Global Managed Print Services Market to Grow at 7.4% During 2024-2032, Catalyzed by Rapid Digitization Across End Use Industries

IMARC Group’s latest report, titled “Managed Print Services Market Report by Type (Print Management, Device Management, Discovery and Design, Document Imaging), Deployment Mode (On-premises, Cloud-based), Organization Size (Large Enterprises, Medium Enterprises, Small Enterprises), Industry Vertical (BFSI, Government, Healthcare and Education, Manufacturing, Retail and Consumer Goods, IT and Telecom, and Others), and Region 2024-2032,” finds that the global managed print services market reached a value of US$ 46.1 Billion in 2023. Managed print services (MPS) include various customized and integrated solutions offered by third-party service providers for managing and optimizing the document output generated by the organizations. They are used to streamline the printing fleet of the enterprises and can be deployed on cloud, on-premises or in hybrid environments. They also analyze organizational operations to anticipate the printing requirements and provide improved visibility as well as control of the input and output. In recent years, MPS has gained traction as it helps reduce costs, prevent device downtime, and optimize energy, paper and ink usage. 

Global Managed Print Services Market Trends:

Rapid digitization across various end use industries, including banking, financial services and insurance (BFSI), healthcare, information technology (IT), and manufacturing, represents the primary factor driving the market. For instance, the BFSI sector utilizes MPS for managing time-consuming tasks like record-keeping and optimizing the overall operations. Besides this, the growing need for analytics and cloud computing solutions to manage resource utilization effectively in organizations is another growth-inducing factor. Additionally, the implementation of favorable government initiatives to minimize paper wastage has augmented the product demand. Furthermore, several technological advancements like the integration of the internet of things (IoT) and big data solutions with connected devices have bolstered the market growth as these innovative technologies streamline workflows and provide improved security and mobility. Besides this, the development in the IT infrastructure, especially in developing countries, and the rising adoption of sustainable solutions for business processes have propelled the market growth. Looking forward, the market is expected to grow at a CAGR of 7.4% during 2024-2032. 

Market Summary:

• Based on the type, the market has been divided into print management, device management, discovery and design, and document imaging. 
• On the basis of the deployment mode, the market has been bifurcated into on-premises and cloud-based.
• Based on the organization size, the market has been categorized into large, medium and small enterprises. 
• The market has been classified based on the industry vertical into BFSI, government, healthcare and education, manufacturing, retail and consumer goods, IT and telecom, and others. 
• Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. 
• The competitive landscape of the market has also been analyzed, with some of the key players being ARC Document Solutions Inc., Brother Industries Ltd., Canon Inc., HP Inc., Konica Minolta Inc., Lexmark International Inc., Ricoh Company Ltd., Sharp Corporation, Toshiba Corporation, WeP Solutions Ltd. and Xerox Holdings Corporation.

Report Scope:

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