The managed print services market has been gaining attention for its potential to streamline operations and cut costs for businesses. If you’re looking to understand the essentials, here’s a quick overview:
- Market Size (2021): USD 41 billion
- Projected Market Size (2030): USD 82.90 billion
- CAGR (2022-2030): 9.20%
In today’s business environment, businesses are constantly seeking ways to improve efficiency and reduce expenses. Managed Print Services (MPS) offer a strategic solution by optimizing print operations and minimizing waste. This market is expected to almost double by 2030, fueled by a growing emphasis on sustainability and cost reduction.
The rise in environmental awareness has made sustainability a priority. MPS providers are helping companies reduce their ecological footprint by minimizing paper and energy usage. By leveraging advanced technologies, they also enable significant cost savings through efficient resource management.
As the market evolves, mid-sized businesses, like those served by Kraft Business Systems, are finding MPS to be a critical tool for innovation and productivity. With an impressive growth rate (CAGR) of 9.20%, this sector not only promises financial benefits but also aligns with the increasing need for sustainable business practices.
Quick managed print services market definitions:
Market Overview
The managed print services market is experiencing significant growth, with a global market value that was USD 41 billion in 2021 and is projected to soar to USD 82.90 billion by 2030. This expansion is driven by several key factors, including the increasing demand for cost-efficient and environmentally sustainable solutions.
Growth Drivers
One of the primary growth drivers is the need for businesses to cut costs. Managed Print Services (MPS) help companies save money by optimizing their print operations. They do this by reducing unnecessary printing and managing document workflows more efficiently. Businesses are also attracted to MPS for its ability to streamline operations, leading to improved productivity.
Another significant driver is the shift toward digital change. Companies are increasingly adopting cloud-based solutions and mobile printing technologies, which are integral parts of modern MPS. These technologies offer flexibility and ease of access, making it easier for employees to print and manage documents from anywhere.
Environmental Sustainability
Environmental sustainability is more than just a buzzword. It’s a critical component of the managed print services market. MPS providers are focusing on eco-friendly practices by reducing paper usage and energy consumption. This not only helps the environment but also contributes to cost savings for businesses. By implementing these sustainable practices, companies can achieve their environmental goals while also boosting their bottom line.
Productivity Boost
MPS improves productivity by automating routine tasks and reducing downtime. With centralized management and advanced analytics, businesses can monitor and control their print environment more effectively. This leads to fewer disruptions and a smoother workflow, allowing employees to focus on more strategic tasks.
Key Trends in the Managed Print Services Market
The managed print services market is evolving rapidly, shaped by several key trends. These trends are driving growth and changing how businesses approach document management and printing.
Cloud-Based Solutions
Cloud-based solutions are revolutionizing the managed print services landscape. By moving print management to the cloud, businesses gain flexibility and scalability. This shift allows companies to manage their print environment remotely, reducing the need for physical infrastructure.
A cloud-based approach also offers cost efficiency. Companies can pay on a subscription basis, avoiding large upfront investments in hardware. This model is appealing to businesses looking to optimize budgets while enhancing operational efficiency.
Mobile Printing
Mobile printing is another significant trend. As remote work becomes more common, employees need the ability to print documents from any location. Mobile printing solutions enable this flexibility, allowing workers to send print jobs from smartphones or tablets.
This capability supports a more dynamic and agile workforce. It aligns with the needs of businesses that have accepted hybrid work models, ensuring that employees remain productive whether they are in the office or working remotely.
Security Features
Security is a top priority in the managed print services market. With the increasing digitization of documents, protecting sensitive information is paramount. Managed print services now include advanced security features like user authentication and encryption.
These features help safeguard data from unauthorized access and breaches. For industries like banking and healthcare, where data security is critical, these measures provide peace of mind and compliance with regulations.
Remote Work
Remote work has transformed business operations, and managed print services have adapted to meet these new demands. With more employees working from home, businesses need solutions that support remote document management.
Managed print services facilitate remote work by offering secure, cloud-based access to printing resources. This ensures that employees can continue to collaborate and share documents seamlessly, regardless of their physical location.
Deployment Models and Their Impact
The managed print services market is characterized by various deployment models, each offering distinct advantages. Understanding these models is crucial for businesses aiming to optimize their printing infrastructure.
On-Premises Solutions
On-premises deployment is a popular choice for organizations that prioritize data security and control. This model involves hosting the print management software within the company’s own data centers. Industries like healthcare, finance, and legal sectors often prefer this setup due to the sensitive nature of their data.
Key Benefits of On-Premises Solutions:
- Improved Security: By keeping the infrastructure in-house, companies can implement stringent security measures such as firewalls and encryption to protect against data breaches.
- Data Control: Organizations have direct control over their data, ensuring compliance with industry-specific regulations.
Cloud-Based Solutions
Cloud-based deployment is rapidly gaining traction due to its flexibility and cost efficiency. In this model, print management software is hosted on the cloud, allowing businesses to access it via a web browser.
Advantages of Cloud-Based Solutions:
- Cost Efficiency: Businesses can avoid hefty upfront investments in hardware. Instead, they pay a subscription fee, which can be monthly or yearly.
