Managed Print Service Market

Global Managed Print Service Market Size (2024-2029):

The Global Managed Print Service Market was worth US$ 41.97 billion in 2023 and is anticipated to reach a valuation of US$ 70.38 billion by 2029 from US$ 45.74 billion in 2024. It is predicted to register a CAGR of 9% during the forecast period 2024-2029.

MARKET SCENARIO

Managed print services (MPS) are the holistic and efficient management of printing & imaging services and devices like printers, copiers, fax machines, and multifunction devices. These services are often outsourced for vendors with expertise in well-organizing these services. Managed print services are employed to gain visibility and control the printing infrastructure to support organizations in saving money and raising productivity. These systems are also useful for improving environmental sustainability and document security. These managed print services usually begin with the process of gathering the requirements. The other step of this process is partially or completely replacing existing hardware, such as scanners, photocopiers, printers, faxes, and multifunction (MFP) devices. The service providers will supervise and service hardware and provide parts & supplies. These providers also monitor and report usage, problems, and user experiences.

MARKET DRIVERS AND RESTRAINTS

The growing adoption of big data solutions, initiatives to reduce paper wastage in the workplace, lower operating costs, surge in productivity and flexibility to match custom requirements, and enhanced information security are the primary drivers for the growth of the global managed print service market.

Also, the persistent rise in the complexity of technological solutions, continuous upsurge in dependency on heterogeneous networks of applications & infrastructure, and a steep increase in the adoption of big data solutions are the factors that are supposed to fuel the growth of the Managed Print Service Market during the forecast period. Moreover, the competent technical support by managed print service providers is the factor that is bolstering the adoption of these services. 

However, new and strategic partnerships and agreements resulting in recurring costs are expected to hinder the growth of the global managed print services market. Moreover, raised print security spending and the rise in the adoption of cloud MPS are creating lucrative opportunities for the global MPS market player's expansion.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Managed Print Service Market Analysis By Type

• Print Management
• Device Management
• Discovery & Design
• Document Imaging

Among all of these segments, The device management segment has dominated the managed print services market share for a long time. The growth of this segment is estimated to continue this trend over the forecast period owing to the rising adoption of these solutions for optimizing the performances of network printing devices, escalating their efficiency, and controlling costs. In addition, it also allows the network users to effectively share these devices while printing and also helps system administrators achieve enhanced device management efficiency along with the integrated benefit of centralized control. However, the document imaging segment is estimated to witness the highest growth during the forecast period, recording a higher CAGR, because of the rising demand for image capture for significant data handling and analytics in various organizations.

Global Managed Print Service Market Analysis By Size

• Large Enterprises
• Medium Enterprises
• Small Enterprises

Global Managed Print Service Market Analysis By Components

• On-premise
• Cloud-based
• Hybrid

Global Managed Print Service Market Analysis By Channel Type

• Printer/Copier Manufacturers
• System Integrators/Resellers
• Independent Software Vendors (ISVs)

Global Managed Print Service Market Analysis By Application

• BFSI
• Government
• Healthcare
• Education
• Industrial Manufacturing
• Retail
• Food & Beverages
• IT & Telecom

REGIONAL ANALYSIS

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

In the regional analysis of the Global Managed Print Service, North America held a significant share of the overall revenue owing to leading printer/copier manufacturers, favorable government regulations, and a growing number of startups in this region. However, the Asia-Pacific region is anticipated to witness growth at the highest CAGR due to the continuous rise in retail & consumer goods startups in emerging economies like India, China, and Japan.

KEY MARKET PLAYERS

1. Xerox Corporation (US)
2. HP Development Company, L.P. (US),
3. Lexmark International Corporation (US),
4. ARC Document Solutions, Inc. (US),
5. Kyocera Corporation (Japan),
6. Sharp Corporation (Japan),
7. Konica Minolta, Inc. (Japan),
8. Ricoh Company, Ltd. (Japan),
9. Toshiba Corporation (Japan),
10. Samsung Electronics Co. Ltd. (South Korea).

RECENT HAPPENINGS IN THE MARKET

• Xerox Corporation has updated the proposal for its acquisition of HP Inc. as they are going to acquire HP.

• AVX Corporation has announced that it successfully completed its previously announced acquisition by Kyocera Corporation, following the completion of Kyocera's tender offer to purchase all outstanding shares of AVX common stock that it did not already own.