MPS market said to be worth $50.78 billion by 2023
A new report by MarketsandMarkets explores the Managed Print Services market by deployment mode, channel type, application, organization size, and geography with a Global forecast to 2023.
The report “Managed Print Services Market by Deployment Mode (On Premise, Cloud based, and Hybrid), Channel Type (Printer/Copier Manufacturers, System Integrators/Resellers, and ISVs), Application, Organization Size, and Geography – Global Forecast to 2023”, published by MarketsandMarkets says that the market was valued at $28.40 billion (€24.15 billion) in 2016 and is expected to reach $50.78 billion (€43.21 billion) by 2023, at a CAGR of 8.51 percent between 2016 and 2023.
The reduced cost of operation and flexibility to match custom requirements, rising complex technological solutions, and increasing dependency on heterogeneous networks, steep increase in the adoption of big data solutions, organizational initiatives to reduce paper wastage, and competent technical support by MPS providers are some of the significant drivers for the growth of this market.
According to the report, cloud-based deployment is expected to hold the largest share of this market between 2017 and 2023. The deployment modes include on-premise, cloud-based, and hybrid deployment. Cloud-based deployment has the largest share of the overall market owing to its extensive benefits in Managed Print Services (MPS). MPS is replacing the traditional IT model to manage increasing requirements, and businesses are looking toward MPS for cost efficiency and effective benefits. Cloud-based deployment holds the maximum market share as it offers businesses to remotely access their documents and data on the cloud.
Also expected to hold the largest share of the Managed Print Services market between 2017 and 2023 are large enterprises. Large enterprises mainly focus on managing their operations and processes rather than being diverted by any threat, attack, malware, or spams, and any other such vulnerabilities. Due to this reason, the demand for MPS is more in such organizations and is increasing day by day.
The report shows that MPS has been growing in industry applications such as banking, financial services and insurance (BFSI), government and healthcare. BFSI applications held the largest market share of the MPS market worldwide. BFSI involves heavy dependency on paperwork for record-keeping. The MPS market is expected to get more market share because of security requirements for sensitive data in the BFSI industry. These applications use MPS to optimize the efficiency of resources and operational practices in use.
Also featured in the report is that North America held the largest share of Managed Print Services market in 2016. The North American market has many rising start-ups and favourable compliance and government regulations. The enterprises in this region have a rapid growth rate and a heavy demand for managed print services. Because of favourable government regulations, European companies are also investing in the North American market.