Managed Print Services Market: CAGR of 4.7% Growth Forecast 2023-2027

 The Managed Print Services (MPS) Market is projected to grow at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2027, increasing by USD 6,991.94 million. Several factors contribute to this growth, including the need to reduce hardware and consumables costs, the rising adoption of MPS by small and medium-sized enterprises (SMEs), and the growing use of MPS in the banking, financial services, and insurance (BFSI) sector.

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Parent Market Insights

The global MPS market is a segment of the broader specialized consumer services market, which encompasses revenue from various consumer services such as residential services, home security, legal services, personal services, and more. External factors influencing the parent market growth are extensively covered in our research report.

Key Market Drivers, Trends, and Challenges

Main Drivers 

One of the primary drivers of market growth is the need to reduce hardware and consumables costs. Managed Print Services help organizations manage their print devices more efficiently, which includes printers, fax machines, copiers, and multifunction devices. By outsourcing these services, organizations can save time and money, creating cost-effective and well-managed printing networks.

Major Trends 

An emerging trend in the MPS market is the strategic partnerships and acquisitions among vendors. These collaborations help vendors in product development, geographical expansion, and technological advancements, enabling them to tap into new opportunities and expand their customer base. For example, Xerox's acquisition of Arena Group aimed to expand its offerings to small and medium-sized businesses (SMBs).

Significant Challenges

A notable challenge to market growth is the increasing use of digital media. Organizations are reducing paper use to cut operational costs, leading to a shift towards digital reports and paperless operations. This trend poses a challenge to the traditional print services market, as more companies adopt digital soluti

Vendor Landscape and Key Players 

Vendors are employing strategies such as alliances, partnerships, mergers, acquisitions, and product launches to strengthen their market presence. Notable vendors include:

  • Flex Technology Group
  • ARC Document Solutions Inc.
  • Canon Inc.
  • EuroForm AS
  • Exela Technologies Inc.
  • HP Development Co. LP
  • Konica Minolta Inc.
  • Kyocera Corp.
  • Lexmark International Inc.
  • Novatech
  • Ricoh Co. Ltd.
  • Samsung Electronics Co. Ltd.
  • Seiko Epson Corp.
  • Sharp Corp.
  • Toshiba Corp.
  • Vereco Inc.

Fastest-Growing Segment 

The cloud-based segment is projected to witness significant growth due to low initial investments and the benefits of centralized print management. This segment is particularly attractive to SMEs with limited IT budgets, offering scalable networks and reduced maintenance costs.

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Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/


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