Managed Print Services (MPS) Market size to reach USD 113.1 Billion by 2033

Report Overview

As stated by Market.us, The Global Managed Print Services (MPS) Market is projected to experience substantial growth over the forecast period from 2024 to 2033. The market size, currently valued at USD 45.26 billion in 2023, is expected to reach approximately USD 113.1 billion by 2033, reflecting a robust compound annual growth rate (CAGR) of 9.6%.

The Managed Print Services (MPS) market is experiencing growth driven by the increasing demand for cost-efficient print solutions among small and medium-sized enterprises (SMEs) and large organizations. The market is influenced by trends such as digital transformation, the push for sustainable practices, and the integration of advanced technologies like cloud computing and Artificial Intelligence (AI) to enhance printing processes and document security.

Geographically, North America and Europe have traditionally dominated the MPS market due to the early adoption of print management solutions The demand for Managed Print Services (MPS) is on the rise, driven by businesses seeking to improve efficiency and reduce costs associated with printing. Companies are increasingly aware of the need to manage their print operations better as they look to cut down on waste and optimize resource use. Additionally, the shift towards digital transformation has led companies to integrate their digital and physical printing needs, further increasing the demand for MPS.

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The Managed Print Services market is experiencing significant growth. This expansion is fueled by continuous advancements in technology, including the integration of artificial intelligence and cloud-based solutions, which enhance the functionality of MPS. As organizations increasingly adopt flexible work arrangements, the ability to manage print services across multiple locations becomes crucial, contributing to the growth of the MPS market.

There are considerable opportunities in the Managed Print Services market, especially in the development of solutions that cater to remote and hybrid work models. Providers who offer scalable and flexible MPS solutions are likely to see increased interest as businesses adapt to new ways of working. Additionally, there is an opportunity to expand services into areas with less penetration of advanced MPS solutions, particularly in developing regions that are experiencing rapid business growth and digitalization.

Managed Print Services (MPS) Statistics

• The global Managed Print Services (MPS) market is projected to reach USD 113.1 billion by 2033, up from USD 45.26 billion in 2023, representing a compound annual growth rate (CAGR) of 6% during the forecast period from 2024 to 2033.
• In 2023, the on-premise segment held a dominant position within the market, accounting for more than 57% of the market share.
• Similarly, the printer and copier manufacturers segment captured over 42% of the total market share.
• The large enterprise segment also maintained a strong market presence, with a share exceeding 63% in 2023.
• Geographically, North America was the leading region in the managed print services market, commanding more than 35.6% of the global market share in 2023.
• Managed print solutions can potentially reduce total printing costs by up to 30%, according to sources such as Marconet, Hilliardos, and Tomorrow’s Office.
• Approximately 57% of companies have adopted managed print services to bolster their security measures.
• Printing expenses typically range from 1-3% of the average company’s revenue.
• Through managed print services, it is possible to cut carbon emissions by up to 60%.
• Nearly 68% of companies have reported experiencing a print-related data breach.
• Around 70% of businesses anticipate an increase in print security spending over the next twelve months.
• 80% of companies report that they are unable to track printing costs by department or user.
• 90% of businesses do not monitor their printing expenses.
• Organizations waste approximately 14% of their revenue on documentation and printing processes.
• On average, 50% of IT help desk calls are related to printing issues.
• Cartridge World USA suggests that efficient managed print services can reduce corporate expenditures by 20-30%, while also enhancing document security and reducing environmental impact.

Emerging Trends in Managed Print Services (MPS)

1. Sustainability Initiatives: There's a growing focus on sustainable practices in MPS. Companies are increasingly using recycled paper and reducing power consumption through energy-efficient devices and practices like "Follow Me" printing, which helps in minimizing wastage by eliminating unclaimed prints.
2. Cloud-Based Solutions: The adoption of cloud printing is becoming more prevalent, allowing users to print from anywhere, facilitating remote work, and integrating seamlessly with other cloud services. This shift not only enhances flexibility and scalability but also supports digital transformation efforts across organizations.
3. Artificial Intelligence (AI) Integration: AI is playing a significant role in MPS by optimizing resource use and enhancing maintenance. Printers are becoming smarter with features like predictive maintenance, where they can anticipate failures and streamline operations, thus reducing downtime and operational costs.
4. Enhanced Security Measures: As cyber threats increase, there's a heightened focus on securing print services. MPS now often includes advanced security features such as user authentication, secure printing, and comprehensive compliance management to protect sensitive information and ensure data privacy.
5. Data-Driven Analytics and Insights: The use of advanced analytics is transforming MPS by providing insights into print usage, optimizing cost management, and improving device performance. This trend helps businesses make informed decisions, leading to better management of resources and overall cost efficiency.

Top Use Cases for Managed Print Services

1. Cost Reduction: MPS helps in significantly reducing costs by optimizing the print infrastructure. This includes reducing wastage through efficient print practices and streamlining printer fleets and consumables management.
2. Improved Efficiency and Productivity: Organizations leveraging MPS see improvements in operational efficiency. Centralized management of print services allows for better resource allocation and time management, directly boosting productivity.
3. Document Security and Compliance: With MPS, businesses can enhance document security through controlled access and secure printing practices. This helps in complying with data protection regulations and protecting sensitive information from unauthorized access.
4. Sustainability and Environmental Impact: By adopting eco-friendly practices like duplex printing and energy-efficient settings, MPS contributes to an organization's sustainability goals. This not only helps the environment but also enhances the company's corporate responsibility profile.
5. Support for Hybrid and Remote Work Models: As remote work becomes more common, MPS supports flexible work environments through cloud-based solutions and mobile printing capabilities. This allows employees to print from anywhere, supporting a dynamic workforce.

Key Market Segments:

By Deployment

• On-Premise
• Cloud-based

By Channel Type

• Printer/Copier Manufacturers
• System Integrators/Resellers
• Independent Software Vendors (ISVs)

By Enterprise Size

• Large Enterprise
• Small & Medium Enterprises

Top Key Players in the Market

• Xerox Corporation
• Ricoh Company Ltd.
• HP Development Company, L.P.
• Canon, Inc.
• Brother UK Ltd.
• Lexmark International, Inc.
• Konica Minolta, Inc.
• Samsung Electronics Co. Ltd.
• Kyocera Corporation
• Toshiba Corporation
• Sharp Corporation
• Other Key Players

Conclusion

In conclusion, Managed Print Services (MPS) offer significant advantages by optimizing print operations and reducing costs, which makes them increasingly attractive to businesses of all sizes. The MPS market is poised for continued growth, propelled by technological advancements and the shift towards more sustainable business practices.

As companies worldwide strive to enhance efficiency and integrate smarter solutions into their operations, MPS providers play a crucial role in facilitating these objectives with innovative and tailored services. The future of the MPS market looks promising, with expanding opportunities in emerging markets and ongoing innovation in technology integration, ensuring its relevance and expansion in the global business landscape.