The latest report by IMARC Group, titled “Managed Print Services Market Report by Type (Print Management, Device Management, Discovery and Design, Document Imaging), Deployment Mode (On-premises, Cloud-based), Organization Size (Large Enterprises, Medium Enterprises, Small Enterprises), Industry Vertical (BFSI, Government, Healthcare and Education, Manufacturing, Retail and Consumer Goods, IT and Telecom, and Others), and Region 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the global managed print services market forecast. The global market size reached US$ 46.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 89.5 Billion by 2032, exhibiting a growth rate (CAGR) of 7.4% during 2024-2032.

Factors Affecting the Growth of the Managed Print Services Industry:

• Cost Efficiency and Reduction in Paper Waste:

A primary driver of the Managed Print Services (MPS) market is the significant cost efficiency and reduction in paper waste it offers businesses. Organizations are increasingly adopting MPS to streamline their printing operations, minimize unnecessary printing, and thereby reduce operational costs. This trend towards sustainability and cost-saving measures is expanding the market size, as companies of all sizes seek to optimize their print environments. Market analysis indicates that the emphasis on eco-friendly practices and operational efficiency is influencing market growth, as MPS provides a strategic approach to managing print resources, leading to a more sustainable and economically advantageous printing infrastructure.

• Increasing Focus on Core Business Activities:

Organizations are continuously seeking ways to focus on their core business activities while reducing the burden of non-core functions such as print management. MPS enables businesses to outsource their printing needs, allowing them to concentrate on strategic initiatives that drive growth and profitability. This shift towards operational efficiency and strategic focus is propelling the demand for managed print services, as companies recognize the value of leveraging external expertise to manage their print operations. The market outlook suggests that as businesses increasingly prioritize core competencies, the adoption of MPS will continue to rise, contributing to market share and overall market growth.

• Advancements in Cloud Computing and Digital Transformation:

The integration of cloud computing and digital transformation initiatives within the managed print services sector is another significant factor driving market growth. Cloud-based MPS solutions offer scalable, flexible, and efficient print management capabilities that align with the digital transformation goals of many organizations. These advancements facilitate remote monitoring, management of print services, and data analytics, providing insights into print usage and efficiency. Market trends indicate a growing adoption of cloud-based MPS solutions, as they support the broader digitalization objectives of organizations, enhancing document security, accessibility, and compliance. The market analysis reflects that technological advancements and the shift towards digital workflows are key drivers in the expansion and evolution of the MPS market.

Competitive Landscape with Key Player:

• ARC Document Solutions Inc.
• Brother Industries Ltd.
• Canon Inc.
• HP Inc.
• Konica Minolta Inc.
• Lexmark International Inc.
• Ricoh Company Ltd.
• Sharp Corporation
• Toshiba Corporation
• WeP Solutions Ltd 
• Xerox Corporation.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/managed-print-services-market/requestsample

Report Segmentation:

The report has segmented the market into the following categories:

By Type:

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

Device management represents the largest segment due to the critical need for businesses to efficiently monitor, manage, and maintain their printing devices, ensuring optimal performance and reducing downtime.

By Deployment Mode:

• On-premises
• Cloud-based

Cloud-based solutions represent the largest segment as they offer scalability, flexibility, and cost-efficiency, enabling businesses to easily access and manage their print services without the need for significant upfront investment in infrastructure.

By End User:

• Large Enterprises
• Medium Enterprises
• Small Enterprises

Large Enterprises constitute the largest segment as they typically have more complex printing needs and a higher volume of print tasks, making them more likely to invest in comprehensive managed print services to streamline their operations.

By Industry Vertical:

• BFSI
• Government
• Healthcare and Education
• Manufacturing
• Retail and Consumer Goods
• IT and Telecom
• Others

BFSI (Banking, Financial Services, and Insurance) represents the largest segment due to the high volume of documents handled, the critical need for security and compliance in document management, and the sector's emphasis on operational efficiency and cost reduction.

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia-Pacific is the largest market, driven by rapid economic growth, digital transformation initiatives, and the increasing adoption of efficient business processes across diverse industries, leading to a higher demand for managed print services in the region.

Global Managed Print Services Market Trends:

The Managed Print Services (MPS) market is witnessing a notable trend towards enhanced security measures and compliance management. As businesses increasingly handle sensitive data, the demand for MPS solutions that incorporate advanced security protocols to protect against data breaches and ensure regulatory compliance is growing. Additionally, there is a shift towards more sustainable printing practices, with companies seeking MPS providers that offer eco-friendly printing options and help in achieving sustainability goals.

Furthermore, the integration of artificial intelligence (AI) and machine learning (ML) technologies is becoming prevalent, enabling smarter, more efficient print management systems that can predict printing needs, automate supply replenishment, and optimize device performance. These trends collectively drive the MPS market towards more secure, sustainable, and intelligent print management solutions.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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