Managed Print Services Market size was over USD 48.52 billion in 2023 and is anticipated to cross USD 150.54 billion by the end of 2036, witnessing more than 9.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of managed print services is estimated at USD 52.05 billion.
The increasing use of big data solutions, along with the need to efficiently manage large volumes of data are expected to fuel the progress of managed print services market. The growth of the market can also be attributed to factors such as the increasing adoption of cloud computing and analytics on a global level. It is projected that more than 72% of the global enterprises will shift to cloud storage from on-premise data centers, by 2022
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
9.1% |
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Base Year Market Size (2023) |
USD 48.52 billion |
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Forecast Year Market Size (2036) |
USD 150.54 billion |
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Regional Scope |
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The managed print services market is segmented on the basis of deployment mode type into on-premise, cloud-based, and hybrid, out of which, the hybrid segment is anticipated to grab the largest share by the end of 2021 on account of rise in demand for hybrid cloud services due to its benefits such as reduced cost and enhancement in business workflows. Moreover, hybrid segment improves business security and increases control, which is also projected to contribute to the growth of the segment during the forecast period.
On the basis of end-user, the BFSI segment in the global managed print services market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that BFSI segment, which is deeply reliant on record-keeping to function and leads to high investment cost in resources, is benefitted by use of technology and automation to streamline the complete printing process.
Our in-depth analysis of the global market includes the following segments
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By Deployment Mode Type |
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By Application |
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APAC Market Statistics
Geographically, the managed print services market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. Asia Pacific industry is set to hold largest revenue share by 2036, owing to increase in automation and evolved technological requirements of enterprises in the region.
North America Market Analysis
Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing demand for cloud-based services, accompanied by the presence of leading technology providers in the region. Along with this, North America also leads in terms of favorable regulatory policies, which is also expected to contribute to the market growth in the region.
Europe Market Analysis
Alternatively, the market in Europe is also anticipated to occupy a significant share in the managed print services market on account of technological advancement and surge in demand for multi-functional printers in the region. The European Commission, in 2020, had put forward a European Data Strategy whose aim is to support the European Union to become the most attractive, most safe, and most dynamic data-agile economy globally.
Author Credits: Abhishek Verma
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