Managed Print Services Market is Estimated to Witness High Growth Owing to Cost Reduction

Managed print services provide businesses with a complete solution for all their printing, document management and related costs challenges from a single provider. It helps reduce printing costs, improve operational efficiency and advance security & governance for document output.

The Global Managed Print Services Market is estimated to be valued at US$ 52.63 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.

Key players operating in the Managed Print Services are DIC CORPORATION, Solvay S.A., Lion Idemitsu Composites Co., Ltd, Toray Industries, Inc., Tosoh Corporation, SK chemicals, Chengdu Letian Plastics Co., Ltd., Celanese Corporation, TEIJIN LIMITED, SABIC, Zhejiang NHU Co., Ltd., LG Chem, RTP Company and Ensinger. Key opportunities in the market include growing need for security of confidential documents, increasing implementation of BYOD and digital transformation across organizations. The market players are also expanding globally with focus on regions including North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Key Takeaways

Key players analysis: Key players operating in the Managed Print Services are DIC CORPORATION, Solvay S.A., Lion Idemitsu Composites Co., Ltd, Toray Industries, Inc., Tosoh Corporation, SK chemicals, Chengdu Letian Plastics Co., Ltd., Celanese Corporation, TEIJIN LIMITED, SABIC, Zhejiang NHU Co., Ltd., LG Chem, RTP Company and Ensinger.

Key opportunities: The key opportunities in the Managed Print Services Market Growth  include growing need for security of confidential documents, increasing implementation of BYOD and digital transformation across organizations.

Global expansion: The market players are also expanding globally with focus on regions including North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Market drivers: The major market driver for Managed Print Services market is cost reduction. Managed print services help businesses reduce printing costs by optimizing infrastructure usage, streamlining procurement of supplies like paper & toners and standardizing devices. It leads to more than 30% reduction in document output costs on an average for organizations.

PEST Analysis

Political: Managed print services market is impacted by various government regulations and policies around data privacy and security. Government initiatives like digital India are boosting demand.

Economic: Growing GDP and disposable income are fueling demand for office equipment like printers. Cost savings achieved through managed print services is a key economic driver for businesses to adopt these services.

Social: Increasing mobile workforce and need for flexible working models are driving need for optimized printing infrastructure. Growing environmental awareness is also positively impacting growth as managed print services help reduce paper usage.

Technological: Advancements in network technologies, remote management tools and analytics solutions are helping print management companies deliver enhanced services. Integration of IoT and AI is allowing for more predictive maintenance and proactive issue resolution. Security of data on devices is an important technological consideration.

Around 60% of the total market value of managed print services is concentrated in the North America region currently led by the US market. Growth is high in Asia Pacific region with countries like India and China emerging as fastest growing regional markets. South East Asian countries are investing heavily in digitization and optimized business processes which is driving increased adoption of managed print outsourcing in the region.

Europe currently accounts for around 25% of total market value led by Germany, UK and France. Growth is steady backed by established companies upgrading their systems and focus on sustainability.

Get more insights on Managed Print Services Market

Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )