NEW YORK, March 22, 2021 /PRNewswire/ -- The managed print services (MPS) market is expected to reach USD 6.28 billion during 2021-2025, as per this exclusive report from Technavio. The report also throws light on the impact of the COVID-19 pandemic, and the new opportunities and challenges that market players can expect. This research report further projects the market to accelerate at a CAGR of almost 5% during the forecast period.
The managed print services (MPS) market growth is attributed to the rising need for the reduction of hardware and consumables costs. However, the increasing use of digital media might hinder the market growth. On the other hand, increased adoption of MPS in the BFSI sector will present new opportunities in the coming years.
MPS helps organizations to manage print devices such as printers, fax machines, copiers, and multifunction devices. Some of the major advantages of using MPS are hardware maintenance, minimization of recycling costs, and reduction of workflow bottlenecks and reduced paper waste.
As a result, various enterprises opting for MPS have started offering product differentiation in terms of quality and services MPS. For instance, First American Financial Corp. reduced its print costs by updating HP's MPS. This solution helped them to increase their staff productivity through improved printer availability. Thus, the fact that MPS helps in reducing overall print costs and managing organizations' operation costs effectively will drive its demand in the forthcoming years.
"The increased adoption of MPS by SMEs and the presence of a high number of enterprises from the BFSI, IT, healthcare, education, and other sectors will further boost market growth during the forecast period", says a senior analyst at Technavio.
By deployment, the cloud-based segment accounted for the largest share of the overall revenue in 2020.
North America dominated the market in 2020 and is expected to maintain its lead over the forecast period.
40% of the market's growth will originate from North America during the forecast period.
The US is a key market for managed print services in North America. Market growth in this region will be faster than the growth of the market in MEA and South America.
Major Three Managed Print Services Companies:
ARC Document Solutions Inc.
ARC Document Solutions Inc. operates business through Construction Document and Information Management, Managed Print Services, Archiving and Information Management, and Other. The company offers a 3 step MPS process to save time and reduce cost.
Canon Inc. operates business through Office, Imaging System, Medical System, and Industry and Others. As a part of managed print service, the company offers a variety of printing services that enables customers for cost-cutting and time management.
Exela Technologies Inc.
Exela Technologies Inc. operates business through Information and Transaction Processing Solutions (ITPS), Healthcare Solutions (HS), and Legal and Loss Prevention Services (LLPS). As a key service, managed print services (MPS), help customers to gain visibility and control of the entire document environment.
Read the 120-page report with TOC on "Managed Print Services Market analysis report by deployment (cloud-based, on-premises, and hybrid) and geography (North America, Europe, APAC, South America, and MEA), and the segment forecasts during 2021-2025". Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats.
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