The managed print services market, in terms of value, is expected to grow from USD 28.40 Billion in 2016 to USD 50.78 Billion by 2023, at a CAGR of 8.51% between 2017 and 2023
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The report "Managed Print Services Market by Deployment Mode (On Premise, Cloud based, and Hybrid), Channel Type (Printer/Copier Manufacturers, System Integrators/Resellers, and ISVs), Application, Organization Size, and Geography - Global Forecast to 2023", The managed print services market was valued at USD 28.40 Billion in 2016 and is expected to reach USD 50.78 Billion by 2023, at a CAGR of 8.51% between 2016 and 2023.
Browse 61 Market Data Tables and 60 Figures spread through 165 Pages and in-depth TOC on "Managed Print Services Market - Global Forecast to 2023"
The reduced cost of operation and flexibility to match custom requirements, rising complex technological solutions, and increasing dependency on heterogeneous networks, steep increase in the adoption of big data solutions, organizational initiatives to reduce paper wastage, and competent technical support by MPS providers are some of the significant drivers for the growth of this market.
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Cloud-based deployment to hold a major share of the managed print services market during the forecast period
Cloud-based deployment is expected to hold the largest share of this market between 2017 and 2023.
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Cloud-based deployment has the largest share of the overall market owing to its extensive benefits in managed print services (MPS). MPS is replacing the traditional IT model to manage increasing requirements, and businesses are looking toward MPS for cost efficiency and effective benefits.
Cloud-based deployment holds the maximum market share as it offers businesses to remotely access their documents and data on the cloud.
The large enterprises are expected to hold the largest share of managed print services market
Large enterprises are expected to hold the largest share of the managed print services market between 2017 and 2023. Large enterprises mainly focus on managing their operations and processes rather than being diverted by any threat, attack, malware, or spams, and any other such vulnerabilities.
Due to this reason, the demand for MPS is more in such organizations and is increasing day by day.
BFSI applications of MPS held the largest share of the managed print services market in 2016
MPS has been growing in industry applications such as BFSI, government, and healthcare. BFSI applications held the largest market share of the MPS market worldwide.
BFSI involves heavy dependency on paperwork for record-keeping. The MPS market is expected to get more market share because of security requirements for sensitive data in the BFSI industry.
These applications use MPS to optimize the efficiency of resources and operational practices in use.
North America held the largest share of the managed print services market in 2016
North America held the largest share of managed print services market in 2016. The North American market has many rising startups and favorable compliance and government regulations.
The enterprises in this region have a rapid growth rate and a heavy demand for managed print services. Because of favorable government regulations, European companies are also investing in the North American market.
Some of the major players in the managed print services market are Xerox Corporation (US), HP Development Company, L.P. (US), Ricoh Company, Ltd. (Japan), and Lexmark International, Inc.
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