According to a new market research report published by Credence Research “Global Managed Printing Services (MPS) Market (Type (Print Management, Device Management, Discovery and Design, Document Imaging); Deployment (On-Premise, Cloud); Enterprise Size (Large Enterprises, SMEs); Application (BFSI, Education, Food & Beverages, Government, Healthcare, Industrial Manufacturing, IT & Telecom, Retail, Others)) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the managed printing services (MPS) market is set to grow with a CAGR of 10.5% during the forecast period, started from US$ 30.25 bn in 2018.
The managed printing services (MPS) market is driven by the increasing need among the organization to reduce the paper wastage. As the concern towards the environment health is increasing, the organizations are shifting towards more sustainable processes to reduce wastage. MPS allows the organizations to replace the paper based printing with the digital documents. This allows the enterprises to streamline the printing operations, eliminate print servers and reduce the cost of operations.
The MPS offers enhanced security that allows the organization to protect the valuable information from the threat of network breach. As the threat of data breaches across the printing devices increasing, the organization are also started to work on enhancing the security assessment process by collaboration with the IT security solutions providers. This is serving as a major driver for the growth of the market.
The MPS market is categorized based on the deployment model into on-premise model and cloud based model. On-premise model accounts for more than 70% share in the revenue in 2018. The market growth is attributed to the rigid security and control offered by the on-premise model. On the other hand, cloud model is estimated to gain lot of traction during the forecast period due to the numerous benefits offered by the model such as flexibility and scalability. Furthermore, the cost effective nature of the cloud model also augments its demand among the organizations.
Asia Pacific’s MPS market is estimated to grow substantially at a CAGR of over 16% during the forecast period. The growth of the market is driven by the increasing digitalization across the industry sectors in the region. The increasing adoption of MPS among the SMEs in the region is also acting as a major driver for the market growth. Furthermore, the growing industrialization in the region also fosters the market.
The prominent players of the managed printing services (MPS) market are Canon Inc., HP Inc., ARC Document Solutions, Konica Minolta Inc., Lexmark International Inc., Kyocera Document Solutions, Ricoh Company Ltd., Toshiba, Sharp Electronics, and Xerox Corporation.
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