Managed Print Services Market is Anticipated to Witness High Growth Owing to Growing Need for Reducing Operational Costs

 

The managed print services market provides comprehensive administrative services and solutions that focus on optimal management and usage of office printing equipment and services. Managed print services help businesses reduce costs, enhance security, and improve the accuracy and efficiency of document workflows. It involves assessing the document and print environment across an organization, optimizing device usage, streamlining processes, and implementing cost-saving strategies. This enables businesses to shift their fixed costs of printers, copiers, and multifunction devices to a pay-per-use model while gaining insights and analytics into printing patterns and habits.

The Global managed print services market is estimated to be valued at US$ 52.63 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the managed print services market size are DIC CORPORATION, Solvay S.A., Lion Idemitsu Composites Co., Ltd, Toray Industries, Inc., Tosoh Corporation, SK chemicals, Chengdu Letian Plastics Co., Ltd., Celanese Corporation, TEIJIN LIMITED, SABIC, Zhejiang NHU Co., Ltd., and LG Chem. The rapidly growing digital workplace trend, increasing demand for sustainability and environmental initiatives, and evolving needs to optimize printer fleets are some of the key opportunities for providers in the managed print services domain. Major players in the market are expanding their global presence through strategic partnerships and acquisitions to capture the growing demand across regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Market Drivers

Increasing need to reduce operational costs associated with printing is a major market driver. Legacy print management can be expensive to maintain with high supplies, service, and support costs. Managed print services enable substantial cost savings through optimized printer fleets, lower supplies usage, and streamlined maintenance. Organizations increasingly rely on MPS vendors to consolidate print infrastructure and minimize expenses related to printing.

Market Restraints

Changes required in adopting new workflows and processes along with vendors locking into long-term contracts pose challenges for smooth transition to managed print services. Additionally, lack of IT expertise in-house for integration and management of new services acts as a hindrance for some smaller organizations to effectively leverage MPS offerings. Security concerns relating to sharing printed documents across multiple networked devices is another restraint.

Segment Analysis
The managed print services market can be broadly segmented into device management, software services, IT consulting services. The device management segment currently dominates the market and will continue to do so over the forecast period. Device management involves procurement, deployment, retraction, and maintenance of printers and multi-function devices. It reduces costs associated with excessive printing and the use of outdated printers. This is the major factor contributing to the dominance of this segment in the MPS market.

Global Analysis
From a regional perspective, North America is currently the largest managed print services market. The region will continue to dominate the market over the forecast period owing to high adoption of sophisticated and expensive printing equipment across enterprises in countries like the US and Canada. Availability of technologically advanced products and services further drives the demand for MPS in the region. Asia Pacific is expected to be the fastest growing managed print services market between 2024-2031. Countries like China, India, Japan, and South Korea are major contributors to the growth of the region. Increasing digitalization of work processes and growing focus of enterprises on optimized document management are key factors fueling the demand for MPS in Asia Pacific.

Explore Our More Blogs Here: https://www.ukwebwire.com/managed-print-services-market-share-and-opportunity-analysis/

 

Explore more trending article on this topic: https://coolbio.org/an-overview-of-the-cat-litter-market/