Managed Print Service Trends and Forecast
The future of the global managed print service market looks promising with opportunities in the BFSI, government, healthcare, education, industrial manufacturing, retail, food & beverage, and IT & telecom markets. The global managed print service market is expected to reach an estimated $75.4 billion by 2030 with a CAGR of 10.4% from 2024 to 2030. The major drivers for this market are increased adoption of big data solutions, consistent rise in the complexity of technological solutions, and growing initiatives by organizations to reduce paper waste.
• Lucintel forecasts that, within the type category, device management will remain the largest segment over the forecast period because the increased usage of these solutions helps enhance the performance of network printing devices, maximize efficiency, and control expenses.
• Within the application category, BFSI will remain the largest segment because papers are often used for loan applications, account opening, and other purposes.
North America will remain the largest region over the forecast period due to presence of significant printer/copier manufacturers, favorable government laws, and an increase in the number of startups in this region.
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Emerging Trends in the Managed Print Service Market
New and emerging trends in the managed print services market point to a shift in technology, sustainability, and interoperability.
• AI and Machine Learning: Increased use of artificial intelligence and machine learning to optimize printing processes and systems, predict failures, plan maintenance, and manage workflows.
• Cloud-Based Solutions: Adoption of MPS software as a service models (SaaS) for the provision of MPS services remotely.
• Integration with IT Services: MPS service providers are adopting a more integrated approach by including MPS as part of other IT services, such as digitization projects and document systems.
• Sustainability Focus: Adoption of sustainable print solutions, including energy-saving equipment, recyclable and biodegradable materials, and carbon-neutral print services.
• Enhanced Security: Provision of fortified security measures designed to secure sensitive data and adhere to data protection policies.
• Mobile and Remote Printing: Increase in mobile and remote printing services to meet the need for flexible work arrangements.
• Advanced Analytics: Integration of advanced analytical techniques for the analysis of print data to assist in reducing print costs and usage, as well as improving operational processes.
Current trends in the managed print service market demonstrate applications of artificial intelligence and machine learning, cloud solutions, IT services integration, a sustainable approach, enhanced security, mobile and remote printing, and advanced analytics. In short, there is a shift toward adopting flexible and “green” print management systems.
Recent Developments in the Managed Print Service Market
As research on the latest trends in the managed print service market progresses, it is clear that technology, integration, and sustainability are advancing.
• AI and Predictive Analytics: Predictive analysis employs AI to enhance performance, predict repairs and maintenance needs, and minimize downtime.
• Cloud Integration: There is increased adoption of MPS in the cloud, allowing for remote management and enhanced scalability and accessibility.
• Sustainability Initiatives: Release of green MPS solutions aimed at energy efficiency, carbon emissions reduction, and minimizing paper waste.
• Enhanced Security Features: Advanced security features, including encryption and secure print release, prevent unauthorized access to sensitive documents.
• Hybrid MPS Models: Combination of on-premises and cloud solutions in providing MPS services for greater efficiency and cost savings.
• Mobile Printing Solutions: Development of mobile and remote printing to address the increasing need for flexible workplaces.
• Integration with Digital Workflows: MPS is merging with multimedia document management and workflow systems to enhance business efficacy.
These trends focus on technology and operational efficiency within the industry.
Strategic Growth Opportunities for Managed Print Service Market
The managed print service market holds several opportunities for strategic expansion across key applications.
• Enterprise Solutions: Growth of MPS related to large enterprises with diverse printing capabilities and integration requirements.
• Small and Medium-Sized Enterprises (SMEs): Development of low-cost MPS products for SMEs that include necessary functionalities and potential for growth.
• Healthcare Sector: Providing MPS for healthcare organizations to safeguard patient information and comply with regulations.
• Education Sector: Supplying MPS to schools and colleges to enhance printing services, reduce expenses, and integrate the e-learning system.
• Government and Public Sector: Targeting government and public sector agencies with safe and compliant MPS marketing resources.
• Retail and Hospitality: Providing managed printing services for the retail and hospitality industries to enhance service delivery through high-volume printing.
• Manufacturing Industry: Offering managed printing services for manufacturing firms to improve document workflow processes and assist production activities.
Strategic growth opportunities for the managed print service market center on enterprise solutions, small and medium-sized enterprises, healthcare, education, government and public sector, retail and hospitality, and manufacturing industries. These opportunities reflect various needs and present avenues for market expansion.
Managed Print Service Market Driver and Challenges
The managed print service market has several drivers and challenges that affect its development. Its increasing value is necessitated by various challenges.
The factors driving the managed print service market include:
• Cost Reduction: More customers are seeking efficient solutions to manage overall print costs.
• Technological Advancements: Incorporation of advanced technologies, such as AI, cloud technology, and the Internet of Things in managing printing operations.
• Digital Transformation: Increased digital transformation among organizations drives demand for integrated print and document management.
• Sustainability Goals: Growing concerns about environmental sustainability encourage companies to implement green printing initiatives.
• Operational Efficiency: Rising demand for solutions that optimize print processes, improve productivity, and reduce administrative costs.
Challenges in the managed print service market include:
• High Initial Costs: High costs associated with adopting advanced MPS systems may be unaffordable for some organizations.
• Complex Integration: Challenges in synchronizing and assimilating MPS with existing technology and workflows.
• Data Security Issues: Concerns related to managing confidential data within the printing processes of an organization.