- Scalability and Flexibility: Cloud solutions can easily scale with the business, accommodating growth without the need for additional physical infrastructure.
Cost Efficiency and Flexibility
Both deployment models offer unique benefits in terms of cost efficiency and flexibility. On-premises solutions provide long-term savings by reducing recurring subscription costs. However, they require a significant initial investment and ongoing maintenance expenses.
Cloud-based solutions, on the other hand, offer immediate cost savings by eliminating the need for physical hardware. They provide the flexibility to adapt quickly to changing business needs, making them ideal for companies with fluctuating demands.
In summary, the choice between on-premises and cloud-based solutions depends on a company’s specific needs and priorities. Whether it’s the improved security of on-premises or the cost efficiency and flexibility of the cloud, each model has its place in the evolving managed print services market.
Industry Segmentation and Regional Insights
The managed print services market is diverse and caters to various industries and regions, each with unique needs and growth patterns. Let’s explore some key segments and regional insights.
BFSI Sector
The Banking, Financial Services, and Insurance (BFSI) sector is a significant player in the managed print services market. This industry handles vast amounts of sensitive information and requires robust security measures. Managed print services provide advanced security features like secure print release and data encryption, which are crucial for protecting confidential documents from unauthorized access. Additionally, MPS solutions improve document management through digital archiving and efficient retrieval systems, streamlining operations and improving workflow efficiency.
Small and Medium-Sized Enterprises (SMEs)
SMEs are increasingly adopting managed print services to streamline their operations and reduce costs. These businesses benefit from MPS by optimizing device usage and automating supply recovery, which leads to significant savings on paper, toner, and maintenance expenses. With centralized control over print expenditures, SMEs can better manage their budgets and achieve financial predictability, making MPS an attractive option for cost-conscious organizations.
North America
North America holds the largest share of the managed print services market, accounting for 38.2% in 2023. The region’s MPS providers leverage advanced printing solutions and cloud computing to offer efficient and scalable print management services. The U.S., in particular, dominates the North American market, with providers offering extensive knowledge and experience in managing complex print environments. These services include print fleet management, document management, and workflow optimization, ensuring minimal downtime and continuous business operations.
Asia Pacific
The Asia Pacific region is experiencing rapid growth in the managed print services market, driven by economic expansion and industrialization. As businesses in this region expand, there is a growing demand for efficient and cost-effective printing solutions. Managed print services help companies streamline operations, reduce costs, and improve productivity, which is essential for maintaining a competitive edge in fast-growing economies. The increasing number of SMEs in the region also contributes to the rising demand for MPS, as these enterprises seek to improve their operational efficiency and cost management.
These insights highlight the diverse applications and growth opportunities within the managed print services market across different industries and regions. Each segment and region presents unique challenges and opportunities, driving innovation and adaptation in MPS solutions.
Frequently Asked Questions about the Managed Print Services Market
How big is the managed print services market?
The managed print services market is on a robust growth trajectory. By 2025, it is expected to reach a size of USD 49.56 billion and further expand at a compound annual growth rate (CAGR) of 8.52% to hit USD 74.59 billion by 2030. This growth is fueled by the increasing demand for efficient document management and cost-effective printing solutions across various industries.
What are managed printing services?
Managed printing services (MPS) refer to the outsourcing of a company’s printing needs to a specialized service provider. This includes managing and optimizing the entire print fleet—such as printers, copiers, and scanners—alongside document management solutions. MPS providers assess an organization’s current print setup and implement strategies to streamline operations, reduce waste, and improve security. This allows businesses to focus on their core activities while benefiting from improved workflow and reduced costs.
Are managed print services worth it?
Absolutely, managed print services offer significant value to organizations. They provide substantial cost savings by reducing unnecessary printing, optimizing device usage, and automating supplies management. For instance, businesses can save up to 30% on printing costs, according to research. Moreover, MPS improves workflow optimization by streamlining document processes and ensuring secure access to sensitive information. With features like mobile printing and remote management, MPS adapts to the evolving needs of modern workplaces, making it a smart investment for companies looking to boost efficiency and security.
Conclusion
As we look ahead, Kraft Business is well-positioned to capitalize on the opportunities within the managed print services market. With our headquarters in Grand Rapids, MI, and multiple locations across Michigan, we are strategically placed to serve businesses of all sizes with our innovative and secure technology solutions.
The future of the managed print services market is bright. Companies are increasingly seeking ways to optimize their document management and reduce costs. This creates a significant opportunity for us to provide custom solutions that meet these needs. By leveraging our diverse team of consultants and industry experts, we can help businesses steer the complexities of print management and achieve greater efficiency.
Looking forward, the market is expected to continue its growth trajectory, driven by advancements in cloud-based solutions, mobile printing, and improved security features. As remote work becomes more prevalent, the demand for flexible and secure printing solutions will only increase. This positions Kraft Business to not only meet current demands but also anticipate and adapt to future trends.
In conclusion, the managed print services market presents numerous opportunities for growth and innovation. At Kraft Business, we are committed to helping our clients harness these opportunities to improve their operations and achieve their business goals. To learn more about how our managed print services can benefit your organization, visit our Managed Print Services page.
