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Managed Print Services Market

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Managed Print Services Market: Players Extending Service to Include Document Workflow and Business Process Automation
Managed Print Services Market: Players
Extending Service to Include Document
Workflow and Business Process
Automation
The global managed print services market is competitive. Key manufacturers operating within the
managed print services market include: Xerox Corporation, Ricoh Company Ltd., ARC Document
Solutions, Inc., Lexmark Corporation, Konica Minolta, Inc., Canon, Inc., KYOCERA Corporation, HP
Development, L.P., Toshiba Corporation, and Print Audit. Leading players within this market are focusing
on boosting the number of channel partners, states Transparency Market Research (TMR) in its latest
report on global managed print services market. Leading players are also focusing on expanding their
markets across geographies so as to increase their market shares and also gain an edge among other
players. Players within the market are also focusing on delivering cost-effective, flexible, and innovative
offerings.
According to the report, the global managed print services market is anticipated to expand at 14.8%
CAGR from 2016 to 2024 and reach an evaluation of US$94.97 bn by 2024. On the basis of size, the
global managed print services market will be led by large enterprises. Managed print services are used
extensively for managing complex IT infrastructure in large enterprises, thereby boosting the growth of
the segment. Small and medium scale enterprises are also expected to up their use of managed print
services on account of the growing awareness regarding the advantages of these services.
By deployment, it is estimated that cloud-based managed print services segment will witness an
increased popularity among end users. On the basis of end users, it is estimated that the government
and public sector will emerge as the leading consumer for managed print services as this sector has
massive volume of paperwork.
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Increased Awareness Level about Benefits of MPS to Drive Growth of North American Market
On the basis of geography, it is estimated that North America will remain dominant regional segment in
the managed print services market. The awareness level among small and medium scale enterprises as
well as large scale enterprises in North America regarding the benefits of using managed print services is
the key reason behind the higher level of adoption rate in this region, making it the most lucrative
market. Strong presence of key players within the managed print services market as well as the
presence of leading printer and copier manufacturers will also fuel the growth of the North American
MPS market. In addition to North America it is also estimated that Latin American and Asia Pacific will
emerge as promising markets for MPS on account of the rapid development of economy as well as
widespread industrialization.
Eco-friendly Nature of MPS Services to Boost Demand
Some of the key factors boosting the growth of the managed print services market include the accurate
allocation of costs, minimized IT workload, reduction in printer fleet, lower paper usage, enhanced
authentication and security, reduced consumption of electricity, and improved efficiency. Managed
print services help achieve streamlining of operations within businesses, thus ensuring maximum
efficiency. The environmental benefits achieved by the use of managed print services such as reduced
wastage of paper and reduced consumption of energy will also create a high demand for managed print
services.
Transition to Digitization May Create Identity Crisis for Managed Print Services Market
The transition to digitized workflow will challenge the growth of the managed print services market. A
large number of organizations are looking towards reduction in the use of paper and decreasing their
reliance on paper, which is expected to severely crush the growth of the managed print services market.
On a bright note however, experts within the managed print services market continue to believe that
printing plays an important role for various business operations and this will ensure that companies will
continue to rely on this function. In addition to this, as the print volumes are declining, providers of
managed print services are extending their service to include document workflow, business process
automation, and information management. This in turn is anticipated to drive the growth prospects of
this market.
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