Managed Print Services Market To Be Driven By Rising Adoption Of Advanced Technologies As Cloud Computing And Analytics Till 2025: Grand View Research, Inc.
July 12, 2018 --
According to a report by Grand View Research, Inc., global managed print services (MPS) market is anticipated to value USD 49.7 billion by 2025. Growing requirement to reduce wastage of paper to print documents and operational cost in organizations is anticipated to propel demand for managed print services. Such services can help reduce number of local printers, replace inefficient devices by analyzing printing needs, and remote printing operations. In addition, MPS can also track and manage complete document environment.
Growing security concerns related to data and important information in organizations is expected to influence demand for managed print services. Growing adoption of advanced technologies such as cloud computing and analytics is anticipated to fuel growth of market. Government regulations to reduce paper wastage and save trees for better environmental conditions globally can stimulate market growth during the forecast period (2014 to 2025).
The managed print services market can be segregated on the basis of channel, deployment, organization, application, and region. Based on channel, the market can be categorized into system integrators, independent software vendors, and printers/copiers manufacturers. In 2016, printer manufacturer segment accounted for largest market share. Prevalence of printer/copier manufacturer, supportive government regulations, and increasing number of startups can stimulate market growth.
Full Research Report On Managed Print Services (MPS) Market Analysis: https://www.grandviewresearch.com/industry-analysis/managed-print-services-mps-market
On the contrary, system integrators segment is likely to expand at CAGR of 7.1% during the forecast period. Itís a channel type that can market printer/copier manufacturer and other offers. †
Based on deployment, the market can be classified into cloud-based, on premises, and hybrid. In 2016, cloud based deployment segment dominated the market and accounted for 40% of overall market. End-users are likely to benefit from cost-effective managed print services. These benefits can change aspects of IT model. Cloud based server can be installed easily on OEM server and accesses through web browser. It can be priced on monthly and annual basis with additional recurring fees for training and support.
In addition, hybrid deployment mode is predicted to grow at highest CAGR of 7.1% during the forecast period. It is likely to offer both on premise and cloud based deployment modes. Hence, few services are hosted locally (on premises) and other are hosted by cloud service providers.
Based on organization, the market can be bifurcated into large enterprises and small & medium enterprises. In recent years, large enterprises segment dominated the market. It is expected to bode well for MPS market and grow at phenomenal CAGR of 6.7% during the forecast period. Increasing cases of malware, spams, attack, threat, and other exposures in large enterprises can boost demand for MPS.
In addition, small and medium enterprises can also contribute well in market share during the forecast period. Competitive attractiveness from several market entrants and rising security concerns are anticipated to propel demand for MPS in small and medium enterprises.†
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Based on application, the market can be segmented into government, education, healthcare, BFSI, industrial manufacturing, retail & consumer goods, telecom & IT, and others. In 2016, Banking, Financial Services, and Insurance (BFSI) segment dominated the market and accounted for largest market share equivalent to USD 6718.5 million. BFSI sector is likely to involve files and lots of paperwork demanding privacy and security. MPS can help maintain required security and privacy of such documents.
Regional segmentation includes North America, Asia Pacific, Europe, South America, and Middle East & Africa. In 2016, Asia Pacific dominated the market and accounted for market share equivalent to USD 4011.8 million. Growing number of consumer goods and retail startups in countries such as India, China, and Japan can stimulate growth of market in the region. In addition, increasing adoption of managed print services in countries such as Singapore and Australia attributed to growing awareness in healthcare and education applications can fuel growth.
Similarly, North America is predicted to contribute well for market growth owing to increasing adoption of MPS in government and healthcare sector of United States (U.S.). In addition, launch of new programs and strategic acquisitions to create awareness of managed print services can augment market growth during the forecast period.
Some of the leading companies offering managed print services are Lexmark, Xerox Corporation, Hewlett-Packard, Canon, and Ricoh.
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