Recently, a major player in the managed print services (MPS) market announced a one-stop-shop solution for all IT needs. The increasing holistic approach to software solutions is a trend common in other industries as well. The trend can help client organizations reduce complexity, eliminate repetitive IT tasks, minimize distractions and optimize efficiency.
Global Managed Print Services Market is predicted to grow at 14.8% CAGR during 2016 and 2024. It is expected to reach US$94.97 bn by 2024.
The small and medium sized businesses are expected to drive the managed print services (MPS) market during the forecast period. The SMEs are increasingly realizing the various advantages of the managed print services.
Geographically, the managed print services (MPS) market in North America has traditionally dominated the global managed print services (MPS) market. The regional market is expected to continue its dominance during the forecast period. Establishment of numerous large organizations, growing adoption by SMEs is expected to drive the market.
Increasing reliance on IT infrastructure, lack of specialized resources, cost-efficiency are some of the main reasons that have conventionally driven the global managed print services (MPS) market. Currently, holistic one-stop-shop solutions, reduction in cumbersome IT processes are some reasons why small and medium sized businesses are also moving towards MPS providers.
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aToday, there is a growing awareness that MPS providers free up unnecessary resource allocation and helps organizations streamline their processes towards their core objectives. The growing awareness is expected to bring healthy growth to the MPS market.
The market also faces several challenges and opportunities. The managed print services (MPS) market is likely to expand significantly in collaboration with the public sector. Public sector and its large volume of paperwork presents a significant opportunity during the forecast period. Growing subsidies for businesses to become eco-friendly are also expected to boost the market. MPS providers can reduce energy usage as well as bring a reduction in paper wastage. Growing trend of digitalization both across the private and public sector is expected to challenge the market growth during the forecast period.