The global managed print services market size reached US$ 46.1 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 89.5 Billion by 2032, exhibiting a growth rate (CAGR) of 7.65% during 2023-2032. There are numerous factors that are driving the market, which include the growing demand for customized and scalable solutions, rising focus on core business activities, and increasing need to enhance operational efficiency in diverse enterprises.
For example, in response to the increased demand for print-as-a-service, Brother UK unveiled 3 new managed print services options on August 23, 2023, as to improve its support for resellers. MPS Essential, MPS Professional and MPS Enterprise are the three options that are designed for the needs of diverse businesses, ranging from small organizations with a single office to complex multi-site corporations.
On 28 September 2023, Konica Minolta Business Solutions (UK) Ltd partnered with the Teesside based managed print solutions provider, Digital Office Solutions, to strengthen its market reach in the Northeast of England and beyond. This partnership with Konica Minolta enables the company to provide clients with the latest bizhub multifunction print devices, backed up by the manufacturer’s direct support, with the team delivering personalized local support from a well-established and trusted independent managed print solutions expert.
Device management involves the centralized oversight of all print devices within an organization including printers, copiers, and multifunction devices. This centralized control guarantees that all devices are functioning optimally, reducing downtime while improving overall efficiency. To minimize disruptions and ensure that print machines function properly, effective device management entails prompt support services and routine maintenance. Preventive maintenance helps avoid possible problems before they become more serious ones.
Organizations can readily modify their print management services to meet changing demands because of the unmatched scalability provided by cloud-based MPS systems. This flexibility is especially helpful for companies whose print demands are changing or they are expanding quickly. Print environments can be remotely managed with cloud-based MPS, giving administrators more control and visibility regardless of the print environment's physical location. When considering upfront expenditures, cloud-based solutions are less expensive than traditional on-premises systems. They usually work on a pay-per-use or subscription basis, which can result in more predictable and controllable costs.
Large enterprises require a lot of printing since their departments produce a lot of documents. Large-scale print environments can be effectively managed and optimized with MPS technologies. Due to their substantial print-related costs, major businesses gain from MPS's cost savings. These services result in significant cost savings by lowering waste, improving device usage, and improving consumable management. MPS reduces downtime by offering centralized administration, automatic supply replenishment, and preventive maintenance.
The BFSI sector generates a substantial amount of paperwork including contracts, forms, statements, reports, and client communications. MPS helps manage and optimize this high volume of print activity efficiently. Managing printing costs is crucial for financial institutions. MPS solutions help BFSI organizations reduce expenses related to printing, including paper, ink, maintenance, and energy consumption, leading to significant cost savings. The BFSI sector is heavily regulated and requires strict adherence to various compliance standards regarding document handling, storage, and security. MPS providers offer solutions that ensure compliance with various regulations.
The rising adoption of cloud MPS solutions in the Asia Pacific region is impelling the market growth. In addition, many countries in the region are experiencing rapid economic growth, leading to an increase in business activities and the expansion of both local and multinational companies. This growth drives the demand for efficient print management solutions to support expanding operations.
On 28 November 2023, Japanese imaging and electronics company, Ricoh, partnered with a Belgian three-dimensional (3D) printing firm in a bid to produce 3D models of a patient’s anatomy. This partnership with Ricoh brings a large managed services infrastructure, which will enable hospital systems to more quickly and affordably implement and scale 3D technology for their physicians and patients.
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Key players in the market are focusing on enhancing security and maintaining compliance requirements. They are also taking various sustainability initiatives by adopting energy-efficient devices. Furthermore, they are engaging in strategic partnerships and acquisitions to expand their market presence. For instance, on 11 January 2023, Xerox acquired Advanced UK, an Uxbridge, UK-based hardware and managed print services provider, and long-standing Xerox Platinum partner. This acquisition allows Xerox to integrate, continue to strengthen its presence in the UK, and provide continuity to Advanced UK’s customer base. With its impressive capabilities and heritage in production print, Advanced UK already has a strong local client base.
2. What is the expected growth rate of the global managed print services market during 2024-2032?
3. What are the key factors driving the global managed print services market?
4. What has been the impact of COVID-19 on the global managed print services market?
5. What is the breakup of the global managed print services market based on the type?
6. What is the breakup of the global managed print services market based on the deployment type?
7. What is the breakup of the global managed print services market based on the organization size?
8. What is the breakup of the global managed print services market based on the industry vertical?
9. What are the key regions in the global managed print services market?
10. Who are the key players/companies in the global managed print services market?
Managed Print Services Market Analysis:
- Major Market Drivers: One of the key market drivers include compliance and regulatory requirements. Moreover, there is an increase in concerns about data security, which is acting as another growth-inducing factor.
