Report: Global Managed Print Services Market to Reach $98 Billion by 2024

Canon MPSCiting a study from Transparency Market Research, Channel Economics reports that the global market for managed print services (MPS) will grow from $26.2 billion in 2015, to about $98 billion by 2024, with a 15-percent compound annual growth rate (CAGR) in revenue growth through the forecast period.

Factors that are said to be driving the market ahead include lower operational costs, streamlining of print workflow and print-monitoring usage. According to the report, MPS adoption by small to mid-size enterprises is also forecast to outpace that of larger enterprises and fuel the segment’s growth.

Key channel partners such as Xerox, ARC, Ricoh, Lexmark, Canon, Konica Minolta, Kyocera, Toshiba, HP Inc., and Print Audit are expected to play an important role as they increase their channel network and geographic reach to increase market presence.

The report states that channel partners accounted for the largest share of the total MPS market last year. Cloud-based deployment was said to be the largest segment of the MPS market in 2015 and is likely to dominate over the forecast period.

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