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MPS
The global market for MPS is driven by evolving customer needs
and demands, which has compelled solutions providers to focus on
delivering innovative, flexible, and cost-effective offerings.
TMR says that the increasing demand from organisations for cost-effective
systems has amplified the adoption of MPS on a global scale. Moreover, the
requirement to streamline the printing workflow is also likely to boost the
demand for MPS in the coming years.
Other factors driving the wider implementation of MPS include the ability
to achieve cost savings, with organisations looking to reduce operational costs
now focusing on MPS. Managed print solutions deliver insights over printing
expenses, enabling businesses to devise printing budgets for the future.
Companies looking to tighten up security are also likely to adopt MPS in
the coming years. TMP also suggests that increasing awareness regarding
the environmental benefits of MPS, such as reducing paper wastage from
conventional printers and the energy efficiencies associated with modern devices,
is also likely to cause a spike in demand globally.
One of the key challenges facing managed print service providers is the
ongoing transition to digitised paper workflows, The continuous strive to reduce
reliance on paper and the introduction of paperless or paper-lite processes is
an obstacle in the widespread adoption of MPS, however, according to TMR,
industry experts believe that as printing plays a significant role in various
business operations, companies will continue to be reliant on this function.
The market for MPS is undergoing an identity crisis. As print volumes decline
at a steady pace, MPS providers are looking to extend their service area to
include business process automation, document workflow and information
management. Moreover, enterprises are now presented with the opportunity
of expanding the realm of managed print services with the rising interest in
document workflow automation.
According to the report, managed print services find application in
several end-use sectors, such as telecom and IT, banking, financial services
and insurance, healthcare, government, legal, education, manufacturing and
construction. The government and public sector is by far the leading consumer
of MPS.
Geographically, North America has been the dominant market for MPS
services and is likely to retain its lead through 2024. The companies operating
in the global managed print services market, such as ARC Document Solutions,
Xerox, Ricoh, Canon, Lexmark, Konica Minolta, Toshiba, KYOCERA, HP and Print
Audit, are aiming to escalate their market presence through an increased number
of channel partners.
According to a report published by Transparency Market
Research (TMR), the global managed print services
market is projected to expand at a 14.8 per cent CAGR
between 2016 and 2024. The opportunity in this market
is anticipated to touch a valuation of US$94.97 billion
by the end of 2024.
MPS trends
and forecasts
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