MANAGED PRINT SERVICES MARKET ANALYSIS

Managed Print Services MarketSize and Trends

The overall goal of this service is to cut down the company's print expenditure and unnecessary waste. Advantages of managed print services are flexibility, increasing productivity, sustainability, and cost saving that help in increasing demand for managed print services. Moreover, stringent rules and regulations by governments to save paper & reduce waste and decrease cost of operation is also another factor aiding in growth of the MPS market. For instance, Paperwork Reduction Act of 1980, is a law in the U.S. for minimizing the usage of paper the private businesses and citizens.

Environmental benefits and increasing concern for data security are among major driving factors for growth of the market

One of the key drivers for growth of the global managed print services market is increasing awareness about environmental benefits of adopting MPS. This helps in reducing the need of dedicated printing hardware and it also reduce volume of digital waste. This is a significant advantage for managed print services market, as e-waste is already becoming a major concern, due to booming consumer electronics industry. For instance, according to the Coherent Market Insights’ analysis, in 2016, the e-waste generated was around 44.7 million metric tonnes, which was up by 3.3 metric tonnes from 2014, globally. Moreover, according to the EPA, over 40% of trees are used for paper production, while MPS helps in saving trees by minimizing the consumption of paper and minimize wastage of paper, which in turn helps in propelling growth of the market.

Managed print services providers also help in improving the security of client data while printing. When business use printers, copiers or multifunction devices, it create an images of the information, which was printed. These images are stored on the printer’s hard drive, which increase the risk of data hacking. With help of MPS all the processes have to adhere to certain security protocols and MPS will secure the sensitive data with help of data encryption, authorised accessibility, and others. Due to rising threat of cybercrime, this has become a key driver for growth of the global MPS market. For instance, according to Coherent Market Insights’ analysis, in July 2017, number of cybercrime increased to 84.1% from 68.8%. Cyber espionage has decreased to 10.1% from 15.6% of June, whereas cyber warfare has witnessed an increase to 4.3% from 9.4%. Some of the major global organizations such as World Health Organization (WHO) and World Trade Organizations (WTO) and various companies are focusing on taking appropriate measures on data security in order to protect important data from cyberattacks. Therefore, rising security concerns regarding data is expected to be another factor for growth of the managed print services market.

Cloud-based deployment to hold a major share in the managed print services market during the forecast period

Increasing adoption of cloud technology is expected to be one of the factors for increasing demand for cloud-based deployment of MPS during the forecasted period. According to the CISCO analysis, in 2014, workload density over the cloud was 5.1ZB, which will grow till 8.4ZB by 2019. Benefits associated with cloud are fast accessibility, flexibility, cost effectiveness, and others are responsible for increasing demand of cloud in various verticals such as healthcare, media and entertainment, BFSI, education, healthcare, manufacturing, and IT & Telecommunication. It helps businesses to remotely access their documents and data.