The managed print services market is expected to grow from USD 28.40 Billion in 2016 to USD 50.78 Billion by 2023, at a CAGR of 8.51% between 2017 and 2023. The reduced cost of operation, flexibility to match customer requirements, rising complex technological solutions, and increasing dependency on heterogeneous networks are the major factors driving the growth of the managed print services market.
The key players in the managed print services market are increasingly adopting strategies such as product launches, product developments, partnerships, contracts, agreements, mergers and acquisitions, collaborations, and expansions to grow in the managed print services market. According to the present scenario, major companies in the managed print services market are investing a lot in R&D. The companies are also partnering with other companies to offer cost-efficient solutions in printing. In terms of market leadership, Xerox Corporation (US) is the leader in providing MPS services worldwide. Xerox Corporation (US), Ricoh Company, Ltd. (Japan), HP Development Company, L.P. (US), and Canon, Inc. (Japan) provide MPS solutions worldwide.
Xerox Corporation (US) held the first position in the MPS market. Xerox has built a credible and strong portfolio of services for organizations of all sizes, enhanced by an expanded range of workflow automation solutions. Xerox retains a leadership position in the market due to its global scale and comprehensive MPS portfolio, which encompasses office printing, production printing, and workflow automation services. Xerox has expanded its security services through the Xerox Print Security Audit Service and its Secure Print Manager suite of solutions (both Xerox and partner solutions), which offer analytics, secure printing, and control and reporting. Xerox has a range of industry solutions for workflow automation across HR, finance and accounting, insurance, retail, banking, manufacturing, higher education, and healthcare. The company is consistently growing through strategic acquisitions and product launches. For instance, in March 2017, the company launched “Xerox ConnectKey” to expand business reach for channel partners to find more opportunities to grow revenue and enter new markets. The company is making continuous developments in the MPS market.
Ricoh Company (Japan) held the second position in the managed print services market. The company provides imaging and printing solutions and industrial products. It is a global market leader with recognized expertise in the development, manufacture, and application of innovative, cost-effective printing products, solutions, and services. The company provides MPS services under its Ricoh Managed Document Services (Ricoh MDS) portfolio. Ricoh MDS address customers' business challenges and provide consistent, high-quality services to its customers. The company adopted growth strategies based on joint ventures, partnerships, and product launches. For example, Ricoh acquired Avanti Computer Systems (Canada), a leader in providing print MIS (management information system). This acquisition will help Ricoh expand its print workflow and improve management efficiency and overall productivity.
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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