The managed print services (MPS) market is anticipated to grow from $34.8 billion in 2021 to USD 90.5 billion by 2031, at a compound annual growth rate (CAGR) of 9.3%.
The MPS market is growing rapidly due to rising digitization and technological advancements. In addition, the increasing adoption of cloud technology by small and medium enterprises (SMEs) and enterprises is propelling demand for MPS solutions and services across various industries.
Manufacturing, healthcare, education, and retail sectors are leading the charge in increased MPS spend.
What are Managed Print Services?
Managed print services (MPS) companies help organizations reduce their overall printing costs by managing the whole print process from the beginning to the end. It helps in improving productivity, while also reducing maintenance and labor costs.
Managed print services consist of, at least, managing upkeep, maintenance, and repairs on industrial printers on an outsourced basis. Often, a managed print service will also include planning printing infrastructure, IT and setup, and upgrading.
Companies choose MPS because it is often easier and cheaper to outsource printer maintenance than do it in-house. MPS companies specialize their trade and streamline their processes in order to keep their costs below the theoretical price of a client maintaining and managing their own printing.
This creates a positive ROI on investing in MPS compared to training and hiring staff to keep maintenance in-house.
The cost of an MPS varies from company to company and from customer to customer. The price will depend on many factors: how big the company is, how many printers and copiers it has in its office, how many printers it needs, what kind of training services are required, and more.
MPS companies can also offer extensive experience with different types of printers and networks, which means they can optimize systems for maximum efficiency. This can help companies avoid wasting time, money, and resources on unnecessary purchases.
The Global Managed Print Services Market is Estimated to Reach $90.5 Billion in 2031
The global managed print services (MPS) market is estimated to reach $90.5 billion in 2031, according to the latest research report published by Transparency Market Research, Inc. The market is projected to grow at a CAGR of 9.3% from 2021 to 2031.
The rising demand for digital printing solutions and cost-effectiveness factors are expected to drive the global MPS market during the forecast period. However, high initial investment cost may act as a key restraint for growth of this industry over next eight to ten years.
The rise in popularity of the “bring-your-own-device” model is also contributing to growth in the MPS industry. Rather than centralizing technology, companies are increasingly allowing a decentralized, employee’- choice IT infrastructure.
Because this creates many security and connectivity concerns, MPS is helping to make this model more effective for small and medium companies, as well as larger ones.
Rising Demand for Superior Print Quality and Increased Printing Productivity are Among the Key Factors Contributing to the Growth of the MPS Market
The increase in the number of MPS deployments is a key factor driving market growth. These solutions are used to increase productivity and reduce costs, thereby helping organizations save money on printing expenses.
In addition, the increasing popularity of MPS solutions among SMEs is another factor contributing to the growth.
The major companies that offer managed print services include:
- Xerox Corporation
- Ricoh Company Ltd
- Konica Minolta Business Solutions U.S.
- Clearview Business Solutions
Cloud Technology and Its Impact On Managed Print Services Spending
The adoption of cloud technology is accelerating MPS spending. Cloud computing has become an important part of a company’s business strategies, as it helps them to improve productivity, enhance operational efficiency and reduce costs using data.
The benefits that come with the adoption of cloud technology are expected to make it a significant driver for managed print services spending in 2023 and beyond.
Cloud-based solutions will drive more companies to adopt managed print services as they allow businesses to track their spend in real-time on a granular level. This helps enterprises save money by enabling them to identify opportunities for cost reduction or cost avoidance across the organization.
Cloud solutions also tend to increase connectivity between devices and remote work, which means that more employees in a cloud-based firm and print more things from more places.
The Rising Demand for MPS Solutions Across Small to Medium Enterprises Fuels Market Growth
Small and medium enterprises (SMEs) are primary end-users of MPS solutions and services. The growth in SMEs in general is expected to drive the demand for MPS solutions, which would result in a favorable impact on market growth.
Furthermore, SMEs are increasingly adopting MPS solutions to improve operational efficiency and productivity. Small companies rely more on outsourcing their printing operations to third parties due to the higher costs involved with setting up an in-house print center.
A few key factors that could help drive the adoption of managed print services among small businesses include:
- Improved operating margins through optimized IT infrastructure
- Reduced costs through increased operational efficiencies
- Lower start-up costs compared to in-house print centers
- Increased usage of BYOD (bring-your-own-device) model
The managed print services (MPS) market is estimated to reach $90.5 billion in 2031, at a CAGR of 9.3% between 2018 and 2031. The rising demand for superior print quality and increased printing productivity are among the key factors contributing to the growth of the MPS market.
The increasing adoption of cloud technology by SMEs is also expected to boost demand for enterprise-level managed print services over the next decade.
Companies like Clearview Business Solutions offer managed print services to SMEs and large enterprises in the Tampa area and across Florida.