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| Global Managed Print Services Market Size |
The global Managed Print Services Market is estimated to be valued at US$ 45.68 Bn in 2023 and is expected to
exhibit a CAGR of 8.5% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Managed Print Services involves managing printers, copying equipment and
multifunctional devices on behalf of clients. It offers advantages like cost
reduction, reduced downtime, increased efficiency and security through
centralized management of printers.
Market key trends:
One of the key trends in the Managed Print Services Market is adoption of
cloud-based managed print services. Cloud-based managed print services offer
cost benefits and flexibility to customers for printing needs at multiple
locations. It allows centralized monitoring and management of multi-function
printers located across offices through web-based interfaces. This slashes down
operational costs and improves productivity for organizations by reducing
downtime and demand for on-site support.
Segment Analysis
The managed print services market is segmented by type, deployment mode,
organization size, and end user. By type, managed print services include
on-premises MPS, cloud-based MPS, and hybrid MPS. The cloud-based MPS segment
dominated other segments in 2023 due to flexible models offered through
cloud-based MPS. Cloud-based MPS gives access to services anytime, anywhere
through the internet and provides more features through software-as-a-service
model.
Key Takeaways
Global
Managed Print Services Market Size is expected to witness high growth, exhibiting
CAGR of 8.5% over the forecast
period, due to increasing adoption of cloud-based technologies. The global
managed print services market size is expected to reach US$ 45.68 Bn in 2023.
Regional analysis North America dominated the managed print services market in
2023 due to presence of major players like Xerox Corporation and HP Inc. in the
region. Asia Pacific is expected to grow at the highest CAGR during the forecast
period due to increasing adoption of digitization in major emerging countries
like China and India.
Key players operating in the managed print services market are Xerox
Corporation, Ricoh Company, Ltd., HP Development Company, L.P, Konica Minolta,
Inc., Canon, Inc., Lexmark International, Inc., Kyocera Corporation, Samsung
Electronics Co., Ltd., Sharp Corporation, Toshiba Corporation. Key players are
focusing on offering advanced cloud-based MPS to gain competitive advantage in
the market.
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