- Key Market Trends: The rising focus on core business activities, along with the increasing demand for customized and scalable solutions, are main trends in the market.
- Geographical Trends: Asia Pacific exhibits a clear dominance, accounting for the biggest market share owing to the rising adoption of cloud-based solutions.
- Competitive Landscape: Numerous market players in the managed print services industry are ARC Document Solutions Inc., Brother Industries Ltd., Canon Inc., HP Inc., Konica Minolta Inc., Lexmark International Inc., Ricoh Company Ltd., Sharp Corporation, Toshiba Corporation, WeP Solutions Ltd, Xerox Corporation., among many others.
- Challenges and Opportunities: The high initial investment and vendor dependence are key market challenges. Nonetheless, the rising focus on sustainability, coupled with the hybrid work models, is projected to overcome these challenges and offer market opportunities.
Managed Print Services Market Trends:
Rising Focus on Core Business Activities
On 7 February 2023, Lexmark, a global leader in imaging and printing solutions, launched managed print services express, a cloud-based program that provides small and medium businesses (SMBs) with a solution to streamline their document management processes and free them from day-to-day printer management. The new program provides tools that allow partners to create their own commercial package for small and medium enterprise (SME) individuals, thereby building a long-term relationship that enables individuals to better focus on their core business. Moreover, by outsourcing print management to managed print services (MPS) providers, organizations can streamline their operations. This allows companies to eliminate the time and resources spent on managing print environments and enable employees to focus more on tasks that directly contribute to the company’s primary goals and revenue generation.Increasing Need to Enhance Operational Efficiency
MPS provides thorough control over printing procedures, tools, and supplies, which allow organizations to lower their printing expenses. Companies can lower their hardware and maintenance costs by outsourcing print management. MPS is also beneficial in enhancing operational efficiency by cutting downtime and optimizing print environments. Additionally, top players are introducing novel MPS solutions that address the varied requirements of businesses of all sizes.For example, in response to the increased demand for print-as-a-service, Brother UK unveiled 3 new managed print services options on August 23, 2023, as to improve its support for resellers. MPS Essential, MPS Professional and MPS Enterprise are the three options that are designed for the needs of diverse businesses, ranging from small organizations with a single office to complex multi-site corporations.
Growing Demand for Customized and Scalable Solutions
Depending on their size, industry, and operational requirements, different organizations have different print management demands. Providers can customize managed print services (MPS) to fit unique user needs such as managing high print volumes, connecting with pre-existing information technology (IT) infrastructure, or meeting industry-specific compliance standards.On 28 September 2023, Konica Minolta Business Solutions (UK) Ltd partnered with the Teesside based managed print solutions provider, Digital Office Solutions, to strengthen its market reach in the Northeast of England and beyond. This partnership with Konica Minolta enables the company to provide clients with the latest bizhub multifunction print devices, backed up by the manufacturer’s direct support, with the team delivering personalized local support from a well-established and trusted independent managed print solutions expert.
Managed Print Services Market Segmentation:
The publisher provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, deployment mode, organization size, and industry vertical.Breakup by Type:
- Print Management
- Device Management
- Discovery and Design
- Document Imaging
Device management accounts for the majority of the market share
Device management involves the centralized oversight of all print devices within an organization including printers, copiers, and multifunction devices. This centralized control guarantees that all devices are functioning optimally, reducing downtime while improving overall efficiency. To minimize disruptions and ensure that print machines function properly, effective device management entails prompt support services and routine maintenance. Preventive maintenance helps avoid possible problems before they become more serious ones.
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Cloud-based holds the largest share of the industry
Organizations can readily modify their print management services to meet changing demands because of the unmatched scalability provided by cloud-based MPS systems. This flexibility is especially helpful for companies whose print demands are changing or they are expanding quickly. Print environments can be remotely managed with cloud-based MPS, giving administrators more control and visibility regardless of the print environment's physical location. When considering upfront expenditures, cloud-based solutions are less expensive than traditional on-premises systems. They usually work on a pay-per-use or subscription basis, which can result in more predictable and controllable costs.
Breakup by Organization Size:
- Large Enterprises
- Medium Enterprises
- Small Enterprises
Large enterprises represent the leading market segment
Large enterprises require a lot of printing since their departments produce a lot of documents. Large-scale print environments can be effectively managed and optimized with MPS technologies. Due to their substantial print-related costs, major businesses gain from MPS's cost savings. These services result in significant cost savings by lowering waste, improving device usage, and improving consumable management. MPS reduces downtime by offering centralized administration, automatic supply replenishment, and preventive maintenance.
