Global Managed Print Services Market to Reach $56.53 Billion by 2026
According to Transparency Market Research, the global managed print services market (MPS) will reach $56.53 billion by 2026, progressing from $30.7 billion earned in 2016. During the forecast period between 2018 and 2026, the market is projected to expand at an 8.6-percent compound annual growth rate (CAGR).
Leading players operating in the global managed print services market include Lexmark, HP Inc., Fujitsu, Konica Minolta, Canon, Ricoh, Kyocera, Xerox, and Toshiba.
Transparency Market Research segments MPS into three groups: 1) cloud-provided, 2) provided on premises, and 3) a hybrid of the two.
Based on deployment, the cloud-based MPS segment held maximum share in terms of revenue in the global MPS market in 2017. During the forecast period, this segment is likely to continue its dominance due to high demand for cloud-based services. Based on geography, North America held the larger regional share in 2018, as the health sector and government in the United States has largely adopted MPS. On the other hand, the Asia-Pacific region is likely to offer “lucrative growth opportunity” due to an increase in investment and strategic acquisitions.
Limited Knowledge about MPS to Hamper Market Growth
However, Transparency Market Research notes that despite the growing demand for MPS, there are some major challenges that might hinder the growth of this market. One of the key concerns is related to implementation of the managed print services that might deter the demand in this market. The technical issues faced while implanting this service are likely to hamper the productivity, which needs to be rectified by a support team. Moreover, during the times of power failure, it can led to the failure of system prints. Limited knowledge and doubts about using managed print services are also expected to obstruct market’s growth. However, the presence of printer manufactures, the growing number of players in this market, and favorable government regulations are expected to drive the demand in this market.
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- November 2018: New Xerox Cloud-Based Automation Streamlines MPS, Back-Office Tasks
- August 2018: HP Inc. to Acquire Largest European Office-Equipment, MPS Dealer
- August 2018: HP Discusses A3, MPS Strategy, Key Executive Retirement
- June 2018: Xerox Reports Channel Partners Winning More MPS Deals
- June 2018: Xerox’s Largest U.K. MPS Provider Acquires HP MPS Provider Landscape
- May 2018: New Clover Services Group Provides MPS and Tech Support, Digital Marketing
- April 2018: New MPS Monitor SDS Version Provides Enhanced Remote Monitoring, Management of HP Fleets
- March 2018: Global Managed Print Services Market to Reach $61.36 Billion by 2025