Market Highlights
The global managed print services market is expected to rise at a strong 9% CAGR over the forecast period from 2017 to 2023 to reach a valuation of USD 51 billion, according to the latest research report from Market Research Future (MRFR). The global managed print services market is set to rise at a strong growth rate over the forecast period due to the increasing demand for managed print services and the increasing incorporation of cloud and other modern facilities to make managed print services more capable and useful to the client.
The research report on the managed print services market provides a detailed historical review of the managed print services along with a detailed analysis of the microeconomic and macroeconomic factors affecting the market the most. The major drivers and restraints for the global managed print services market are profiled in the report, thus providing readers with a clear picture of what is making the managed print services market move.
Managed print services are the 21st-century version of print services and consist of a managed print service provider offering a large suite of print-related services at a combined price. The demand from the managed print services market is mainly driven by the increasing awareness about the benefits of managed print services and the ease with which they can be incorporated into the end user’s regular printing practices.
The global managed print services market is expected to be driven by the growing demand for a one-stop solution for all printing-related services, as this often comes at a lower cost, as well as reducing the client’s responsibilities regarding the maintenance and upkeep of printing equipment. This is likely to drive the managed print services market over the forecast period, as an increasing number of enterprise end users are interested in focusing on their core compatibilities and outsourcing secondary responsibilities to external agents. This growing trend is likely to ensure steady growth of the global managed print services market over the forecast period.
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Segmentation:
The global managed print services market is segmented on the basis of component, deployment, organization size, end use, and region.
By component, the global managed print services market is segmented into hardware, software, services, and others. The hardware segment is further sub-segmented into copiers, fax machines, printers, and others.
By deployment, the global managed print services market is segmented into cloud and on-premise.
By organization size, the global managed print services market is segmented into large enterprises and small & midsized enterprises.
By end use, the global managed print services market is segmented into BFSI, IT and telecom, government, healthcare, and others.
Regional Analysis:
North America is likely to hold the largest share as well as exhibiting the highest CAGR over the forecast period in the global managed print services market due to the widespread demand for managed print services in highly digitized economies such as the U.S. and Canada.
Competitive Dashboard:
Leading players in the global managed print services market include Konica Minolta, Systems Technology Inc., Acrodex Inc., Seiko Epson Corporation, Canon UK Limited, HCL Technologies, Wipro Ltd., Sharp Corporation, Kyocera Corporation, Samsung Electronics Co. Ltd., Toshiba Corporation, Ricoh Company Ltd., HP Development Company LP, Xerox Corporation, ARC Document Solutions Inc., and Lexmark International Corporation.
On 17 January, 2018, Xerox went into partnership with Midwich to provide managed print solutions in the small and medium enterprise sector. Midwich offers cloud-based managed print services to their customers, enhancing Xerox’s capability with the addition of clients as well as technological capabilities.
On 30 January, 2018, Xerox introduced a channel program for information technology service providers. The company is offering and extending their service of print and workflow solutions.
Leading players in the global managed print services market are likely to focus on introducing improved products in the coming years, as the relative simplicity of the fundamental operation of a managed print service has led to other issues, such as cost competition and customer outreach more important. Thus, companies that succeed in delivering the highest degree of customization to their customers at the lowest rates are likely to dominate the managed print services market over the forecast period.
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