lexmark, Konica Minolta, Toshiba, KYOCERA, HP and Print Audit, are aiming to escalate their market presence through an increased number of channel partners.