According to a new market report published by Transparency Market Research, the global managed print services (MPS) market was valued at US$ 30,705.7 Mn in 2016 and is expected to expand at a CAGR of 8.6% from 2018 to 2026, reaching US$ 59,537.7 Mn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the managed print services market in 2016.
Government rules and regulations to save paper in enterprises and cost benefits offered by managed print services are driving the global managed print services (MPS) market
The global managed print services (MPS) market is expected to witness considerable growth due to the stringent rules and regulations of governments to prevent paper wastage. Managed print services provide cost benefits to organizations. Additionally, it helps organizations to reduce the number of printers, usage of paper, and the energy consumption. Managed print services provide low price and high performance, reduced physical footprints, and more productivity, and lower maintenance costs. Thus, managed print services reduce total cost of ownership (TCO).
Managed Print Services (MPS) Market: Scope of the Report
The global market for managed print services (MPS) is segmented on the basis of deployment, enterprise size, channel, industry, and geography. On the basis of deployment, the market is segmented into cloud, on-premise, and hybrid. In 2017, the cloud segment accounted for the largest market share in terms of revenue of the global managed print services (MPS) market.
Furthermore, the cloud segment is expected to expand during the forecast period. On the basis of enterprise size, the global managed print services (MPS) market is bifurcated into small & medium enterprises (SME's), and large enterprises. Based on channel, the market is categorized into printer/copier manufacturers and channel partner/core MPS providers. On the basis of industry, the market is divided into banking, financial services, and insurance (BFSI), telecom and IT, government and public, healthcare, education, legal, construction, manufacturing, and others.
Geographically, the global managed print services (MPS) market is bifurcated into North America, Asia Pacific, Europe, South America, and Middle East & Africa. North America is estimated to account for the largest market share in 2018. The healthcare and government industry in the U.S. have adopted managed print services. Moreover, strategic acquisitions and new programs launched to create awareness of managed print services is also expected to drive the demand over the projected period. Asia Pacific region is expected to expand at the highest CAGR due to increase in investment and strategic acquisitions of U.S. managed print service providers in this region. For instance, in 2016, Lexmark International Inc., a printing solutions provider based in the U.S. acquired American provider Apex Technology Co., Ltd. (Apex) based in China.
Global Managed Print Services (MPS) Market: Competitive Dynamics
Major industry players in the managed print services (MPS) market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for technologies and new product development. For instance, in September 2016, HP Inc. acquired Samsung's printer business for US$ 1bn.The global managed print services (MPS) market includes key players such as HP Inc., Xerox Corporation, Lexmark International Inc., Fujitsu Ltd, Canon, Inc., Konica Minolta, Inc., Kyocera Corporation, Ricoh Company Ltd., Toshiba Corporation, ARC Document Solutions, Inc., Seiko Epson Corporation, Wipro Limited, Honeywell Corporation, and Print Audit, Inc.
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