The global managed print services market is dominated by companies such as Xerox Corporation, Canon Inc., Ricoh Company Ltd., KYOCERA Corporation, ARC Document Solutions Inc., Toshiba Corporation, Konica Minolta Inc., HP Development Company, and Lexmark Corporation. According to Transparency Market Research (TMR), Xerox Corporation, Ricoh Company Ltd., and HP Ltd. are the global leaders in the global managed print services market. These companies have primarily exploited their strong share in the market for printing hardware to maximize their presence in the managed print services market.
According to TMR, the global managed print services market is expected to reach a valuation of US$31.5 bn by the end of 2016 and further rise to close to US$95 bn by 2024 at a robust CAGR of 14.8% from 2016 to 2024.
Cloud-based Managed Print Services to Remain Dominant
By deployment, the global managed print services market is segmented into on-premise, cloud-based, and hybrid services. Of these, cloud-based managed print services accounted for a share of around 44% in the global market in 2014, but are expected to hold a majority share in the market by the end of 2024, exhibiting a solid 16.3% CAGR between 2016 and 2024. Hybrid deployment of managed print services is also likely to gain steady demand in the coming years, with a 15.6% CAGR expected for the segment in the 2016-2024 forecast period.
The healthcare, education, government, telecom and IT, legal, and BFSI sectors are the leading consumers of managed print services, followed by construction and manufacturing. “The steady and consistent rise in the demand for managed print services is illustrated by the high expected CAGR of these segments, with all of the aforementioned expected to exhibit a double-digit CAGR in the 2016-2024 forecast period,” said TMR’s lead analyst. The government and public sector is likely to remain the leading consumer of managed print services by the end of 2024, with an expected 2024 valuation of US$14.2 bn.
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One of the key drivers for the global managed print service market is the increasing awareness about the environmental benefits of adopting MPS. Due to the reduced need for dedicated printing hardware, the volume of digital waste is reduced drastically. This is a significant advantage for the managed print services market, as e-waste is already becoming a key concern due to the booming consumer electronics industry.
Managed print services providers have also made significant efforts to improve the security of the client data handled during printing. Due to the rising threat of cybercrime, this has become a key driver for the global MPS market. Authentication as well as encryption services are now being used in the managed print services industry to ensure the safety of client data, with players increasingly looking to collaborate with digital security providers.