Managed Print Services to Grow at Five Percent Annual Growth Rate
The managed print services (MPS) market is expected to reach $6.28 billion during 2021-2025, according to a new report from Technavio.
The report also throws light on the impact of the COVID-19 pandemic, and the new opportunities and challenges that market players can expect. This research report also projects the market to accelerate at a compound annual growth rate (CAGR) of almost 5 percent during the forecast period.
Technavio attributes MPS market growth to the rising need for the reduction of printer/MFP hardware and consumables costs. However, it notes that the increasing use of digital media might hinder the market growth. On the other hand, increased adoption of MPS in the banking, financial services, and insurance sectors will present new opportunities in the coming years.
The firm notes that MPS helps organizations manage print devices such as printers, fax machines, copiers, and MFPs. Some of the major advantages of using MPS are hardware maintenance, minimization of recycling costs, reduction of workflow bottlenecks, and reduced paper waste.
As a result, various enterprises opting for MPS have started offering product differentiation in terms of quality and services. For instance, First American Financial Corporation reduced its print costs by deploying HP Inc.’s MPS progra. This solution helped them to increase their staff’s productivity through improved printer availability. Thus, the fact that MPS helps in reducing overall print costs and managing organizations’ operation costs will drive its demand in the forthcoming years.
Key findings from the report include:
- By deployment, the cloud-based segment accounted for the largest share of the overall revenue in 2020.
- North America dominated the market in 2020 and is expected to maintain its lead over the forecast period.
- 40 percent of the market’s growth will originate from North America during the forecast period.
- The U.S. is a key market for MPS in North America. Market growth in this region will be faster than the growth of the market in MEA (Middle East and Africa) and South America.
- February 2021: HP SDS Cloud DCA Integrated into MPS Monitor’s Management Platform
- February 2021: NubePrint Seeks to Disrupt MPS Market with New Offering
- October 2020: MPS Channel Optimistic for 2021
- September 2020: HP Touts World’s Most Carbon-Neutral MPS