Managed Print Services Market Size

Managed Print Services Market Analysis

The Managed Print Services Market size is estimated at USD 45.67 billion in 2024, and is expected to reach USD 66.12 billion by 2029, growing at a CAGR of 8.52% during the forecast period (2024-2029).

• Most small and medium businesses (SMBs) are looking for ways to improve their productivity and cut costs, and taking a closer look at how they handle documents is a good place to start.
• Managed print services (MPS) are services provided by outside print vendors to control the output of business documents. By enabling digital technologies and printing services, managed print services (MPS) safely manage households and companies' print and scan infrastructure. The global market is driven by the growing adoption of managed print services (MPS) among various end users, which helps increase time productivity and cost efficiency by providing visibility into document workflows. Managed print services (MPS) help improve the customer experience because they allow for high-quality printing and scanning.
• Organizational initiatives to reduce paper waste have significantly contributed to the market's growth. Companies are trying to restrict the use of paper. As managed print services help control wastage, their growth is going to get a boost in the near future.
• Reductions in the cost involved are noticed when companies adapt managed print services. These cost reductions help the firms expand their profit margins. The companies are apprehending the costs associated with printing that were neglected before and cost a major chunk.
• Data has evolved into a crucial kind of intellectual property (IP). Data leaks, including corporate concepts, plans, or financial statements, could seriously harm a company's reputation in the marketplace or result in significant financial loss. As a result, data security has received the greatest attention in recent years. Protecting sensitive data is crucial in light of the growing dangers posed by cyberattacks. Cyberthreats are thus one of the main issues that Managed Printing Service organizations must deal with.
• The managed print services market was just one of the numerous industries that the COVID-19 pandemic outbreak negatively impacted. The COVID-19 outbreak caused a delay in the printing industry, including effects brought on by self-isolation standards, manufacturers shifting their supply chains away from manufacturing centers like China, and changes to the packaging materials used for basic goods. However, as both sectors provided necessary commodities during the pandemic, the demand for essential products skyrocketed. This, in turn, raised the usage of managed print services.