Managed Print Services Market Overview:
The global Managed Print Services (MPS) Market is projected to grow from USD 44.77 billion in 2022 to USD 82.90 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.20% during the forecast period (2022 - 2030). The growth of the MPS market is being driven by several factors, including the increasing adoption of cloud computing, the growing demand for security and compliance, and the need to improve operational efficiency.
Key Players:
Some of the key players in the global MPS market include:
- Lexmark International Corporation (U.S.)
- ARC Document Solutions, Inc. (U.S.)
- Xerox Corporation (U.S.)
- HP Development Company, L.P. (U.S.)
- Ricoh Company, Ltd. (Japan)
- Konica Minolta Holdings, Inc. (Japan)
- Canon Inc. (Japan)
- Brother Industries, Ltd. (Japan)
- Dell Technologies Inc. (U.S.)
- PaperCut Software International Pty Ltd. (Australia)
These companies are focusing on developing innovative MPS solutions and expanding their geographic reach to gain a competitive advantage in the market.
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Market Segmentation:
The global MPS market is segmented by component, deployment model, organization size, end-use industry, and region. By component, the market is segmented into hardware, software, and services. The hardware segment is expected to grow at the highest CAGR during the forecast period. This is due to the increasing demand for new and innovative printing devices, such as multifunction printers and managed print devices.
By deployment model, the market is segmented into on-premises and cloud-based. The cloud-based segment is expected to grow at the highest CAGR during the forecast period. This is due to the increasing adoption of cloud computing and the growing demand for flexible and scalable MPS solutions.
By organization size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. The large enterprise segment is expected to account for the largest share of the market during the forecast period. This is due to the increasing adoption of MPS solutions by large enterprises to improve their operational efficiency and reduce their printing costs.
By end-use industry, the market is segmented into healthcare, government, education, retail, manufacturing, and others. The healthcare segment is expected to grow at the highest CAGR during the forecast period. This is due to the increasing demand for secure and compliant printing solutions in healthcare organizations.
Cloud Computing:
Cloud computing is a major trend that is driving the growth of the MPS market overview. Cloud-based MPS solutions offer a number of advantages over traditional MPS solutions, including lower costs, greater flexibility, and easier scalability. As a result, businesses of all sizes are increasingly adopting cloud-based MPS solutions.
Security and Compliance:
Another major factor driving the growth of the MPS market is the growing demand for security and compliance. Businesses are increasingly concerned about the security of their documents and data. MPS providers can help businesses to improve the security of their printing environment by providing features such as data encryption, access control, and auditing.
Operational Efficiency:
MPS solutions can also help businesses to improve their operational efficiency. By outsourcing their printing needs to an MPS provider, businesses can free up their IT staff to focus on other tasks. MPS providers can also help businesses to optimize their printing processes and reduce their printing costs.
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Regional Analysis:
The global MPS market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. North America is expected to account for the largest share of the market during the forecast period. This is due to the early adoption of MPS solutions in the region and the presence of many MPS providers.
Europe is expected to be the second largest market for MPS during the forecast period. This is due to the increasing adoption of cloud based MPS solutions and the growing demand for security and compliance in the region.
Asia Pacific is expected to be the fastest growing market for MPS during the forecast period. This is due to the increasing adoption of MPS solutions by businesses in emerging economies such as China and India.
Conclusion:
The global MPS market is expected to grow at a significant CAGR during the forecast period. The growth of the market is being driven by several factors, including the increasing adoption of cloud computing, the growing demand for security and compliance.
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