Managed Print Services (MPS) Market by Deployment and Geography - Global Forecast and Analysis 2019-2023
Global Managed Print Services (MPS) Market: About this Market
Managed print services involve the management of all aspects of organizations’ printing devices. Technavio’s managed print services market analysis considers revenue generation from the cloud-based, on-premise, and hybrid segments. Our analysis also considers the provision of managed print services in APAC, Europe, MEA, North America, and South America. In 2018, the cloud-based segment held the highest market share, which is expected to remain prevalent over the forecast period. Factors such as the reduced need for hardware and software by deploying MPS on cloud and the expanding geographical presence of end-users operating in the IT, BFSI, and retail sectors will help the segment in maintaining its leading market position. Also, our global managed print services report has observed market growth factors such as need for the reduction of hardware and consumables costs, increased adoption of MPS by SMEs, and increased adoption of MPS in the BFSI sector. However, challenges such as increasing use of digital media, lack of ownership, and increase in initial investment and security challenges associated with MPS may hamper the growth of the managed print services industry over the forecast period.
Global Managed Print Services Market: Overview
Increased adoption of MPS by SMEs
Governments have identified that SMEs play a crucial role in contributing to economic growth. As a result, governments are offering incentives, including favorable tax benefits and better access to loans, special audit programs, and others to SMEs to help them remain in business. Furthermore, with the increased digitalization, SMEs are deploying new software and hardware to streamline their operations and minimize operational expenditure. To further enhance operations, SMEs are focusing on reducing the printing cost and optimizing resources properly by using MPS. These factors are contributing to significant growth of vendors, which is fueling the development of the global managed print services market. The market is expected to record a CAGR of nearly 5% during 2019-2023.
Integration of AI into the print industry
Vendors are innovating to expand their customer base. With the advent of technologies such as AI and machine learning (ML), vendors are building AI-enabled products. These products have reduced human intervention and increased efficiency. The need to create a sustainable ecosystem has given rise to the establishment of a circular economy, which involves recycling and re-use of products. Moreover, ML combined with AI solution provides network-level behavior analytics and real-time glitch detection, which helps facilitates self-monitoring and self-healing in printing devices by analyzing real-time attack from AI breaches. This trend will augment business opportunities for vendors. Therefore, the trend is expected to have a positive impact on the overall managed print services market growth during the forecast period.
For the detailed list of factors that will drive the global managed print services market during the forecast period 2019-2023, click here.
With the presence of a few major players, the global managed print services market is concentrated. Technavio’s robust vendor analysis is designed to help clients in improving their market positions, and in line with this, this report provides a detailed analysis of few leading vendors such as Canon Inc., HP Inc., Lexmark International Inc., Ricoh Co. Ltd., and Xerox Corp.
Also, the managed print services market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies in strategizing and leveraging on all forthcoming growth opportunities.
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