Increasing Digitalization Among the Organization is Driving the Growth of Managed Printing Services (MPS) Market

Globally, the managed printing services (MPS) market is expected to grow with a CAGR of 9.1% during the forecast period from 2024 to 2032. The market is propelled by the growing digitalization among the organizations. As the competition among the market players is rising, the organizations are looking for ways to optimize the operational processes and flexibility to meet the customized requirements. MPS significantly addresses these challenges and enables the organization to streamline their operations by offering better control over the process. MPS allows the organization to create digital files of the documents by scanning and enables the various departments to collaborate better.

MPS enables the organization to effectively analyze the documents by offering advance analytical technologies such as optical character reorganization (OCR). This is aiding in the growth of the market. The growing need among the organization to reduce the infrastructure cost is also serving as a major driver for the MPS market. Furthermore, the enhanced security offered by the MPS is also augmenting its demand among the organizations. However, new strategic partnerships and agreements between the service providers and organizations is hindering the market growth. Moreover, the recurring cost associated with the use of MPS is also holding back the adoption among the organization.

Discovery & Design Services is Estimated to Grow Significantly During the Forecast Period  

The MPS market is bifurcated based on the type into print management, device management, discover and design and document imaging. Device management accounted for more than 40% share in the revenue in 2018. The growth of the market is driven by high maintenance and operational cost of printing hardware. On the other hand, discovery and design is estimated to gain traction during the forecast period due to the increasing focus of the organization on the quality of the documentation.

North America is Leading the Managed Printing Services (MPS) Market    

North America dominated the managed print services market in 2021 with the share of more than 38% in the revenue. The growth of the market is driven by the increasing adoption of the MPS among the healthcare sector. Furthermore, the Increasing need among the organizations to focus on the core business competencies is also accelerating the market growth. Additionally, the presence of the major printing solutions providers in the region also supports the growth of the market.

The major vendors in the managed printing services (MPS) market are Canon Inc., HP Inc., ARC Document Solutions, Konica Minolta Inc., Lexmark International Inc., Kyocera Document Solutions, Ricoh Company Ltd., Toshiba, Sharp Electronics, and Xerox Corporation.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Managed Printing Services (MPS) market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Managed Printing Services (MPS) market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Managed Printing Services (MPS) market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Managed Printing Services (MPS) market?
• Which is the largest regional market for Managed Printing Services (MPS) market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Managed Printing Services (MPS) market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Managed Printing Services (MPS) market worldwide?