Managed Print Services Market Size To Advance At 6.2% CAGR By 2027, Based On Increasing Need For Maintaining Documentation | Million Insights
FELTON, Calif., Feb. 9, 2021 /PRNewswire/ -- The global managed print services (MPS) market size is anticipated to value USD 53.13 billion until 2027. It is also expected to register a CAGR of 6.2% over the forecasted years, 2020 to 2027. The increasing need for maintaining documentation and the need for adoption of such services for monitoring of printing procedure is expected to augment the market growth.
The printer manufacturer segment held the largest share across the global market in 2019 on account of increasing demand for these services by the key printers and copier manufacturers. The channel segment of the system integrator is expected to register the highest CAGR owing to its enhanced offerings like a wide variety of solutions and managed IT-related services.
In 2019, the BFSI application segment accounted for the largest share across the global market due to the surging need for securing private documents and rising demand to carry out financial operations. On the other hand, the retail and consumer goods application segment is also expected to gain traction in the upcoming years.
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The Asia Pacific is estimated to register significant growth over the forecasted years owing to the increasing number of consumer goods and retail startups residing across India China and Japan. The North America held a dominant share across the global market in 2019 due to the rising number of programs and strategic acquisitions undertaken by the MPS service providers.
The managed print services market includes key players such as Canon, Lexmark Corporation, Xerox Corporation, Hewlett-Packard (HP), Konica Minolta Inc., Toshiba, and Sharp Corporation. They are engaged in developing strategies like partnerships and alliances for widening their geographical reach and service offerings.
Further key findings from the report suggest:
Million Insights has segmented the global managed print services (MPS) market on the basis of channel, deployment, organization, application and region:
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