The report "Managed Print Services Market by Deployment Mode (On Premise, Cloud based, and Hybrid), Channel Type (Printer/Copier Manufacturers, System Integrators/Resellers, and ISVs), Application, Organization Size, and Geography - Global Forecast to 2023" The managed print services market is projected to reach USD 50.78 billion by 2023 from USD 28.4 billion in 2016, at a CAGR of 8.51% during 2017–2023. Major drivers for market growth are reduced cost of operation and flexibility to match custom requirements, rising complex technological solutions, and increasing dependency on heterogeneous networks, steep increase in the adoption of big data solutions, organizational initiatives to reduce paper wastage, and competent technical support by MPS providers. However, long term recurring expenditure is the major restraint for the growth of the market.
Browse 61 market data Tables and 60 Figures spread through 165 Pages and in-depth TOC on "Managed Print Services Market by Deployment Mode (On Premise, Cloud based, and Hybrid), Channel Type (Printer/Copier Manufacturers, System Integrators/Resellers, and ISVs), Application, Organization Size, and Geography - Global Forecast to 2023"
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Cloud based deployment to hold largest size of Managed Print Services market during forecast period
In the cloud deployment mode, all the resource operations are hosted off-site. Rather than purchasing printer or MFP hardware, print servers, and software solutions such as print management tools or document workflow solutions, organizations tap into these resources as part of an outsourced MPS. The utilization of the cloud helps in addressing key economic challenges of the print infrastructure such as costs and IT burden of print management.
Managed Print Services market for Government application to grow at highest CAGR during forecast period
Of all the application, government is expected to witness the highest CAGR in the Managed Print Services market. Shrinking budgets and rising demand for government services are forcing the government agencies and departments to modernize their storage infrastructure and enable vast service delivery. Also, paper-based processes add workload and cause delayed responses. MPS in government organizations provide advantages such as secured printing, reduced printing cost, centralized print management, and customization in reporting. Organizations such as HP Development Company L.P., Lexmark Corporation, and Ricoh Company Ltd. have designed MPS solutions dedicated for government organizations.
North America to hold the largest size of Managed Print Services market during 2017–2023
The North America market has many rising startups and favorable compliance and government regulations. The enterprises in this region have a rapid growth rate and a heavy demand for managed print services. Because of favorable government regulations, European companies are also investing in the North America market. Further, there are different companies in the US that are providing managed print services such as Xerox Corporation (US), HP Development Company, L.P. (US), Lexmark International Corporation (US), and ARC Document Solutions Inc. (US). These companies have a strong expertise in MPS and other printing-related markets. The North American market is in the matured state and is still growing.
Key players in the Managed Print Services market Xerox Corporation (US), Hewlett-Packard (US), Canon Inc. (Japan), Ricoh Company Ltd. (Japan), Lexmark Corporation (US), Konica Minolta Inc. (Japan), Kyocera Corporation (Japan), Toshiba Corporation (Japan), Samsung Corporation (South Korea), Sharp Corporation (Japan), and ARC Document Solutions (US).
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