Managed Print Services Market
The Managed Print Services Market is estimated to reach USD 70 billion by 2027, growing at a CAGR of 8.2% over the forecast period (2020-2027).
The factors driving the growth of Managed Print Services Market includes digital transformation across the industry verticals such as Banking, Financial Services, and Insurance (BFSI), Healthcare and Telecommunication, emerging need to reduce paper wastage and growing trend of Bring Your-Own Device (BYOD). According to the report published by Environmental Paper Network, the consumption of paper worldwide has drastically increased by 400% over the last four decades, on an average a citizen in the United States uses more than 700 pounds of paper every year, which will boost the Managed Print Services Market Growth in the approaching years. Moreover, the growing adoption of Cloud Computing and Big Data Analytics by the major organizations, increasing investments by the leading players on research and development and improvements in the IT infrastructure, are some of the additional factors supplementing the Managed Print Services Market share. In addition, Managed print services reducing the need for local printers, the workforce can print from remote locations on any device using mobile printing and these services allows better workflow management, are some of the key features augmenting the Managed Print Services Market size.
However, the growth of Managed Print Services Market is hindered due to growing concerns related to privacy and security.
The leading players operating in the market are KYOCERA Corporation, SAMSUNG, SHARP CORPORATION, Xerox Corporation, Ricoh, HP Development Company, L.P., Konica Minolta, Inc, Canon Inc, Lexmark International, Inc., and TOSHIBA CORPORATION, among others.
Deployment Type – Segment Analysis
Based on Deployment Type, the Hybrid Cloud-based segment is predicted to capture the largest market share during the forecast period because cloud-based printing services reduces the operational cost linked with traditional on-premises print management platforms and supports virtual computing environments.
Application – Segment Analysis
Based on Application, the BSFI segment is estimated to hold the highest market share over the forecast period attributed to increasing use of paper in the banking industry for processing loan applications and opening new accounts.
Regional – Segment Analysis
As per the Managed Print Services Market Trends, the North American region is anticipated to expand at a remarkable CAGR during the forecast period. The increasing use of papers, presence of the leading players such as Xerox Corporation and TOSHIBA CORPORATION, expansion of the Healthcare, rapid urbanization, rising disposable incomes and high population growth rates, are some of the important factors propelling the market growth.
Global Managed print services Market by Deployment Type
Global Managed print services Market by Channel Type
Global Managed print services Market by Application
Global Managed print services Market by Region
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