Market Overview:
 Managed Print Services refer to the comprehensive management of document output devices and related business processes. MPS involves analyzing printing needs, providing necessary hardware, software, and supplies, optimizing printing processes, and providing ongoing support and maintenance. The adoption of MPS solutions offers several advantages, including cost reduction, improved efficiency, enhanced document security, and simplified workflow management. The growing need for streamlining printing operations and increasing cost-efficiency is driving the demand for Managed Print Services globally.
Market Key Trends:
One key trend in the Managed Print Services market is the integration of MPS with cloud-based solutions. Cloud-based MPS enables organizations to centralize print management, improve document accessibility, and enhance security. It offers benefits such as remote monitoring, efficient print job management, and scalability. Cloud-based MPS also enables organizations to leverage advanced analytics and reporting capabilities, providing insights for further optimization. The integration of MPS with cloud-based solutions is expected to drive market growth and enhance operational efficiency for businesses in the coming years.
Porter’s Analysis:
Threat of New Entrants: The threat of new entrants in the managed print services market is moderate. While there are no significant barriers to entry, the presence of established players with strong brand recognition and customer loyalty creates a challenge for new entrants. Additionally, large capital investments required to establish an extensive infrastructure and develop the necessary technology may deter potential new players.
Bargaining Power of Buyers: The bargaining power of buyers in the managed print services market is high. Buyers have the ability to negotiate for competitive pricing and favorable contract terms due to the presence of multiple service providers in the market. Moreover, buyers have access to a wide range of options, increasing their bargaining power further.
Bargaining Power of Suppliers: The bargaining power of suppliers is low in the managed print services market. This is primarily due to the abundance of suppliers in the market, providing businesses with a wide range of options. Additionally, the cost of switching suppliers is relatively low, further weakening the supplier’s bargaining power.
Threat of New Substitutes: The threat of new substitutes in the managed print services market is high. Rapid advancements in technology and the availability of digital alternatives pose a significant threat to the traditional print services industry. As businesses increasingly adopt digital solutions, the demand for managed print services may decline.
Competitive Rivalry: The competitive rivalry in the managed print services market is high. The market is highly fragmented, with numerous players competing for market share. Established companies, such as Xerox Corporation, Ricoh, and Canon, dominate the market, while smaller players also strive for a piece of the market share.
The global Managed Print Services Market Growth is estimated to be valued at USD 44.4 Billion in 2023 and is expected to exhibit a CAGR of 11.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways:
The global managed print services market is expected to witness high growth, exhibiting a CAGR of 11.5% over the forecast period from 2023-2030. This growth can be attributed to the increasing adoption of managed print services by businesses globally. Managed print services offer cost-saving benefits, improved efficiency, and reduced environmental impact, which are driving their adoption across various industries.
Regionally, the Asia Pacific is expected to be the fastest-growing and dominating region in the managed print services market. The region’s rapid economic growth, increasing digitization, growing awareness about cost optimization, and the presence of a large number of small and medium-sized enterprises are the key factors contributing to the market’s growth in this region.
Key players operating in the managed print services market include Xerox Corporation, HPE IT Services, Ricoh, Lexmark International, Inc., Canon, Inc., Samsung, Toshiba, Sharp, Kyocera, Pitney Bowes, and ARC Document Solutions. These companies are focusing on strategic partnerships, acquisitions, and product innovations to strengthen their market position and gain a competitive edge.
In conclusion, the managed print services market is expected to witness significant growth, driven by factors such as cost optimization, improved efficiency, and environmental sustainability. However, the market is highly competitive, and the threat of substitutes poses a challenge to traditional printing services. Businesses need to embrace digital solutions while leveraging managed print services to stay ahead in this evolving market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
