Managed Print Services Global Market Report 2024

The global managed print services market has grown strongly in recent years. It will grow from $42.88 billion in 2023 to $46.83 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth observed in the historical period can be attributed to various factors, including efforts to reduce costs, the growing complexity of printing needs, heightened awareness and emphasis on environmental sustainability, the increased adoption of mobile printing solutions, the intricate nature of print infrastructure, a strategic focus on core competencies, the globalization of business operations, and the integration of printing processes with enterprise content management systems.

The global managed print services market is expected to see strong growth in the next few years. It will grow to $66.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The anticipated growth in the upcoming period is tied to several key factors, including the surge in digital transformation initiatives, the transition towards hybrid work settings, heightened attention to user authentication and access control, advancements in print analytics technology, the expanding domain of 3D printing, a strategic focus on enhancing user experience, and a concentrated effort towards sustainability through green printing practices. Major trends expected in this forecast period encompass remote print management solutions, the integration of data analytics and predictive maintenance for print systems, optimizing print fleets, bolstering device and document security measures, consolidation and partnerships among vendors, the rise of subscription-based models, the adoption of managed document services (MDS), and the integration of artificial intelligence (AI) and automation within printing processes.

The rise in expenditure on print security is anticipated to propel the managed print services market's growth trajectory. Print security involves managing print devices and related infrastructure securely. Managed print services play a crucial role in elevating document security and supporting environmental sustainability. Xerox, a US-based provider of print and digital document services, noted in a May 2023 article that 79% of organizations expect increased security spending within the next 12 months, with projections of 86% in the US and up to 85% in sectors like business services and retail by 2024. This surge in print security expenditure significantly contributes to the expansion of managed print services.

The advancement in digital transformation is set to drive the growth of the managed print services market. Digital transformation involves leveraging digital technologies, strategies, and tools to reshape organizational operations, value delivery, and stakeholder interactions. Managed Print Services (MPS) play a pivotal role in this transformation by offering solutions beyond traditional printing. These services aid in transitioning from conventional print setups to digital platforms, enabling the adoption of cloud-based services, automation of document workflows, and overall enhancement of document management. For instance, a November 2022 report by Zippia highlighted global spending of $1.5 trillion on digital transformation in 2021, projected to reach $6.8 trillion by 2023, emphasizing the driving force of digital transformation in the managed print services market.

Technological advancement emerges as a prominent trend driving the managed print services market. Major companies within this sector focus on developing innovative technological solutions, such as cloud-based offerings, to enhance flexibility and fortify their market standing. For instance, in September 2021, HP Inc., a US-based IT provider, introduced HP Managed Print Flex, a cloud-first Managed Print Service (MPS). This service simplifies management, boosts productivity, and offers scalability, catering to evolving business needs while reducing expenses. The cloud service enables customers and partners to swiftly select and deploy printers suitable for their requirements, whether for office or remote use.

Strategic collaborations and partnerships among major companies serve as a crucial strategy to strengthen their market positions. Business strategic partnerships denote structured affiliations between commercial enterprises established through business agreements or contracts. For instance, in December 2022, Konica Minolta, a Japan-based technology company, partnered with Brother International, focusing on addressing the consumer demand for A4 size printers in India. This collaboration aims to capitalize on growth opportunities and synergies between both organizations. Brother International, a Japan-based electronics and tools company, seeks mutual benefits through this strategic alliance.

In January 2022, Novatech, a prominent US-based provider of managed office solutions, finalized the acquisition of ManagedPrint, another US-based company specializing in managed print services (MPS). This strategic move significantly expands Novatech's capabilities, enriching its suite of comprehensive managed office solutions. The precise financial terms of this acquisition were not publicly disclosed.

Major companies operating in the managed print services market report are ARC Document Solutions Inc., Canon Inc., Hewlett-Packard Development Company L.P., Kyocera Document Solutions Inc., Konica Minolta Inc., Lexmark International Corporation, Ricoh Company Ltd., Sharp Corporation, Toshiba Corporation, Xerox Corporation, Novatech Inc., Samsung Electronics Co. Ltd., Ingram Micro Inc., SCC Document Services, Print Audit, Brother UK Ltd., EuroForm AS, Exela Technologies Inc., Epson America Inc., Fujitsu Limited, Comarch SA, Unisys Corporation, Amdocs Inc., ZTE Corporation, Nokia Corporation, Tech Mahindra Limited, CenturyLink (Lumen Technologies Inc.), Juniper Networks Inc., Motorola Inc., Vodafone Idea Limited

North America was the largest region in the managed print services market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the managed print services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the managed print services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of managed print services encompass print management, device management, discovery and design, and document imaging. Print management oversees the printers and print servers within a network, regulating interactions between printer hardware and devices requiring printing. Various channel types for managed print services include printer/copier manufacturers, system integrators/resellers, and independent software vendors (ISVs). Managed print services are deployed in different modes such as on-premise, cloud-based, and hybrid, catering to various organization types like small and medium enterprises (SMEs) and Large Enterprises. These services find applications across diverse sectors, including BFSI, government, education, healthcare, telecom and IT, manufacturing, legal, and other industries.

This report provides managed print services market statistics, including managed print services industry global market size, regional shares, competitors with a managed print services market share, detailed managed print services market segments, market trends and opportunities, and any further data you may need to thrive in the managed print services industry. This managed print services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The managed print services market includes revenues earned by entities by offering all elements of outsourced printing hardware, such as printers, scanners, fax machines, and copiers for printing services. Establishments that provide printing services are included in this market. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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