MPS market anticipated to generate USD 51.0 billion at a CAGR of ~9% by the end of 2023
Managed print service (MPS) business looks very challenging with growing market condition and a dynamic shift towards cloud based services. MPS is often outsourced to vendors with expertise in streamlining these services and utilizes software applications like Print Management, Device Management, Discovery and Design & Imaging.
The MPS market is anticipated to witness considerable growth owing to the stringent regulations to save paper wastage and decreasing cost of operation. It helps in analyzing printing needs, reduce the number of local printers, replace the inefficient devices, automates the supply delivery, and manages remote printing operation.
Key Takeaways: The cloud-based services by various vendors impacted the managed print services market in 2017 that accounted for over 35% of the overall market. The healthcare, education, government, telecom and IT, legal, and BFSI sectors are the leading consumers of managed print services, followed by construction and manufacturing. The market is expected to reach US$94.97 billion in revenue by 2024, by expanding at a CAGR of 14.8 per cent during the same period. The MPS market is however still in the nascent stage of adoption in the Indian market and hence there is a vast untapped opportunity for the market to expand.
Cool Vendors: HP, Canon, Xerox, Konica Minolta, Kyocera, Ricoh and WeP.