Managed Print Services Market: Increasing Adoption of Cloud-based MPS Solutions Drives Market Growth
The global Managed Print Services (MPS) Market is estimated to be valued at US$42.09 billion in 2023 and is expected to exhibit a CAGR of 8.52% over the forecast period 2019-2027, as highlighted in a new report published by Coherent Market Insights.
Managed Print Services (MPS) refer to the comprehensive management of an organization’s printing requirements and devices including printers, copiers, and multifunctional devices. MPS solutions help organizations optimize their printing infrastructure, reduce costs, improve efficiency, and enhance security. These services provide convenience and scalability, enabling organizations to focus on their core business activities. The need for MPS is driven by the increasing preference for digitization, the growing complexity of print-related issues, and the desire to streamline printing processes.
Market Key Trends:
Cloud-based MPS solutions are emerging as a key trend in the managed print services market. With the rapid adoption of cloud computing technology, organizations are increasingly opting for cloud-based MPS solutions as they offer numerous benefits such as flexibility, scalability, and cost-effectiveness. Cloud-based MPS solutions allow organizations to remotely monitor and manage their printing infrastructure, ensuring optimal performance and reducing downtime. Additionally, cloud-based MPS solutions enable easy integration with other cloud-based applications and services, facilitating seamless document management and collaboration.
Overall, the managed print services market is expected to witness significant growth due to the increasing adoption of cloud-based MPS solutions and the need for organizations to optimize their printing infrastructure for cost-efficiency and productivity.
Threat of New Entrants: The Managed Print Services market presents a moderate threat of new entrants. While the initial investment required to enter the market is relatively low, it is essential for new players to establish strong relationships with suppliers and acquire the necessary technology and infrastructure to compete effectively.
Bargaining Power of Buyers: The bargaining power of buyers in the Managed Print Services market is relatively high. Buyers have access to a multitude of suppliers and can easily switch between them if they are not satisfied with the service or the pricing. This creates a competitive environment where suppliers need to differentiate themselves to retain their customer base.
Bargaining Power of Suppliers: The bargaining power of suppliers in the Managed Print Services market is low. There are numerous suppliers in the market, and buyers have the ability to switch between them easily. This puts pressure on suppliers to offer competitive pricing and value-added services to attract and retain customers.
Threat of New Substitutes: The threat of new substitutes in the Managed Print Services market is low. Printers and copiers remain essential tools in many industries, and there are limited alternatives available that can provide the same level of functionality and convenience. However, technological advancements and the shift towards digitalization could potentially pose a threat in the long term.
Competitive Rivalry: The competitive rivalry in the Managed Print Services market is high. There are several key players operating in the market, each offering a similar range of services. Differentiation is crucial for companies to gain a competitive edge, whether through innovative solutions, superior customer service, or strategic partnerships.
The global Managed Print Services Market is expected to witness high growth, exhibiting a CAGR of 8.52% over the forecast period (2019-2027). This growth can be attributed to the increasing adoption of managed print services by organizations looking to optimize their print infrastructure, reduce costs, and improve productivity. The market size for 2023 is projected to reach US$ 42.09 billion.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the Managed Print Services market. The region’s advanced printing technology infrastructure, high adoption rate of digital solutions, and the presence of key market players contribute to its growth.
Key players operating in the Managed Print Services market include Xerox Corporation, HPE IT Services, Ricoh, Lexmark International, Inc., Canon, Inc., Samsung, Toshiba, Sharp, Kyocera, Pitney Bowes, and ARC Document Solutions. These players are actively focusing on innovations, partnerships, and acquisitions to expand their market presence and gain a competitive advantage.
By leveraging managed print services, organizations can streamline their printing operations, reduce costs, enhance security, and increase efficiency. Managed print services providers offer advanced analytics, remote monitoring, and personalized support to optimize the print infrastructure and improve overall business performance.
In conclusion, the Managed Print Services market is poised for significant growth, driven by the increasing demand for outsourcing print management and the need for cost-effective and efficient print solutions. Organizations that embrace managed print services stand to benefit from enhanced productivity, reduced operational costs, and improved business outcomes.