Global Managed Print Services Market to Reach $94.97 Billion by 2024

Market-research firm Transparency Global Research reports that the global market for managed print services (MPS) is poised to register a strong compound annual growth rate (CAGR) of 14.8 percent during its forecast period of 2016 to 2024, with the MPS market forecast to rise from $26.18 billion in 2015 to $94.97 billion by 2024.

Rising Adoption of Managed Print Services by Small and Mid-Size Enterprises

According to Transparency Global Research, the market for managed print services is “bifurcated” on the basis of the size of enterprises into large enterprises, and small and mid-size enterprises (SMEs). The former accounted for the leading share in the overall market, owing to the adoption of MPS in managing complex IT infrastructure. However, SMEs are slated to increase their usage of managed print services as they become increasingly aware of the benefits of MPS.

Managed print services consist of three main types that are based on their deployment: on-premise, cloud-based, and hybrid. Due to the growing popularity and adoption of cloud-based MPS, this segment enjoys increased preference by end-users. Managed print services are typically deployed in several end-user sectors, such as telecom and IT, banking, financial services, and insurance, healthcare, government and public, legal, education, manufacturing, and construction. The government and public sector is by far the leading consumer of MPS, owing to its massive volume of paperwork.

Asia Pacific and Latin America Identified as Lucrative Markets for MPS

From a geographical viewpoint, the global managed print services market is segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.

North America has been the dominant market for MPS services and is likely to retain its lead through 2024. The high level of awareness among SMEs, as well as among large enterprises, of the benefits of managed print services “has greatly upped its adoption here.” The North America MPS market is also driven by the strong presence of major managed print service providers and leading copier and printer manufacturers.

Asia Pacific and Latin America are two of the most promising markets for MPS and are slated to offer players a host of opportunities in the coming years. The growth of these regional markets can be attributed to rapid economic development and consequently, widespread industrialization.

For more information on Transparency Global Research’s MPS report, visit the firm here.

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