Managed Print Services Market Size & Overview:

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Managed Print Services (MPS) Market was valued at USD 44.9 billion in 2023 and is expected to reach USD 96.1 Billion by 2032, growing at a CAGR of 8.85% from 2024-2032.

The Managed Print Services (MPS) market is rapidly evolving, driven by an increasing demand for cost-effective printing solutions and improved operational efficiency. Companies are progressively adopting MPS to better manage their printing costs, streamline workflows, and minimize waste. MPS providers deliver a wide range of services, including printer fleet management, maintenance, supply replenishment, and document management. A major factor propelling this growth is the increased focus on sustainability. Many organizations are embracing eco-friendly practices, prompting MPS providers to offer energy-efficient devices and advocate for paperless solutions. For example, recent reports indicate that businesses using MPS solutions have reduced their paper consumption by up to 30%, highlighting a shift towards environmentally responsible printing.

Furthermore, the incorporation of advanced technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT) is enhancing MPS offerings. AI-powered analytics tools enable organizations to monitor print usage, optimize resources, and anticipate maintenance needs, thereby reducing downtime. A prominent example is Xerox's AI-driven MPS solutions, which have led to a 20% decrease in printing costs for clients by streamlining workflows and improving equipment efficiency. In response, MPS providers have launched cloud-based services that allow employees to print securely from any location. For instance, Canon's MPS solutions have successfully supported numerous clients in adapting to hybrid work models, enabling remote printing while ensuring data security.

Additionally, the increasing emphasis on document security has become a vital consideration, as organizations seek to protect sensitive information. MPS providers are addressing these concerns by implementing robust security measures and compliance protocols. As companies increasingly acknowledge the benefits of MPS in boosting productivity and lowering costs, the market is well-positioned for continued growth, driven by innovation and strategic partnerships.

Managed Print Services (MPS) Market dynamics

Drivers

• Increased focus on eco-friendly practices leads businesses to adopt energy-efficient devices and paperless solutions.

• The adoption of AI and IoT enhances print management, enabling predictive maintenance and resource optimization

• MPS solutions streamline workflows, enhance productivity, and reduce downtime through centralized management.

MPS is the process of optimizing an organizations printing from start to finish, ultimately increasing workflow and productivity. MPS providers manage everything under one roof, which gives businesses better control of their printing environments. The idea here is to centralize everything from point of service print devices, making administrative tasks more user-friendly and having a single platform that can track all these things.

MPS enables organizations to automate many print-related functions, from supply replenishment and maintenance scheduling. By automating this management, organizations save time on manual work and can assign their human capital to fundamental business tasks. This, in turn, streamlines workflows with reduced time spent on finding solutions to printing problems and reprinting jobs.

Moreover, MPS solutions minimise downtime through proactive print device monitoring that anticipates maintenance requirements. Through analytics and AI-driven insights, MPS providers can proactively detect problems before they become critical, keeping printers running when needed. This prediction method of maintenance reduces disruptions in processed tasks and enhances productivity efficiency.

Additionally, more sophisticated solutions within MPS often include complementary services such as document management and secure printing which help to improve functional capability without compromising in data integrity. It simplifies the print process, eliminates waste and helps to save money and create an efficient atmosphere. MPS leads to improved efficiencies of print and integrates printing processes with larger business goals, providing benefit across the organization.

Restraints

• Difficulties in integrating MPS with existing IT infrastructure and legacy systems may pose challenges.

• Some businesses lack understanding of MPS benefits, leading to reluctance in adopting these services.

• Employees may resist changes in workflow and processes, hindering the effective implementation of MPS.

Managed Print Services (MPS) can completely alter the way an organization handles its printing needs. Although, a significant challenge that you will face while implementing it during transition is employee resistant to changes in workflow and processes. For employees who are accustomed to legacy print practices, new systems and technologies can make them feel uneasy or hesitant about change which typically makes MPS solutions less attractive. There may be resistance to the change from multiple factors such as, fear of the new process, worries about added workload, or lack of control when printing. The concern that MPS could complicate their current work flow, disrupt established routines, or require additional training to learn new processes is immediate for employees. Such hesitation can lead to tension in teams and a steamroll effect on implementation, causing some of the anticipated advantages of MPS to be lost elsewhere.

