Increased Adoption of MPS to Boost Growth
The global managed print services (MPS) market size is poised to reach $6.77 billion by 2023, according to a new report by London-based market-research firm Technavio. Technavio says the MPS market will progress at a CAGR (compound annual growth rate) of close to 5 percent during the forecast period.
A senior analyst at Technavio commented: “Apart from the need for the reduction of hardware and consumables costs, the integration of AI (artificial intelligence) into the print industry and the strategic partnerships and acquisitions among market participants are some other major aspects expected to boost market growth during the forecast period.”
The primary OEM players in the market, and covered by the report, include Canon Inc., HP Inc., Lexmark, Ricoh, and Xerox.
According to Technavio, the market is driven by the need for the reduction of hardware and consumables costs. In addition, increased adoption of MPS by SMEs (small and mid-size enterprises) is anticipated to further boost the managed print services market during the forecast period.
Technavio defines MPS as a professional service offered by external service providers to optimize print and document output. It helps organizations to manage print devices such as printers, fax machines, copiers, and multifunction devices. As MPS helps in saving time and money, it is often outsourced to vendors to streamline print operations. Technavio points out that, for instance, the Newport City Council, a U.K.-based local government organization, is using Xerox MPS. With the use of this MPS, the council has reduced its paper waste by 30 percent and saved almost $1,024 million in five years.
MPS can be deployed:
- Via the Cloud
- A hybrid combination of the Cloud and on-premise
As noted, the increased adoption of MPS by SMEs is another major factor driving market growth, as SMEs are price-sensitive. Currently, cloud-based MPS is expected to be highly adopted by SMEs. For instance, Xerox offers cloud-based deployment of MPS for SMEs that provides increased productivity, ease in proactively managing devices, and other benefits. Such launches are not only expected to encourage vendors to launch new product offerings but will also boost market expansion during the forecast period.
For more information on the report, visit Technavio here.
- April 2019: Xerox First to Receive Authorization for Providing MPS to Federal Agencies
- January 2019: IDC Names Leaders in Managed Print and Document Services (Updated)
- November 2018: New Xerox Cloud-Based Automation Streamlines MPS, Back-Office Tasks
- November 2018: Global Managed Print Services Market to Reach $56.53 Billion by 2026
- November 2018: Lexmark Named a Leader in Managed Print Services Market
- August 2018: HP Discusses A3, MPS Strategy, Key Executive Retirement