COVID-19 Impact on Managed print Service Market:
The COVID-19 pandemic emerged in 2019. IN the light of repetive fatality and fast spread of the virus across the globe, several preventive measures were encouraged. Pandemic friendly behavior, lockdowns, and many restrictions caused the economy to slow down. The COVID-19 pandemic spread to almost every country in the world. In nearly every industry, the pandemic resulted in some form of loss.
As a result of the COVID-19, the Managed print services market also witnessed a slowdown. To offset the challenges of the pandemic players in the global managed print services market are investing in corrective measures and coming up with several pandemic relevant growth strategies to overcome the crisis. Investments on next generation solutions is a priority.
Segment by Deployment :
The market is segmented into Cloud-Based, Hybrid, and On-Premises based on Deployment Mode. Deplloyment on the hybrid model is likely to gain the largest attention through the projected timeline owing to a series of advantageous factors suitable for both on-premise and cloud-based deployment models. The user can choose to use the services across both local and hybrid models.
Segment by Channel Type:
Amongst all the channel types of managed print services, the printer manufacturer segment is likely to be the most lucrative owing to tremendous reliance on cloud computing solutions and printing analytics.
Segment by Application :
The market is segmented into healthcare, BFSI, Education, manufacturing, Telecommunications and IT, legal, and others based on the application of MPS. The BFSI sector is liable to deliver secure services and main data access safety thus requiring greater adoption of managed printer services.
Segment by Geography
Europe, North America, Asia-pacific, and the Rest of the world are geographic divisions of the managed print service market. It is estimated that North America will have the highest market share of this market. Cloud-based services are witnessing high demand, due to which North America is predicted to have high market growth of MPS. China, Japan, and India, which are leading countries in the Asia-Pacific region, are also expected to have a high growth rate in forthcoming years along with the Asia-pacific region.
Managed Print Services (MPS) are services an external provider offers to manage or optimize a company's output of the document. The key components that are provided are various, mainly comprising general and selective. Features such as assessment of the needs, supplies, services, and part assessment integral for operations of the hardware are also included. Managed print service providers also offer additional solutions such as tracking of the MFP sheet, printer, copier and the like to align with user user expectations.
Outsourcing helps companies by reducing the cost incurred on IT spending by eliminating opex and capex.
Digitization has played a crucial role in multiple industries and is remodeling the productivity and work culture for higher efficiency. Most of the end-use verticals such as healthcare, education, BFSI, and insurance are adopting managed print services, thus ensuring flourishing growth prospects. In the forecast tenure, 2021-2028 the global managed print services market is likely to cross over 70.81 billion by the end of the terminal year.
The increasing requirement for cloud computing and analytics solutions to manage resource utilization in organizations is driving the market growth. Technological innovations such as big data, IoT and the availability of multi-device connectivity are favoring seamless expansion of the global managed print services market.
The growing demand for advanced printers and technological advancements drive this market towards growth. These innovative technologies provide enhanced security and mobility and streamline business workflows. Factors like the increasing adoption of sustainable solutions for business processes and significant improvements in the IT infrastructure, especially in developing economies, are anticipated to drive the market towards growth. The global managed print services market growth is also supported by other additional factors such as heterogenous network application and improved infrastructure.
There are some restraining factors as well for the growth prospects. Low efficiency of managed print services leads to low-quality results, which hampers the market growth. Reducing printing volumes and long-term recurring expenditure are also restraining factors.
The global managed print services market is however facing challenges that are restricting growth. Malwares, threats, and spams are constantly challenging upward growth.
As managed print services help to reduce cost and due to its flexibility, this market is expected to have opportunities along its growth trajectory. Cloud computing and analytics solutions are likely to optimize the operational flow thus offering new growth opportunities. The global managed print services market is identified to have several high end players, however, none of the market participants have a clear dominance. Hence the competitive landscape is highly fragmented.
Kyocera Corporation (Japan), HP Development Company, L.P. (U.S.), Konica Minolta, Inc. (Japan), Wipro LTD (India), Lexmark International Corporation (U.S.), Konica Minolta (U.K), Sharp Corporation (Japan), ARC Document Solutions, Inc. (U.S.), Toshiba Corporation (Japan), Canon UK Limited (U.K), Systems Technology, Inc. (U.S.), HCL Technologies (India), Samsung Electronics Co. Ltd. (South Korea), Acrodex Inc. (Canada), Ricoh Company, Ltd. (Japan), Xerox Corporation (U.S.), Seiko Epson Corporation (Japan) are some of the significant players in the managed print service market.
- Latest Innovations: a Snapshot
In a recent development for managed print services, HP has announced the availability of HP managed print flex which is a cloud-first MPS subscription-based offering to allow businesses to streamline and optimize productivity, delivery flexibility, and efficiency. The development is a novel step and is expected to benefit the global managed print services market favorably.
Managed Print Services (MPS) Market Scope
|Forecast Unit||Value (USD)|
|Segment Covered||Deployment Mode, Channel Type, Application, Organization Size, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Kyocera Corporation (Japan), HP Development Company, L.P. (U.S.), Konica Minolta, Inc. (Japan), Wipro LTD (India), Lexmark International Corporation (U.S.), Konica Minolta (U.K), Sharp Corporation (Japan), ARC Document Solutions, Inc. (U.S.), Toshiba Corporation (Japan), Canon UK Limited (U.K), Systems Technology, Inc. (U.S.), HCL Technologies (India), Samsung Electronics Co. Ltd. (South Korea), Acrodex Inc. (Canada), Ricoh Company, Ltd. (Japan), Xerox Corporation (U.S.), Seiko Epson Corporation (Japan)|
Key Segments of Managed Print Service Market’
Deployment Mode Overview, 2018-2028 (USD Billion)
Channel Type Overview, 2018-2028 (USD Billion)
• System Integrators/Resellers
• Independent Software Vendors (ISVs)
Application Overview, 2018-2028 (USD Billion)
• Telecom and IT
Organization Size Overview, 2018-2028 (USD Billion)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa