Managed print services market size to grow by USD 6,991.94 million from 2022 to 2027: A descriptive analysis of customer landscape, vendor assessment, and market dynamics - Technavio
NEW YORK, Jan. 24, 2023 /PRNewswire/ -- The global managed print services market size is estimated to increase by USD 6,991.94 million from 2022 to 2027. The market's growth momentum will accelerate at a CAGR of 4.7% during the forecast period - Request a sample report
Global managed print services market – Vendor analysis
Vendor landscape –
The global managed print services market is fragmented, with the presence of several international and regional managed printing service providers. A few prominent service providers that offer managed print services in the market are ARC Document Solutions Inc., Canon Inc., EuroForm AS, Exela Technologies Inc., Flex Technology Group, HP Development Co. LP, Konica Minolta Inc., Kyocera Corp., Lexmark International Inc., Novatech, Ricoh Co. Ltd., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sharp Corp., Toshiba Corp., Vereco Inc., WBM Technologies Inc., Xerox Holdings Corp., YS Soft Corp AS, and Brother Industries Ltd. and others.
The global managed print services market is evolving. There are significant growth opportunities for digital magazines in this market, especially in developing countries of APAC and MEA. Hence, managed print service providers are trying to reach out to new customers to increase their market share. Service providers must sustain the high competition in the market in terms of pricing to gain more market share. International service providers are forming strategic alliances and product launches to enhance their offerings and expand their customer base.
Global managed print services market - Customer landscape
Global managed print services market - Segmentation assessment
Global managed print services market – Market dynamics
Leading drivers - The need for the reduction of hardware and consumables costs is notably driving the market growth. MPS is a professional service offered by external service providers to optimize print and document output. It helps organizations manage print devices such as printers, fax machines, copiers, and multifunction devices. In addition, MPS enables organizations to set up cost-effective and well-managed imaging and printing networks. Some of the advantages of using MPS include hardware maintenance and reduction in workflow bottlenecks. Such factors will boost market growth during the forecast period.
Key trends - Strategic partnerships and acquisitions among market participants are key trends in the market. As competition between the existing vendors is intense, vendors are opting for strategic partnerships and acquisitions with market participants such as software, technology, and platform providers. Strategic partnerships and acquisitions help vendors in product development, geographical expansion, and access to technological expertise. They also enable vendors to explore areas of new opportunities for their products and services and generate revenue through the sales of their products and services to a wide customer base. Thus, the rising number of strategic partnerships and acquisitions between vendors and market participants is expected to have a positive impact on the growth of the global MPS market during the forecast period.
Major challenges - The increasing use of digital media is challenging market growth. Many organizations are implementing different strategies to reduce operational costs. However, the cost associated with paper operations is much higher than the actual purchasing cost of paper. Therefore, enterprises encourage employees to print documents only when necessary. In addition, enterprises have started sharing digital reports, which are more efficient and reduce the use of paper. Such factors will hinder the growth of the global market during the forecast period.
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Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Platform
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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