Managed Print Services Market – Global Growth Analysis 2024-2031

The Global Managed Print Services Market size was accounted for US$ 50.19 Billion in 2023 and. Is expected to reach US$ 89.90 Billion in 2031, & is anticipated to reflect a CAGR of 10.1% during the period of 2024-2031.

Market Overview:

The market of Managed Print Services (MPS) is expanding rapidly, with the organization that is keenly looking to optimize its printing infrastructure, reduce costs, and enhance operational efficiency. MPS means the outsourcing of managing the print environment of an organization, including hardware, software, and support to third-party service providers. These services allow businesses to manage and maintain their print fleets. Examples of these solutions include cost tracking, fleet optimization, and security management.

Key drivers of this market include the increasing demand for cost-effective printing solutions, the shift towards digitalization, and growing environmental concerns, which force companies to reduce paper consumption. Moreover, the adoption of cloud-based solutions, data analytics, and automation is enhancing the appeal of MPS by improving productivity and streamlining operations. All these factors are increasingly attracting SMEs rather than large corporations.

Managed print services are an important part of the overall digital transformation of businesses. Outsourcing print management allows organizations to focus on core operations while achieving reduced print-related costs, optimized print usage, and a more sustainable approach to document management. Moreover, the ability to access real-time data on print usage allows for continuous improvement in operational efficiency. It's in this regard that the market for MPS will experience a tremendous growth as business entities continue adopting hybrid work models and embracing remote printing solutions, making it an integral solution to the evolving enterprise landscape.

Market Dynamics:

Drivers:

1.Operational Efficiency: MPS helps streamline printing operations, allowing companies to focus on core business functions. This leads to improved productivity, reduced downtime, and a more organized print environment.

2.Sustainability Goals: Companies are increasingly adopting MPS solutions to align with environmental sustainability goals. MPS providers offer eco-friendly print solutions that reduce paper waste, energy consumption, and carbon emissions, making businesses more environmentally responsible.

Restraints:

1.Complexity in Integration: Integrating MPS into existing IT infrastructure can be challenging for businesses, especially those with legacy systems or complex print environments. This can lead to resistance from organizations to adopt MPS solutions.

2.Dependence on Third-Party Providers: Relying on an external provider for print management may cause concerns about service quality, support response time, and vendor lock-in, which can restrain market growth.

Opportunities:

1.Cloud-Based MPS Solutions: The growing adoption of cloud computing presents significant opportunities for MPS providers. Cloud-based solutions allow businesses to manage print environments remotely and securely, which is particularly valuable for organizations with remote or distributed workforces.

2.Expanding Hybrid Work Models: As hybrid and remote work become more prevalent, there is an increased demand for flexible printing solutions. MPS can offer secure, remote printing capabilities, allowing employees to print documents from any location.

Challenges:

1.Changing Regulatory Landscape: Varying print and data security regulations across regions can make it difficult for MPS providers to ensure compliance. Providers must stay ahead of evolving legal requirements, especially concerning data protection and environmental sustainability.

2.Competition from In-House Solutions: Some businesses may opt for in-house solutions rather than outsourcing their print management, especially those with large IT departments. This presents competition for MPS providers, as organizations may prefer to maintain control over their print infrastructure.

• Xerox Corporation
• HP Development Company, L.P.
• Ricoh
• Lexmark International, Inc.
• Konica Minolta, Inc.
• ARC Document Solutions, LLC
• SAMSUNG ELECTRONICS CO., LTD.
• Canon Inc.
• SHARP CORPORATION
• TOSHIBA CORPORATION

Market Segmentation:

By Deployment:

• On- Premise
• Cloud-Based

By Enterprise Size:

• SMEs
• Large Enterprises

By End Use:

• BFSI
• Education
• Government
• Healthcare
• Industrial Manufacturing
• Retail & Consumer Goods
• Telecom & IT
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East

Covid 19 Analysis:

The COVID-19 pandemic greatly contributed to the changing MPS market trend. Digital transformation and remote working increased during the pandemic, but more significantly, changed business work structures towards remote or hybrid work systems. Many firms scaled back their offices and began requiring less printing - traditional office-centric print - at fewer physical sites.

In the post-pandemic landscape, MPS is expected to grow as businesses continue to adopt hybrid work models and seek cost-efficient, secure, and sustainable print solutions. Overall, COVID-19 accelerated the transition toward digital and remote-first print management solutions.

Regional Analysis:

• North America dominates the MPS market, particularly the United States, due to its early adoption of advanced technologies and robust corporate infrastructure. The presence of large enterprises, high demand for cost-effective solutions, and a strong focus on digital transformation fuel the growth of MPS in this region.
• Europe follows closely, with significant growth in countries like Germany, the UK, and France. European businesses increasingly prioritize sustainability and compliance with stringent environmental regulations, which makes MPS an attractive solution. The rise of hybrid work models post-pandemic has also boosted demand for cloud-based and remote print management solutions.
• Asia-Pacific is witnessing rapid growth in the MPS market, driven by the region's large number of small and medium-sized enterprises (SMEs) and increasing digitization. Countries like China, India, and Japan are experiencing rising adoption of MPS solutions as businesses look to reduce costs, improve efficiency, and modernize infrastructure.
• Latin America and the Middle East & Africa have smaller but growing markets, with increased interest in MPS solutions as enterprises in these regions seek cost-effective ways to manage print environments and integrate new technologies.

Key trends:

1.Integration of AI and Automation: The use of AI and automation in MPS is increasing, as these technologies enable predictive maintenance, automated workflows, and effective decision-making. AI can even optimize print usage by assessing data about printing habits to adjust the settings for optimum cost-effectiveness, whereas automation makes document management process easier.

2.Sustainability and Eco-Friendly Solutions: Sustainability is one of the major trends in the MPS market, driven by businesses' intentions to reduce paper waste, lower energy consumption, and decrease their carbon footprint. MPS providers focus on delivering eco-friendly solutions in the form of energy-efficient devices, paperless workflows, and recycled materials.

3.Security Features: Given the growing menace of cyberattacks, MPS vendors are placing greater emphasis on security features. Secure print release, encryption, and data protection regulations like GDPR come into this category. It is therefore very important for organizations handling sensitive information to ensure proper secure document handling.

4.Hybrid and Remote Work Support: With the trend of hybrid and remote work ongoing, the need for flexible printing solutions has also increased. MPS providers are adapting by offering solutions that enable employees to print securely from home or any remote location, so businesses maintain operational efficiency despite physical presence.