• Rapid Technological Changes: The need to keep up with rapidly changing technologies and ensure that provided solutions remain relevant.
• Market Competition: Intense competition among MPS providers leading to price pressure and difficulties in differentiating products.
Controlling costs, seeking technological improvements, supporting business processes, going green, enhancing operations, and ensuring compliance are key drivers of the managed print service market.
List of Managed Print Service Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies managed print service companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the managed print service companies profiled in this report include-
• Sharp
• Konica Minolta
• Ricoh Company
• Canon
• Kyocera Document Solutions
• Xerox
• Toshiba
• HP
• Lexmark International
• ARC
Managed Print Service by Segment
The study includes a forecast for the global managed print service by type, deployment mode, organization size, end use, and region.
Managed Print Service Market by Type [Analysis by Value from 2018 to 2030]:
• Print Management
• Device Management
• Discovery and Design
• Document Imaging
Managed Print Service Market by Deployment Mode [Analysis by Value from 2018 to 2030]:
• Hybrid Cloud
• On-Premise
Managed Print Service Market by Organization Size [Analysis by Value from 2018 to 2030]:
• Large Enterprises
• Medium Enterprises
• Small Enterprises
Managed Print Service Market by End Use [Analysis by Value from 2018 to 2030]:
• BFSI
• Government
• Healthcare
• Education
• Industrial Manufacturing
• Retail
• Food & Beverages
• IT & Telecom
Managed Print Service Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Managed Print Service Market
Major players in the market are expanding their operations and forming strategic alliances to strengthen their market positions. Below are recent developments by major managed print service providers in the United States, China, India, and Japan.
• USA: The MPS market in the USA has significant prospects due to growing expectations for cost reduction and efficiency. There is a notable trend of moving beyond traditional MPS to integrated managed print products. Key companies are leveraging smart technologies and analytics to enhance print processes and reduce waste. Additionally, initiatives focused on environmental protection are promoting sustainability and carbon-neutral print services. The cloud segment of MPS is expanding rapidly, providing flexible and scalable business solutions.
• China: The MPS market in China has experienced substantial growth due to fast-paced industrialization and increased use of sophisticated technology. Recent advancements include smart print management solutions utilizing IoT and AI for real-time monitoring and optimization. The focus is on affordable solutions that meet the industrial demands of the Chinese market, along with a growing need for MPS as an extension of Enterprise Resource Planning (ERP) systems. Chinese companies are also investing in printing technologies aligned with global sustainability trends.
• India: India’s MPS market is maturing, driven by increased adoption among small and medium-sized enterprises seeking to enhance print management and reduce operating costs. The introduction of low-cost MPS services aimed at remote management and analytics is notable. Indian businesses are exploring MPS solutions in conjunction with electronic document management systems for improved workflow. The growth in mobile and cloud printing services is linked to the rise in remote work and digitalization. Furthermore, energy efficiency and sustainability are becoming critical attributes for MPS service providers in India.
• Japan: The MPS market in Japan is oriented toward high technology and productivity. Recent trends indicate the implementation of intelligent MPS solutions capable of connecting with smart devices and automating many processes. Developing strategies for technology use is crucial for Japanese print management companies to control print costs. Attention is also given to security measures that ensure confidentiality and regulatory compliance. Additionally, Japanese companies are actively pursuing eco-printing and green technology strategies as part of their environmental efforts.
Features of the Global Managed Print Service Market
Market Size Estimates: Managed print service market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Managed print service market size by type, deployment mode, organization size, end use, and region in terms of value ($B).
Regional Analysis: Managed print service market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different type, deployment mode, organization size, end use, and regions for the managed print service market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the managed print service market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the managed print service market size?
Answer: The global managed print service market is expected to reach an estimated $75.4 billion by 2030.
Q2. What is the growth forecast for managed print service market?
Answer: The global managed print service market is expected to grow with a CAGR of 10.4% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the managed print service market?
Answer: The major drivers for this market are increased adoption of big data solutions, consistent rise in the complexity of technological solutions, and growing initiatives by organizations to reduce paper waste.
Q4. What are the major segments for managed print service market?
Answer: The future of the global managed print service market looks promising with opportunities in the BFSI, government, healthcare, education, industrial manufacturing, retail, food & beverage, and IT & telecom markets.
Q5. Who are the key managed print service market companies?
Answer: Some of the key managed print service companies are as follows:
• Sharp
• Konica Minolta
• Ricoh Company
• Canon
• Kyocera Document Solutions
• Xerox
• Toshiba
• HP
• Lexmark International
• ARC
Q6. Which managed print service market segment will be the largest in future?
Answer: Lucintel forecasts that device management will remain the largest segment over the forecast period because the increased usage of these solutions helps enhance the performance of network printing devices, maximize efficiency, and control expenses.
Q7. In managed print service market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region over the forecast period due to presence of significant printer/copier manufacturers, favorable government laws, and an increase in the number of startups in this region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the managed print service market by type (print management, device management, discovery and design, and document imaging), deployment mode (hybrid cloud and on-premise), organization size (large enterprises, medium enterprises, and small enterprises), end use (BFSI, government, healthcare, education, industrial manufacturing, retail, food & beverages, IT & telecom, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Managed Print Service Market, Managed Print Service Market Size, Managed Print Service Market Growth, Managed Print Service Market Analysis, Managed Print Service Market Report, Managed Print Service Market Share, Managed Print Service Market Trends, Managed Print Service Market Forecast, Managed Print Service Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.