April 23, 2024
Managed Print Services Market

Accelerated digital transformation projected to boost the growth of Managed Print Services Market

The global Managed Print Services Market is estimated to be valued at US$45.68 Bn  in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Managed print services (MPS) are third-party-managed print and document solutions that help organizations reduce costs, improve efficiency and mitigate risks associated with print infrastructure and document management. MPS programs offer assessment of existing printer infrastructure, streamlining and rightsizing of the fleet, installation of multi-function printers and provisioning of supplies, parts and service. This reduces capital expenditures and shifts printing from a cost center to a managed service. MPS plans cover end-user support, supplies management and proactive monitoring to ensure optimal performance of the print environment. MPS helps organizations reduce paper consumption and better manage document workflows through digitization and process automation.

Market key trends:
The rise of digital transformation initiatives across industries is accelerating MPS adoption. Growing remote and hybrid work trends have made print management challenging, driving demand for managed services. Furthermore, as-a-service business models are gaining traction as organizations look for operational expenditure-based subscriptions over expensive capital investments. Sustainability has also become an important factor, with MPS helping reduce paper wastage and carbon footprint through improved optimization and controls. MPS providers are expanding service offerings such as cloud-based fleet management, software-based solutions and digital mailroom services to meet evolving needs.
Porter’s Analysis
Threat of new entrants: The managed print services market has moderate threat from new entrants due to high initial capital requirement for setting up the infrastructure and technological expertise required in offering managed print services.
Bargaining power of buyers: The bargaining power of buyers is high in the managed print services market due to presence of many established players offering competitive prices. Buyers can easily switch between vendors based on prices and services.
Bargaining power of suppliers: Original Equipment Manufacturers (OEMs) and third-party suppliers have low bargaining power due to presence of many suppliers in the market providing printers and consumables.
Threat of new substitutes: There is low threat of substitution in the managed print services market since managed print services integrated solutions are unique and cannot be easily replaced by other substitutes.
Competitive rivalry: The competitive rivalry is high among the key players to gain higher market share through innovation, new product launches and mergers and acquisitions.

Key Takeaways
The Global Managed Print Services Market Size is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing need to reduce operational costs.

Regional analysis:

North America dominates the managed print services market currently owing to continuous technology adoption. Asia Pacific region is expected to witness fastest growth during the forecast period with increasing digitization across industries in developing countries such as China and India.
Key players: Key players operating in the managed print services market are Xerox Corporation, Ricoh Company, Ltd., HP Development Company, L.P, Konica Minolta, Inc., Canon, Inc., Lexmark International, Inc., Kyocera Corporation, Samsung Electronics Co., Ltd., Sharp Corporation, Toshiba Corporation. These players are focusing on new product launches and mergers & acquisitions to gain competitive advantage in the market. For instance, in 2021, HP Inc. acquired Teradici to expand its digital experience portfolio.

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