Wilmington, Delaware, United States, March 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global industry is anticipated to expand at a CAGR of 8.7% from 2022 to 2031. Operational ease and effectiveness coupled with the demand for greater compliance and safety are expected to drive business opportunities in the global Managed Print Services Market. The global Managed Print Services Market was valued at US$ 37.4 Bn in 2021 and is expected to reach a value of 84.3 Bn by 2031.
Utilization of managed print services is also growing, as more companies incorporate digital transformation plans, deploy cloud-based managed print services (MPS) solutions, and use secure document management solutions.
Managed print service vendors also offer secure document management solutions in order to cater to the shifting demands of clients. They are also offering a variety of MPS solutions, such as document workflow optimization and print fleet management, besides ensuring security and compliance to gain more market share in the industry.
MPS offers advantages such as greater cost management, higher effectiveness and productivity, and better compliance and safety, which is anticipated to fuel industry growth. Moreover, outsourcing print management is one of the keys may market trends and it enables firms to concentrate on their core operations and long-term goals while leaving the handling of print operations to professionals.
Request for a Sample PDF Report with Latest Industry Insights:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=7859
Key Findings of Market Report
- Based on end-user, the BFSI segment is expected to account for the highest market share during the forecast period. Record keeping is crucial to the proper functioning of the BFSI (banking, financial services, and insurance) industry. Applying for loans, opening new accounts, getting a mortgage and several other activities involve the use of a considerable amount of paper.
The rise in the adoption of digitization and automation in the BFSI industry is estimated to boost the demand for MPS to minimize additional expenses and streamline the existing printing process. Additionally, the rising focus on cyber-security prompts businesses to emphasize protection against data breaches and other similar threats.
Global Managed Print Services Market: Growth Drivers
- MPS suppliers offer companies the ability to improve their printing infrastructure by combining devices and swapping out outdated, inefficient equipment for more recent, effective models. Consequently, fewer devices need to be monitored, which lowers related expenses. Increase in adoption of MPS by small and medium businesses is expected propel the growth of the global Managed Print Services Market. MPS suppliers also provide companies the ability to monitor and manage printing waste, which is anticipated to drive market development.
- Organizations are concerned about the safety and security of their information and records due to rise in the amount of digital data as well as the number of cyber-attacks. Furthermore, rise in number of people working remotely has increased the importance of secure document management systems.
- Use of automation and artificial intelligence (AI) in MPS systems promotes productivity and reduces expenses for enterprises by minimizing the demand for manual intervention, thereby maximizing printer utilization, and directing print tasks to the most suitable printer. Therefore, organizations looking to cut costs and streamline procedures for printing find MPS solutions more attractive. Moreover, businesses are moving their operations to the cloud, which is fueling the demand for cloud deployed MPS, as it brings much-needed scalability and flexibility to operations.
Buy this Premium Research Report (306 Pages PDF with Insights, Charts, Tables, and Figures):
https://www.transparencymarketresearch.com/checkout.php?rep_id=7859<ype=S
Global Managed Print Services Market: Regional Landscape
- North America is anticipated to hold the highest share of the global market between 2022 and 2031. In 2021, the region accounted for a significant share of the global market. Rising demand for cloud-based MPS, increased focus on sustainability, and emphasis on security are some of the factors driving growth in the North America market. The market in North America is quite competitive, with the presence of a wide range of vendors.
- The market in Asia Pacific is expected to grow at a rapid pace from 2022 to 2031. Digitization and automation in various industries and the focus on lowering operating expenses in Asia Pacific are augmenting the region's market growth.
Global Managed Print Services Market: Key Players
Some of the key market players in the global Managed Print Services Market
- Xerox Corporation
- FUJIFILM Business Innovation Corp.
- Zebra Technologies Corporation
- ARC Document Solutions, Inc.
- KYOCERA Document Solutions Inc.
- Ricoh Company, Ltd.
Budget constraints? Contact us for special Pricing:
https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=7859
Global Managed Print Services Market: Segmentation
Channel Type
- Printer/Copier Manufacturers
- System Integrators/Resellers
- Independent Software Vendors (ISVs)
Deployment
- Cloud
- On-premise
- Hybrid
Enterprise Size
- Small and Medium Enterprise
- Large Enterprise
End-user
- BFSI
- IT & Telecom
- Education
- Government
- Healthcare
- Manufacturing
- Retail
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
