How Has The Managed Print Services Market Size Evolved In Recent Years?
The managed print services market has seen considerable growth due to a variety of factors.
• There has been substantial growth in the managed print services market size in recent years. The market is projected to expand from $44.95 billion in 2024 to $48.88 billion in 2025, with a compound annual growth rate (CAGR) of 8.8%. This growth during the historical period can be ascribed to initiatives aimed at reducing costs, increasing complexity in printing, heightened awareness about environmental sustainability, the rise in mobile printing, the complexity of print infrastructure, an emphasis on core competencies, the globalization of business procedures, and integration with enterprise content management.
What Does Future Hold for The Managed Print Services Template Market?
The Managed Print Services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of managed print services is anticipated to significantly expand in the upcoming years, expectedly escalating to $69.82 billion in 2029 with a compound annual growth rate (CAGR) of 9.3%.
The surge predicted within this timeframe is due to factors such as more digital transformation initiatives, a move towards hybrid workspace models, importance given to user authentication and access management, developments in print analytics, an upturn in 3D printing, emphasis on customer experience, and a focus on sustainability and eco-friendly printing. The forecast period will also witness trends like remote management of printing, data analytics and predictive upkeep, optimization of print fleet, device and document security enhancement, vendor merging and collaborations, subscription-based business models, managed document services (MDS), and the integration of artificial intelligence (AI) and automation.
What Are The Primary Growth Drivers In The Managed Print Services Market?
The rise in expenditures for print security is projected to fuel the growth of the managed print services market. Print security encompasses the secure administration of print machines and associated infrastructure. Managed print services assist firms in boosting document security and environmental sustainability. For instance, an article published by Xerox, a US company specializing in print and digital document products and services, in May 2023 revealed that spending on print security is on an upward trend. Overall, 79% of organizations anticipate that their security expenditures will grow in the following 12 months in 2024, projected to increase to 86% in the United States and to 85% in business, professional services, and retail. Additionally, a May 2023 report titled "The Print Security Landscape" by Xerox, revealed that 67% of respondents reported experiencing at least one print-related data breach in the previous year, a rise from 61% in 2023. Disturbingly, the average financial repercussion of each breach grew by 38% from the previous year, now amounting to £1,028,346. Therefore, the escalation in print security expenditures is spurring the expansion of the managed print services sector.
What Is The Segmentation Of The Global Managed Print Services Market?
The managed print services market covered in this report is segmented –
1) By Type: Print Management, Device Management, Discovery And Design, Document Imaging
2) By Channel Type: Printer Or Copier Manufacturers, System Integrators Or Resellers, Independent Software Vendors (ISVs)
3) By Deployment Mode: On-premise, Cloud-Based, Hybrid
4) By Organization Type: Small And Medium Enterprises (SMEs), Large Enterprises
5) By Application: BFSI, Government, Education, Healthcare, Telecom And IT, Manufacturing, Legal, Other Applications
Subsegments:
1) By Print Management: Print Policy Development, Print Job Routing, Cost Control And Reporting
2) By Device Management: Printer And Copier Management, Device Monitoring And Maintenance, Supply Management
3) By Discovery And Design: Print Environment Assessment, Workflow Analysis, Custom Print Solutions Design
4) By Document Imaging: Document Scanning Services, Digital Document Management, Workflow Automation
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What Emerging Trends Are Shaping The Managed Print Services Market Landscape?
The primary trend making waves in the managed print services market is technological innovation. Major organizations in this market are concentrating their efforts on devising new technology-focused solutions, such as cloud-based solutions, in an effort to bolster their market standing and increase operational flexibility. Take for example the American firm eProductivity Software, renowned for its packaging and print software solutions, who in May 2024, unveiled their latest product, Nubium. This cloud-based print management information system (MIS) aims to dramatically transform print management for small and medium-sized printers. Being completely cloud-based allows for swift deployment and smooth onboarding, with companies able to generate estimates and initiate operations within the first hour of use. Nubium is equipped with sophisticated tools for precise quotes, automated machine selection, and efficient time and material estimation, all of which greatly refine the quotation process. Additionally, it provides robust control over raw materials and finished products, thereby optimizing inventory levels and reducing waste, which is conducive to long-term financial savings.
Who Are the Key Players In The Managed Print Services Market?
Major companies operating in the managed print services market include:
• ARC Document Solutions Inc.
• Canon Inc.
• Hewlett-Packard Development Company L.P.
• Kyocera Document Solutions Inc.
• Konica Minolta Inc.
• Lexmark International Corporation
• Ricoh Company Ltd.
• Sharp Corporation
• Toshiba Corporation
• Xerox Corporation
• Novatech Inc.
• Samsung Electronics Co. Ltd.
• Ingram Micro Inc.
• SCC Document Services
• Print Audit
• Brother UK Ltd.
• EuroForm AS
• Exela Technologies Inc.
• Epson America Inc.
• Fujitsu Limited
• Comarch SA
• Unisys Corporation
• Tech Mahindra Limited
• OfficeCorp
• Titan Office Solutions
• Staples Managed Print Services
• PrintFleet
• Blue Star PRINT
What Are The Regional Insights Into The Managed Print Services Market?
North America was the largest region in the managed print services market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the managed print services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
