Managed Print Services Market to Witness Robust Expansion by 2025
Managed print services (MPS) is an outsourcing service, where the company provides service to takes full responsibility for managing a company’s print environment. The overall goal of this service is to cut down the company’s print expenditure and unnecessary waste. Advantages of managed print services are flexibility, increasing productivity, sustainability, and cost saving that help in increasing demand for managed print services. Moreover, stringent rules and regulations by governments to save paper & reduce waste and decrease cost of operation is also another factor aiding in growth of the MPS market. For instance, Paperwork Reduction Act of 1980, is a law in the U.S. for minimizing the usage of paper the private businesses and citizens.
Environmental benefits and increasing concern for data security are among major driving factors for growth of the market
One of the key drivers for growth of the global managed print services market is increasing awareness about environmental benefits of adopting MPS. This helps in reducing the need of dedicated printing hardware and it also reduce volume of digital waste. This is a significant advantage for managed print services market, as e-waste is already becoming a major concern, due to booming consumer electronics industry. For instance, according to the Coherent Market Insights’ analysis, in 2016, the e-waste generated was around 44.7 million metric tonnes, which was up by 3.3 metric tonnes from 2014, globally. Moreover, according to the EPA, over 40% of trees are used for paper production, while MPS helps in saving trees by minimizing the consumption of paper and minimize wastage of paper, which in turn helps in propelling growth of the market.
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Managed print services providers also help in improving the security of client data while printing. When business use printers, copiers or multifunction devices, it create an images of the information, which was printed. These images are stored on the printer’s hard drive, which increase the risk of data hacking. With help of MPS all the processes have to adhere to certain security protocols and MPS will secure the sensitive data with help of data encryption, authorised accessibility, and others. Due to rising threat of cybercrime, this has become a key driver for growth of the global MPS market. For instance, according to Coherent Market Insights’ analysis, in July 2017, number of cybercrime increased to 84.1% from 68.8%. Cyber espionage has decreased to 10.1% from 15.6% of June, whereas cyber warfare has witnessed an increase to 4.3% from 9.4%. Some of the major global organizations such as World Health Organization (WHO) and World Trade Organizations (WTO) and various companies are focusing on taking appropriate measures on data security in order to protect important data from cyberattacks. Therefore, rising security concerns regarding data is expected to be another factor for growth of the managed print services market.
Cloud-based deployment to hold a major share in the managed print services market during the forecast period
Increasing adoption of cloud technology is expected to be one of the factors for increasing demand for cloud-based deployment of MPS during the forecasted period. According to the CISCO analysis, in 2014, workload density over the cloud was 5.1ZB, which will grow till 8.4ZB by 2019. Benefits associated with cloud are fast accessibility, flexibility, cost effectiveness, and others are responsible for increasing demand of cloud in various verticals such as healthcare, media and entertainment, BFSI, education, healthcare, manufacturing, and IT & Telecommunication. It helps businesses to remotely access their documents and data.
Proliferation of digital paper work is one of key challenges hampering growth of the market
Increasing utilization of digital paper work is one of major challenges for growth of the market. Currently, companies are adopting technologies, which help them to minimise the usage of paper work, reduce errors, and saves time. This is expected to adversely affect growth of the market.
Global Managed Print Services Market: Regional Insight
North America accounted for the largest market share in the global managed print service market. Increasing adoption of advanced technology by various verticals, in order to improve their financial position; enhance security and gain operational efficiencies are some of the factors, which in turn, helps in increasing demand for the managed services in this particular region. For instance, in January 2017, CentraCare Health adopted managed print services, in order to streamline business process and optimize its printing. This service helped in increasing their saving by US$ 400,000, annually.
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Moreover, majority of the key players in the market are present in this region. Thus, aiding in growth of the managed print services market in the region. For instance, Global Imaging Systems (GIS), A Xerox Company acquired G-Five, Inc.—a Carolinas-based solution provider of office equipment and print services in North and South Carolina—in 2017.
Global Managed Print Services Market: Competitive Landscape
Some of the key players in the managed print services market are Xerox Corporation, HPE IT Services, Ricoh, Lexmark International, Inc., Canon, Inc., Samsung, Toshiba, Sharp, Kyocera, Pitney Bowes, and ARC Document solutions.
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