June 16, 2024
Managed Print Services Market

Managed Print Services Market Share set to Expand Substantially due to Adoption of Smart Technologies

The managed print services market offers businesses an opportunity to optimize their document management while lowering costs. Managed print services involve assessing a business’s printing needs, optimizing its print infrastructure through consolidation and standardization of devices, and implementing ongoing management and support with the aim of reducing printing costs and improving workflow efficiency. The growing need among enterprises to cut costs and focus on core operations is driving the demand for managed print services.

The global managed print services market is estimated to be valued at US$ 52.63 billion in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the managed print services market are DIC CORPORATION, Solvay S.A., Lion Idemitsu Composites Co., Ltd, Toray Industries, Inc., Tosoh Corporation, SK chemicals, Chengdu Letian Plastics Co., Ltd., Celanese Corporation, TEIJIN LIMITED, SABIC, Zhejiang NHU Co., Ltd., and LG Chem. Key players are focusing on developing advanced printing solutions and service offerings to better serve the needs of businesses across industries.

The key opportunities in the managed print services market size include the rising demand from the healthcare, education, banking, and government sectors. Furthermore, growing digitization trends are enabling more efficient document management across organizations. The adoption of smart multi-functional printers integrated with analytics and workflow automation capabilities is also opening new growth avenues.

Technological advancements such as the integration of Internet of Things (IoT) devices and cloud computing solutions into printing infrastructure are allowing real-time device monitoring and management. This is helping businesses optimize resource usage and support remote working models more efficiently. Advancements in 3D printing technologies are further expanding the applications of managed print services.

Market Drivers

A major market driver is the increasing need among organizations to reduce operational expenses and focus on core business activities. Outsourcing document management and printing needs to managed service providers helps cut costs significantly through streamlined procurement and consolidated billing. Furthermore, optimized print infrastructure implemented by managed service providers improves productivity and enhances workflow efficiency. The prosperity of industries such as IT & telecom, BFSI, healthcare, and education is also fueling the demand for managed print services globally.

Current challenges in the Managed Print Services Market

The managed print services market is facing various challenges currently. With advancement in technology, developing smarter office print tools has become more complicated and expensive. Keeping pace with evolving technology and customer needs is a major challenge for players in this market. The market transition from analog to digital printing has not been smooth. Managing legacy equipment alongside implementing new technologies is another key challenge. Additionally, data security is a rising concern regarding printing sensitive documents. Players need to ensure documents are accessible only to authorized users. Cost management is another area of focus as printing and maintenance costs need to be optimized to drive adoption of managed print services. Sustainable practices related to disposal of used equipment and supplies is another important consideration currently.

SWOT Analysis

Strength: Consolidated offerings that combine various print solutions helps improve efficiency and optimize costs. Players have expertise in gathering data insights to enhance printing experience.

Weakness: Transitioning existing customers to newer technologies and solutions requires significant investments and resources. Dependency on few large players makes the market competitive.

Opportunity: Growing digitization and remote working trends are increasing demand for cloud-based and mobile print services. Analytics capabilities can be further utilized for predictive maintenance of equipment.

Threats: Open-source and proprietor software poses pricing pressure. Growing environmental regulations can increase compliance costs related to equipment disposal.

Geographical regions

North America accounts for the largest share in the managed print services market currently. Majority of key players have presence across large enterprises in the region that are open to outsourcing print management needs. Enterprises in developed markets like the US and Canada are early adopters of managed print services to drive efficiencies.

The Asia Pacific region is projected to grow at the fastest pace during the forecast period. Rapid digital transformation of enterprises across industries in countries like China, India is fueling market growth. Additionally, expansion of global players into emerging markets will support regional market expansion.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it