Global MPS Market Trends & Forecasts (2023-2028), India to be a High Growth Market

The Report Covers Global Managed Print Services Industry Trends & Analysis and it is Segmented by Geography (North America (United States, Canada), Europe (Germany, UK, France, and Rest of Europe), Asia Pacific (India, China, Japan, and Rest of Asia-Pacific), Latin America, and Middle East & Africa). The market size and forecasts are provided in terms of value (in USD million) for all the above segments.

About Managed Print Services

When a company seeks to manage its documentation and print services, it can approach an outside service-provider specializing in managed print services (MPS), who offers to assess the company’s actual requirements, partially or completely substitute the equipment, provide support, components, and resources necessary to run the new setup which can include printers, faxing, photocopier, and MFP fleet usage, issues, and user satisfaction. MPS provider aims to help businesses increase their profitability, output, and data security by usually keeping track of consumption, changing out consumables, taking care of printing requirements and minimizing the consumption of paper, number of devices, power consumption, time, space and other things.

MPS provider uses software programs for the following purposes:

1. Print Management: The program controls the volume and printing.
2. Device management: The program keeps tabs on the devices in the print environment.
3. Discovery and Design: The program looks into and schedules necessary MPS implementation adjustments.
4. Imaging: This program maintains, redirects, and scans digital materials.

The following are some of the advantages the MPS provides to businesses: 1. An MPS provider releases the staff from managing printing-related needs and enables them to concentrate efforts and time on other tasks. 2. Through a comprehensive print audit and evaluation, MPS provider helps to reduce running and maintenance costs and save room space and power. 3. The MPS provider develops a plan to use minimum number of devices to meet the needs all the departments. 4. Most companies now use pay-per-page, spend less, and increase cash flow using MPS. 5.  The company can benefit from MPS forecasting tools and real-time consumption analytics and regulate your spending. 6. By minimizing the usage of paper, power, and printing supplies, an office can reduce the negative impact on environment. 7. The MPS program provides a customized print security plan to reduce threats through printer sign-in protocols to prevent papers and information from being hijacked; proper disposing of garbage; automated hard disk wiping capabilities and network-level security measures, etc.

Managed Print Services Market Analysis

The Managed Print Services Market size is expected to grow from USD 42.09 billion in the current year to USD 63.35 billion during the forecast period, registering a CAGR of 8.52% during the forecast period. Most small and medium businesses (SMBs) are looking for ways to improve their productivity and cut costs, and taking a closer look at how they handle documents is a good place to start.

• Managed print services (MPS) are services provided by outside print vendors to control the output of business documents. By enabling digital technologies and printing services, managed print services (MPS) safely manage households and companies’ print and scan infrastructure. The global market is driven by the growing adoption of managed print services (MPS) among various end users, which helps increase time productivity and cost efficiency by providing visibility into document workflows. Managed print services (MPS) help improve the customer experience because they allow for high-quality printing and scanning.
• Organizational initiatives to reduce paper waste have significantly contributed to the market’s growth. Companies are trying to restrict the use of paper. As managed print services help control wastage, their growth is going to get a boost in the near future.
• Reductions in the cost involved are noticed when companies adapt managed print services. These cost reductions help the firms expand their profit margins. The companies are apprehending the costs associated with printing that were neglected before and cost a major chunk.
• Data has evolved into a crucial kind of intellectual property (IP). Data leaks, including corporate concepts, plans, or financial statements, could seriously harm a company’s reputation in the marketplace or result in significant financial loss. As a result, data security has received the greatest attention in recent years. Protecting sensitive data is crucial in light of the growing dangers posed by cyberattacks. Cyberthreats are thus one of the main issues that Managed Printing Service organizations must deal with.
• The managed print services market was just one of the numerous industries that the COVID-19 pandemic outbreak negatively impacted. The COVID-19 outbreak caused a delay in the printing industry, including effects brought on by self-isolation standards, manufacturers shifting their supply chains away from manufacturing centers like China, and changes to the packaging materials used for basic goods. However, as both sectors provided necessary commodities during the pandemic, the demand for essential products skyrocketed. This, in turn, raised the usage of managed print services.

Managed Print Services Market Trends

Retail is expected to hold major market share of MPS: A high level of efficiency is required in the retail sector so this sector is expected to be a leading seeker of MPS. MPS strategies for retail identify the right number of networked printers based on specific tasks, physical location, and the need for redundancy. For retails sector, a plan is needed that perfectly balances cost savings and productivity enhancements. An MPS approach is needed that works seamlessly with existing helpdesk systems and allows for a variety of service models. The analyzed market is driven by the ongoing expansion of global retail and its revenues. For example, the US Census Bureau predicts that total retail sales will reach USD 6.6 trillion by the end of last year, an increase of around USD 1 billion over the previous year.

Region-wide North America is expected to hold a major market share of MPS: The growth in the North American region is primarily attributable to the region’s increased start-up activity, favorable government regulations, and the presence of major printer and copier manufacturers. The market for MPS is also expanding due to the greater adoption rates in the U.S. government and healthcare sectors.

MPS industry overview:  The MPS market is highly competitive and consists of a significant number of major players. In terms of market share, none of the players currently dominate the market; thus, the market is moving towards fragmentation. The providers are innovating their offerings in order to gain a competitive advantage.

In a nutshell

The future for MPS is bright with companies seeking reduce running costs, investment on devices, manpower, time spent on managing printing activities, etc. In overseas MPS has already become a common thing whereas in India the trend is picking up and expected to gain momentum in the coming years.

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