Additionally, if the selling points of MPS are not communicated well enough, organizations may feel even more resistant to adopting this model. Without knowing how MPS will optimize productivity, save money, and make their lives easier on a day-to-day basis, employees may be unwilling to rally behind the change. If employees see MPS as just a cost-savings or cutting tool rather than an actual method that improves their workflow, they are likely to resist utilizing it.

Organizations can minimize this resistance through change management that engages employees in the MPS implementation process. This includes actions such as the expertise from MPS training, showcasing real-world examples of how MPS can be practically beneficial and having avenues for discussions to answer all queries. This also helps generate a sense of ownership amongst employees and higher buy-in for the new system. The bottom line with MPS is that it has to be bottoms up, and employees need to feel comfortable and confident with the changes. Organizations can reduce resistance, increase cooperation and leverage the value of their managed print solutions by cultivating a good perception of MPS.

Managed Print Services (MPS) Market Segment analysis

By Channel

The printers and copiers manufacturers segment dominated the market and represented the largest share of market revenue, reaching 53.3% in 2023. In the Managed Print Services (MPS) market, enhanced security features are essential for printer and copier manufacturers due to the increasing risks associated with data breaches and cyber threats, which drive the demand for secure printing solutions. To address these challenges, manufacturers are integrating advanced security measures into their devices, including secure print release, user authentication, encryption, and secure boot technology. These features aim to safeguard sensitive information, ensure compliance with data protection regulations, and reduce the risk of unauthorized access. By focusing on security, manufacturers can alleviate business concerns and position their products as trustworthy and secure choices in the market.

Conversely, the independent software vendors segment is expected to experience the highest CAGR during the forecast period. Organizations have varied print management needs influenced by their size, industry, and operational processes. Independent software vendors provide highly customizable solutions tailored to these specific requirements, offering personalized print management workflows, user interfaces, and reporting capabilities.

By Deployment

In 2023, the on-premises segment accounted for the largest revenue market share. This is especially true for organizations with heightened data protection requirements such as those in healthcare, finance and legal sectors, who opt for on-premises solutions to maintain tighter control over sensitive data. The print management infrastructure is located in the company’s own data centers, which means that extensive security measures such as firewalls, encryption and access controls can be implemented to protect against data breaches and unauthorized access. Such privacy and security concerns are pushing the demand for on-premise deployments.

On the other hand, cloud-based segment is anticipated to have highest CAGR for entire forecast period. Cost-effectiveness and flexibility are some of the key attributes that scope factors driving cloud-based deployments. Cloud-based MPS solutions eliminate the need to make significant upfront investments in hardware and infrastructure, enabling organizations to only pay for what they use. Also, cloud solutions allow employees to use print services from any location and can utilize their laptops, tablets, or smartphones.

By End-Use

The BFSI sector accounted for the highest revenue share in 2023. The BFSI sector is a highly regulated industry that handles sensitive and confidential data. So, MPS providers help organizations in this sector by offering advanced security features like secure print release, user authentication, and data encryption to protect documents from unauthorized access & breaches. Moreover, MPS offers a full document management solution including digital archiving, storage and retrieval systems. MPS helps BFSI organizations streamline workflows, decrease the requirement of physical storage space, and make critical information more accessible by digitizing and organizing documents.

On the other hand, retail and consumer goods segment is anticipated to exhibit fastest CAGR during the forecast period. By minimizing non-essential print volumes, and optimizing device use while automating supply replenishment, MPS make the print operations much simpler. These approaches enable production costs to soar on consumables like paper, toner, and maintenance expenses. In addition, for organizations that need to manage print across a wide distribution network with many locations, MPS allows centralized oversight of print spending that can help companies stay on budget and have more predictable financials.