Breakup by Industry Vertical:
- BFSI
- Government
- Healthcare and Education
- Manufacturing
- Retail and Consumer Goods
- IT and Telecom
- Others
BFSI exhibits a clear dominance in the market
The BFSI sector generates a substantial amount of paperwork including contracts, forms, statements, reports, and client communications. MPS helps manage and optimize this high volume of print activity efficiently. Managing printing costs is crucial for financial institutions. MPS solutions help BFSI organizations reduce expenses related to printing, including paper, ink, maintenance, and energy consumption, leading to significant cost savings. The BFSI sector is heavily regulated and requires strict adherence to various compliance standards regarding document handling, storage, and security. MPS providers offer solutions that ensure compliance with various regulations.
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Asia Pacific leads the market, accounting for the largest managed print services market share
The rising adoption of cloud MPS solutions in the Asia Pacific region is impelling the market growth. In addition, many countries in the region are experiencing rapid economic growth, leading to an increase in business activities and the expansion of both local and multinational companies. This growth drives the demand for efficient print management solutions to support expanding operations.
On 28 November 2023, Japanese imaging and electronics company, Ricoh, partnered with a Belgian three-dimensional (3D) printing firm in a bid to produce 3D models of a patient’s anatomy. This partnership with Ricoh brings a large managed services infrastructure, which will enable hospital systems to more quickly and affordably implement and scale 3D technology for their physicians and patients.
Competitive Landscape:
The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the managed print services industry include ARC Document Solutions Inc., Brother Industries Ltd., Canon Inc., HP Inc., Konica Minolta Inc., Lexmark International Inc., Ricoh Company Ltd., Sharp Corporation, Toshiba Corporation, WeP Solutions Ltd, and Xerox Corporation.(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Key players in the market are focusing on enhancing security and maintaining compliance requirements. They are also taking various sustainability initiatives by adopting energy-efficient devices. Furthermore, they are engaging in strategic partnerships and acquisitions to expand their market presence. For instance, on 11 January 2023, Xerox acquired Advanced UK, an Uxbridge, UK-based hardware and managed print services provider, and long-standing Xerox Platinum partner. This acquisition allows Xerox to integrate, continue to strengthen its presence in the UK, and provide continuity to Advanced UK’s customer base. With its impressive capabilities and heritage in production print, Advanced UK already has a strong local client base.
Managed Print Services Market News:
- 27 March 2023: The University of Massachusetts (UMass) selects Toshiba America Business Solutions its Managed Print Technology Provider. The multi-year agreement enables UMass to advance academic, marketing, financial, eco, and information security goals across the University's statewide Amherst, Boston, Dartmouth, Lowell, Mount Ida and Worcester (UMass Chan Medical School) campuses. Toshiba's cloud-based Encompass™ Managed Print as a Service (MPaaS) platform helps the UMass community print more securely, sustainably, efficiently and affordably while managing the nearly 900 e STUDIO™ multifunction printers (MFPs) across the University's six campuses.
- 27 September 2023: Aurora Managed Print Services opened a new office in Newcastle to better serve the North East of England. As well as offering a broad range of managed print services, telecoms, print fleet optimization, document security, eco-friendly printing initiatives, and smart building management, the business supplies production printers from Ricoh, Konica Minolta, and Canon-who sponsored the new office.
Key Questions Answered in This Report
1. What was the size of the global managed print services market in 2023?2. What is the expected growth rate of the global managed print services market during 2024-2032?
3. What are the key factors driving the global managed print services market?
4. What has been the impact of COVID-19 on the global managed print services market?
5. What is the breakup of the global managed print services market based on the type?
6. What is the breakup of the global managed print services market based on the deployment type?
7. What is the breakup of the global managed print services market based on the organization size?
8. What is the breakup of the global managed print services market based on the industry vertical?
9. What are the key regions in the global managed print services market?
10. Who are the key players/companies in the global managed print services market?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Managed Print Services Market
6 Market Breakup by Type
7 Market Breakup by Deployment Mode
8 Market Breakup by Organization Size
9 Market Breakup by Industry Vertical
10 Market Breakup by Region
11 SWOT Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- ARC Document Solutions Inc.
- Brother Industries Ltd.
- Canon Inc.
- HP Inc.
- Konica Minolta Inc.
- Lexmark International Inc.
- Ricoh Company Ltd.
- Sharp Corporation
- Toshiba Corporation
- WeP Solutions Ltd
- Xerox Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 147 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 46.1 Billion |
| Forecasted Market Value ( USD | $ 89.5 Billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
