Press Release / Technology / Managed Print Services Market Expected Witness Rapid Expansion by the End of 2023

Managed Print Services Market Expected Witness Rapid Expansion by the End of 2023

Market Overview:

Managed print services are the services that are offered by external print provider to optimize and manage any company’s document output. These services include holistic and efficient management of imaging and printing devices such as printers, fax machines, copiers, scanners and others. As per the report that has been published by Market research Future (MRFR), the global managed print services market is poised to expand at a significant CAGR of 9% during the forecast period of 2017-2023 and reach a valuation of 51 Bn by the end of 2023.

The Global Managed Print Services Market Research Report: By Component (Hardware), Deployment (On Cloud), Organizations Size (SMB), End-Users (Telecommunications) - Forecast Till 2023. This study covers the market dynamics and trends in major countries that are expected to influence the current market scenario and future status of the Global Managed Print Services Market over the forecast period.

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Xerox Corporation (U.S.), ARC Document Solutions, Inc. (U.S.), HP Development Company, L.P. (U.S.), Sharp Corporation (Japan), Lexmark International Corporation (U.S.), Kyocera Corporation (Japan), Toshiba Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), Konica Minolta, Inc. (Japan), and Ricoh Company, Ltd. (Japan) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Managed Printing Services Market.

According to the Market Research Future Analysis, the global Managed Print Services Market is expected to reach USD ~51 billion by the end of the forecast period at a CAGR of ~9%.

Industry Updates:

On 1st August 2018, HP has announced that it has entered into a definitive agreement for acquiring Apogee, Europe’s leading multivendor managed print service provider

On 8th August 2018, CynergisTek, a leader in healthcare cybersecurity and information management, has announced that Yale New Haven Health System has renewed and extended its managed print services (MPS) contract with CyergisTek.

Market Drivers and Restraints:

Rapid development in technology has led to the rise in demand for document workflow automation, resulting in the expansion of the global managed print services market. Multiple benefits of managed print services (MPS) such as reduction in printer volume, enhanced security and authentication, low paper usage, reduction in printer fleet and others are fueling the growth of the global managed print services market.

Increasing adoption of cloud-based services and inclination towards outsourcing of business practices are some of the factors driving the global managed print services market. Managed print services aid in increasing overall business efficiency by minimizing the workload and providing faster services to reduce utilization of time, these features of MPS are inducing demand for managed print services in various industries, leading to the expansion of the global managed print services market.

Market Segmentation:

The global managed print services market has been segmented on the basis of component, deployment, organization size and end-users. Based on component, the managed print services market is segmented into hardware, software and services. Based on deployment, the managed print services market is segmented into on-cloud and on-premise.

Based on organization size, the managed print services market is segmented into SMB and large enterprise. The large enterprise segment accounts for the largest share in the global managed print services market. Based on end-users, the managed print service market is segmented into BSFI, IT and telecommunication, government, healthcare and others.

Regional Analysis:

The global managed print services market is geographically segmented into Asia Pacific, Europe, North America and the rest of the world. The managed print services market in the North America region is expanding at the highest rate owing to the increased adoption of cloud-based services. Increasing demand for multi-functional printers in large-scale enterprises is driving the managed print services market in the Europe region.

The emerging economies in the Asia Pacific region are projecting high demand for cloud-based printing services in the IT sector and other industry verticals, leading to the significant growth of the managed print services market in the Asia Pacific region.

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Intended Audience

Managed print services companies
Managed print services providers
Technical universities
System integrators
Managed Security Service Providers
Professional service providers
Research and development companies
Market research and consulting firms
Solution providers
Technology standards organizations
Technology investors
System Integrators
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