Latest: Managed Print Services Market Size is Expected to Reach $84.3 billion by 2031, Rising at a Market Growth of 8.7% CAGR During the Forecast Period

Wilmington, Delaware, United States, March 20, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global industry is expected to grow at a CAGR of 8.7% from 2022 to 2031. Ease of operation and effectiveness coupled with demands for greater compliance and security are expected to drive business opportunities in the global managed print services market. The globe Managed Print Services Market was estimated at US$37.4 billion in 2021 and is expected to reach US$84.3 billion by 2031.

The use of managed print services is also increasing as more companies are embracing digital transformation plans, deploying cloud-based Managed Print Services (MPS) solutions, and using secure document management solutions.

Managed print service providers also offer secure document management solutions to meet the changing needs of customers. They also offer a variety of MPS solutions such as: B. Document workflow optimization and print fleet management, alongside ensuring security and compliance to gain more market share in the industry.

MPS offers advantages such as better cost management, higher effectiveness and productivity, as well as better compliance and security, which is expected to fuel the growth of the industry. Additionally, print management outsourcing is one of the key market trends, allowing companies to focus on their core businesses and long-term goals while letting professionals handle print operations.

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Key Findings of the Market Report

• Based on end user, the BFSI segment is expected to account for the highest market share during the forecast period. Record keeping is critical to the proper functioning of the BFSI (Banking, Financial Services and Insurance) industry. Applying for credit, opening new accounts, getting a mortgage, and many other activities require a significant amount of paper.

  It is estimated that the increasing adoption of digitization and automation in the BFSI industry will drive demand for MPS to minimize additional costs and streamline the existing printing process. Additionally, the increasing focus on cybersecurity is prompting organizations to prioritize protection against data breaches and other similar threats.

Global Managed Print Services Market: growth accelerator

• MPS providers offer companies the opportunity to improve their printing infrastructure by combining devices and replacing outdated, inefficient devices with newer, more effective models. As a result, fewer devices need to be monitored, lowering the associated costs. Increasing adoption of MPS by SMBs is expected to drive the growth of the global managed print services market. MPS suppliers also offer companies the ability to monitor and manage pressure drop, which is expected to drive the market development.
• Organizations are concerned about the security of their information and records due to the increasing amount of digital data and the number of cyber attacks. Additionally, the increasing number of people working remotely has increased the importance of secure document management systems.
• The use of automation and artificial intelligence (AI) in MPS systems boosts productivity and lowers costs for businesses by minimizing the need for manual intervention, maximizing printer utilization, and directing print jobs to the most appropriate printer. As a result, companies looking to reduce costs and streamline printing processes find MPS solutions more attractive. Additionally, enterprises are moving their operations to the cloud, fueling demand for cloud-delivered MPS as they bring much-needed scalability and flexibility to operations.

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Global Managed Print Services Market: Regional landscape

• North America is expected to hold the highest share of the global market between 2022 and 2031. In 2021, the region had a significant share of the global market. Increasing demand for cloud-based MPS, increased focus on sustainability and emphasis on security are some of the factors driving growth in the North American market. The North American market is quite competitive, with a wide range of suppliers present.
• the market one Asia Pacific is expected to grow at a rapid pace from 2022 to 2031. Digitization and automation in various industries and the focus on reducing operating costs in the Asia-Pacific region are driving the region’s market growth.

Global Managed Print Services Market: key figures

Some of the major market players in the global Managed Print Services Market

• Xerox Corporation
• FUJIFILM Business Innovation Corp.
• Zebra Technologies Corporation
• ARC Document Solutions, Inc.
• KYOCERA Document Solutions Inc.
• Ricoh Company,Ltd.

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Global Managed Print Services Market: segmentation

channel type

• Manufacturers of printers/copiers
• System Integrators/Resellers
• Independent Software Vendors (ISVs)

Mission

company size

• Small and medium-sized businesses
• Large company

end user

• BFSI
• IT & Telecom
• Training
• Government
• healthcare
• manufacturing
• retail trade
• Other

regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

About transparency market research

Transparency Market Research, a global market research firm based in Wilmington, Delaware, USA, provides custom research and consulting services. The company examines factors that shape the dynamics of demand in different markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, distribution channel and end use are analyzed which will drive the growth of the markets over the next decade.

Our exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for thousands of decision makers, enabled by experienced teams of analysts, researchers and consultants. The proprietary data sources and various tools and techniques we use always reflect the latest trends and information. With a broad research and analytical capacity, Transparency Market Research employs rigorous primary and secondary research techniques in all of its annual reports.

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