Northbrook, IL -- (SBWIRE) -- 12/20/2018 -- [165 Pages Report] The managed print services market is expected to grow from USD 28.40 billion in 2016 to USD 50.78 billion by 2023, at a CAGR of 8.5% between 2017 and 2023.

Managed print services (MPS) are services offered by an external provider to optimize or manage a company's document output. Outsourcing helps companies reduce the cost incurred on network and IT spending by eliminating Capex and Opex. More than a cost control tool, it also helps organizations to gain a competitive advantage by improving efficiency and providing business differentiation.

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The rapid and exponential growth in the digitalization of various enterprises, businesses, and organizations has resulted in increasing demand for managed print services. The base year considered for the study is 2016, and the market size forecast is provided for the period between 2017 and 2023.

Managed print services (MPS) are services offered by an external provider to optimize or manage a company's document output. Outsourcing helps companies reduce the cost incurred on network and IT spending by eliminating Capex and Opex. More than a cost control tool, it also helps organizations to gain a competitive advantage by improving efficiency and providing business differentiation.

The managed print services market in APAC is expected to grow at the highest rate between 2017 and 2023. APAC has witnessed a rapid growth in industrialization over the past decade, which has created a lot of opportunities for MPS. The MPS market in APAC has potential to grow in the near future. The increasing industrialization and high-end technological requirements of businesses are expected to drive the cloud-based MPS market in APAC.

Application of MPS in BFSI, government, telecom and IT, and industrial manufacturing drive the growth of managed print services market

Banking, Financial Services, and Insurance (BFSI)

The banking, financial services, and insurance (BFSI) industry is heavily dependent on record-keeping to function. Papers are being widely used in banking and financial institutions for loan applications, new account opening, mortgages, and several other purposes, which leads to high investment cost in resources. There is a strong need for technology and automation to control these extra costs and rationalize the overall printing process in the BFSI industry. BFSI is one of the most sensitive industries in terms of customer information, and MPS secured printing is the integral requirement of this industry. MPS help in assessing the actual cost incurred for different print applications to keep track of printing environment and reducing wastage.

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Government

Shrinking budgets and rising demand for government services are forcing the government agencies and departments to modernize their storage infrastructure and enable vast service delivery. Also, paper-based processes add workload and cause delayed responses. Government organizations waste lots of money on documentation, that is, on paper, printer ink, toner, and so on; sometimes print commands are sent to the wrong printer, thereby causing reprinting. MPS in government organizations provide advantages such as secured printing, reduced printing cost, centralized print management, and customization in reporting.

Telecom and IT

Telecom and IT is one of the fastest-growing industries worldwide. IT industry deals with the information that is available, adaptable, searchable, portable, and reusable. Heavy printing is usually exercised in this vertical and is a major source of increased cost to companies. Printed documentation is a critical part of maintaining information. MPS help in optimized printing through print environment analysis and user printing pattern. These services also provide optimized solutions to reduce the overall printing cost. MPS help businesses to buy printers and provide maintenance and support services that reduce large capital investment requirements through classified operational expenditure in an ongoing MPS contract.

Industrial Manufacturing

Printing is an integral part of business processes for manufacturing organizations, that is, from product order to shipping and delivery of finished goods. Manufacturing companies are continuously looking to maintain vital information and output in a secured format. Usually, manual paperwork creates tailbacks in the work processes and proves to be inefficient and costly. Manufacturing businesses need help in reducing office and production printing costs and improve production efficiency. MPS for manufacturing simplifies many industry challenges related to printing. Paper-intensive processes such as digitized bills, document control processes, namely conversion, compression, and profiling are stored in the form of digital files, and user authentication processes are highly secured with MPS. Also, consolidation of vendors could be done for printing and imaging cost reduction and fax over IP helps in reducing print costs and print device reliance.

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