Market Highlights
Managed
Print Services (MPS) support the companies to gain proper control of the printing,
boosting their productivity with cost-effective solutions. These services can
reduce the printing office documents cost of up to 40%, improve productivity,
and security. Over the past couple of years, the managed print services market
has been growing rapidly owing to the increasing demand for cloud computing and
software as a service.
Acknowledging
the exponential growth, the market perceives currently and the potential of the
market to grow in the future; Market Research Future (MRFR), in its recently
published market forecast, asserts that the global managed print services
market will garner the worth of approximately 51 BN USD by 2023, registering
around 9% CAGR throughout the forecast period (2017 – 2023).
The
growing adoption of big data solutions is a major driving force behind the
growth of the managed print services market. Moreover, the cloud-based print
services are boosting the managed print services market growth to a large
extent, gaining momentum among large companies. The cloud services along with
the latest multi-functional printers for the integration of paper and digital
workflows are widely used among organizations.
Owing
to the beneficial features of MPS, there is a considerable rise in the adoption
of these services across sectors, which increases the market size of managed
print services, globally. Increasing uptake of BYOD policies by many
organizations is also one of the key drivers propelling the market growth.
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Segmentation:
MRFR
has segmented its analysis into five key dynamics for enhanced understanding.
By
Component:
Hardware, Software, Services, and others.
By
Deployment:
On-Cloud and On-Premises among others.
By
Organizations Size:
Small & Medium Enterprises, and Large Enterprises.
By
End-users:
BFSI, IT & Telecommunications, Government, Healthcare, and others.
By
Regions:
Europe, North America, APAC and the Rest-of-the-World.
Regional Analysis:
North
America accounts for the leading market for managed print services,
globally. Factors propelling the regional market include the presence of
major vendors and the wide adoption of these services. Technological
advancements transpired into the field have been powering the market growth,
availing efficient systems.
Moreover,
the increasing demand for cloud-based services is fostering the market growth
in this region.
Europe
region is also showing the positive sign towards the best-managed services.
Technical advancements and increasing demand for multi-functional printers in
the region will foster the market growth during the forecast period.
The
Asia Pacific market for managed print services has emerged as the fastest
growing market and is expected to show the highest growth using these services
in the forecast periods. APAC countries like China, Japan, and India have
accounted for a considerably fair share in the managed print services market
and will be growing rapidly in the years to come.
Global
Managed Print Services Market - Competitive Analysis:
The highly
competitive managed print services market appears to be fragmented owing to the
competitive landscape formed by the many large and small players along with the
new entrants. Major players are focusing on optimized situational awareness for
customers, ensuring their mission success.
Matured
players, through various strategic initiatives such as M&A activities,
collaboration & innovations are constantly seeking market expansion.
Substantial investments have been made in the R&D to develop a technology
that is entirely on a different level and unrivaled.
Key
Players:
Some of the
players leading the global managed print services market include ARC Document
Solutions, Inc. (U.S.), Lexmark International Corporation (U.S.), HP
Development Company, Xerox Corporation (U.S.), L.P. (U.S.), Toshiba Corporation
(Japan), Ricoh Company, Ltd. (Japan), Samsung Electronics Co. Ltd. (South Korea),
Sharp Corporation (Japan), Kyocera Corporation (Japan), Konica Minolta, Inc.
(Japan), HCL Technologies (India), Wipro LTD (India), Canon UK Limited (U.K),
Acrodex Inc. (Canada), Seiko Epson Corporation (Japan), Konica Minolta (U.K),
and Systems Technology, Inc. (U.S.) among others.
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