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",
publisged by MarketsandMarkets™ , the 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.
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.
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. The deployment modes include
on-premise, cloud-based, and hybrid deployment. 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. (US).
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