Global Managed Print Services (MPS) Market Expected to Reach US$ 59,537.7 Mn by

Posted by surendra choudhary on April 5th, 2019

The global managed print services (MPS) market was valued at US$ 30,705.7 Mn in 2016 and is expected to expand at a CAGR of 8.6% from 2018 to 2026, reaching US$ 59,537.7 Mn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the managed print services (MPS) market in 2016.

Managed print services eliminates a lot of paper waste, which encourages organizations to only print necessary documents. There are growing concerns regarding paper wastage and unnecessary energy consumption. The level of environmental concern varies significantly. Due to these factors, organizations are progressively adopting managed print services as these services help organizations to meet their demands for sustainability and to reduce paper wastage.

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Cost savings might vary according to the printing usage in different industry sectors. Precision Document Solutions, a managed print services vendor, claimed to guarantee output cost savings of 30% through its comprehensive managed print service solutions for the healthcare sector. Law firms and government sectors, which are more document intensive as compared to other industries, are expected to achieve higher ROI (Return on investment) on the deployment of MPS solutions.

Managed print services provide efficient maintenance and reduction in downtime. Maintenance is important to ensure the smooth functioning of printers in the long run and also to reduce the downtime. Furthermore, the replacement of cartridges, ink toners, papers, etc. is a part of printer maintenance, using up additional time and increasing operational expenses. Thus, organizations can reduce the time utilized for maintenance and the costs related to it, as MPS takes care of maintenance without incurring additional expenses other than monthly service charges or a one-time maintenance charge.

The global managed print services (MPS) market is expected to witness considerable growth due to the stringent rules and regulations of governments to prevent paper wastage. Managed print services provide cost benefits to organizations. Additionally, it helps organizations to reduce the number of printers, usage of paper, and the energy consumption. Managed print services provide low price and high performance, reduced physical footprints, and more productivity, and lower maintenance costs. Thus, managed print services reduce total cost of ownership (TCO).

Major industry players in the managed print services (MPS) market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for technologies and new product development. For instance, in September 2016, HP Inc. acquired Samsung’s printer business for US$ 1bn.The global managed print services (MPS) market includes key players such as HP Inc., Xerox Corporation, Lexmark International Inc., Fujitsu Ltd, Canon, Inc., Konica Minolta, Inc., Kyocera Corporation, Ricoh Company Ltd., Toshiba Corporation, ARC Document Solutions, Inc., Seiko Epson Corporation, Wipro Limited, Honeywell Corporation, and Print Audit, Inc.