By Organization Size

The large enterprises segment accounted for the largest market revenue share in 2023. Large organizations typically operate across multiple locations, departments, and business units, leading to fragmented and inefficient print management. MPS solutions offer centralized control that allows these organizations to standardize print policies, monitor usage, and ensure compliance across all sites. This centralized approach enhances oversight, optimizes resource allocation, and fosters consistent printing practices. By implementing a unified print management strategy, large enterprises can improve operational control and maintain uniformity.

Conversely, the SMEs segment is projected to experience the fastest CAGR during the forecast period. MPS providers manage the print infrastructure, including monitoring, maintenance, and supply replenishment. This streamlined management process ensures that print services are always available and functioning optimally, thus enhancing overall operational efficiency. Additionally, MPS solutions feature proactive monitoring and support, which reduce downtime and decrease the time employees spend troubleshooting printer problems. Automated supply management ensures that printers are consistently stocked with necessary consumables, preventing workflow interruptions. Collectively, these factors are fueling the increasing demand for MPS among SMEs.

Regional Analysis

In 2023, North America accounted for the largest share of the MPS market. Here, MPS providers use sophisticated printing technologies along with cloud computing to provide print management services that are efficient, secure and scalable. With IoT-enabled printers and clever real-time monitoring, proactive maintenance is possible which decreases downtime and improves operational efficiency significantly. Cloud-based MPS solutions also help travel and accessibility, in this way organizations can easily manage their print environments at different locations.

On the other hand, Asia Pacific MPS market is expected to grow at fastest CAGR during the forecast period. Rising tendency for MPS solutions majorly attributable to the speedy economic development and industrialization in this region. With expansion of businesses and industrial activities, the demand for economical and efficient printing solution grows additional essential. With MPS, organizations are able to lower expenses, increase efficiency and decrease wasteland—essential for staying competitive in these rapidly growing economies. An increasing number of SMEs in the region is also boosting MPS demand.

In addition, the India MPS market is expected to continue its rapid growth during our forecast period. Solutions offered by the MPS providers make it easier for secure printing and allow to employees or workers print from their remote locations which gives access to Print services while working away from office environment. The cloud printing, mobile printing, and secure print release features enable seamless printing of a remote and hybrid workforce. With these changing work models, MPS solutions help Indian enterprises to achieve productivity and flexibility in a highly dynamic workspace.

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Key Players

The major key players are

• Xerox Corporation - Xerox Versalink Series

• HP Inc. - HP LaserJet Pro

• Canon Inc. - Canon imageRUNNER ADVANCE

• Ricoh Company, Ltd. - Ricoh MP Series

• Konica Minolta, Inc. - Konica Minolta bizhub Series

• Lexmark International, Inc. - Lexmark MX Series

• Epson America, Inc. - Epson WorkForce Pro

• Sharp Electronics Corporation - Sharp MX Series

• Samsung Electronics Co., Ltd. - Samsung Xpress Series

• Brother Industries, Ltd. - Brother MFC Series

• Dell Technologies Inc. - Dell Color Laser Series

• Pitney Bowes Inc. - Pitney Bowes SendPro Series

• Datacard Group - Datacard CP80 Plus

• Nuance Communications, Inc. - Nuance Equitrac

• Print Audit - Print Audit 6

• MPS Monitor - MPS Monitor Cloud

• Synnex Corporation - Synnex Managed Print Services

• Toshiba Corporation - Toshiba e-STUDIO Series

• Cisco Systems, Inc. - Cisco Print Services

• Alcove Technology - Alcove MPS Solutions

B2B User

• Wells Fargo

• Coca-Cola

• U.S. Department of Defense

• Toyota

• Nippon Steel

• AT&T

• Kinkos (FedEx Office)

• American Red Cross

• Nestlé

• Beckman Coulter

• University of Texas

• Staples

• Chase Bank

• CVS Health

• University of Michigan

• Tamarind Media

• Xerox

• Nikon

• IBM

• Harvard University

Recent Developments

September 2024, Xerox Corporation Launched new AI-driven print management solutions aimed at enhancing workflow efficiency and reducing operational costs for businesses.

July 2024, Canon Inc. Introduced a new line of multifunction printers (MFPs) with integrated cloud capabilities designed to support hybrid work environments.