The managed print services market is expected to register a CAGR of 8.83% during the forecast period (2020-2025). Most Small and Medium Businesses (SMBs) are looking for ways to improve their productivity and cut costs, and taking a closer look at the way they handle documents is a good place to start.
- The initiatives by the organizations to reduce the paper wastage has contributed substantially to the growth of the market. The companies are trying to restrict the usage of paper. As managed print services help in controlling the wastage, its growth is going to get a boost in the near future.
- Reduction in the cost involved is noticed when companies adapt managed print services. These cost reductions help the firms in expanding their profit margins.
- The companies are apprehending the costs associated with the printing that were neglected before and costed a major chunk.
Scope of the Report
Managed printing involves gaining visibility and control of the printing technology, which helps in saving money and boosting productivity. Managed print also helps to improve environmental sustainability and document security. Managed print services (MPS) is the provision and oversight of business document output needs by an external service provider.
Key Market Trends
Retail is Expected to Hold Major Market Share
- An unmanaged output condition leaves retailers with huge fleets of devices with multiple vendors, models, supplies and service contracts. Frequent failure of outdated equipment and an over-burdened help desk can adversely affect store operations and shoot up expenses. An output strategy is crucial for improving productivity and diminishing costs.
- Reliability is always outstanding, especially for core applications that you depend on daily, such as printing and publishing of signs, shelf strips, and labels. High level of efficiencies is required in the retail sector. It needs to be achieved in order to streamline the process and save on the costs incurred.
- MPS strategies for retail should identify the right number of networked printers based on specific tasks, physical location and need for redundancy. Simply imposing generic ratios of printers to end users or looking for the lowest possible acquisition cost can generate disappointing results. A plan is needed that perfectly balances cost savings and productivity enhancements. An MPS approach is needed that works seamlessly with existing helpdesk systems and allows for a variety of service models.
North America is Expected to Hold a Major Market Share
- With so many challenges putting pressure on the government, it’s easy to overlook the opportunities in your paper-intensive work processes. Xerox Managed Print Services for U.S. Federal Government uses a secure FedRAMP (Federal Risk and Authorization Management Program)-authorized cloud to streamline your processes and improve employee efficiency. Risk and cost are better managed, and service delivery and productivity improve.
- With the increased revenue generated by the healthcare sector in the United States, doors are getting opened for the various technologies associated with the increased efficiency. Healthcare’s Managed Print Services (MPS) directly addresses these challenges with a phased approach to implementing device standards. For instance, Alberta Health Services selects Lexmark for USD100 million MPS agreement.
- The insurance industry in the North America has gained a substancial growth in the past. As the insurance industry responds to increasing market and cost pressures, optimizing your print environment is essential to saving time and money that could be better spent working with customers and growing your business.
The managed print services market is highly competitive and consists of a significant amount of major players. In terms of market share, none of the players currently dominate the market and thus the market is moving towards fragmentation. The providers are innovating their offerings in order to gain a competitive advantage.
- December 2016 - HP has designed its printers and consumables to use less energy in comparison to its competition, take up less space and be as reliable and efficient as possible. HP’s new A3 MFPs have been designed to use fewer components and make those components modular, making them easier, faster and cheaper to service.
- September 2018 - Indraprastha Apollo Hospitals has awarded Xerox a multi-year contract for Managed Printing Services. Based in, New Delhi, Indraprastha Apollo Hospitals is one of India’s largest and most trusted healthcare facilities. As part of the agreement, Xerox will deliver and manage Xerox ConnectKey-enabled workplace assistants.
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