Albany, NY -- (SBWIRE) -- 12/06/2016 -- According to a new market report published by Transparency Market Research entitled "Managed Print Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024," the MPS market is expected to reach US$ 94.97 Bn in revenue by 2024, rising from US$ 26.18 Bn in 2015. The market is estimated to expand at a CAGR of 14.8% during the forecast period from 2016 to 2024.

In a cost-sensitive environment, organizations are highly influenced by the cost benefits offered by MPS by reducing the operational costs of their printing activities. This is one of the major factors attracting organizations to adopt MPS. The need for the streamlining of the printing workflow and for monitoring and control of printer usage by employees have added to the cost reduction benefits achieved through the implementation of MPS.

The growth of the MPS market is also expected to be driven by environmental benefits such as a reduction in paper wastage and efficient use of energy achieved through the implementation of MPS. Growth in awareness about the benefits of MPS in the SMEs is expected to further boost the growth of the MPS market in the coming years. The SMEs segment of the MPS market is projected to grow faster than large enterprises in terms of the adoption of MPS during the forecast period.

Channel partner/core MPS providers accounted for the largest share of the total MPS market in 2015. In order to cater to the ever increasing demand for MPS in the discrete SMEs sector, lead MPS vendors have turned to channel partners in order to expand their customer base by targeting untapped opportunities. Furthermore, cloud-based deployment was the largest segment of the MPS market in 2015 and is likely to dominate over the forecast period. The cost effectiveness of cloud-based MPS deployment and reduction in the burden on organizations' internal servers are some of the major factors expected to drive the cloud-based MPS market in the coming years.

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The government and public end-use segment was the largest in 2015 and is likely to hold its top position in terms of revenue share the forecast period. Government authorities deal in a high amount of paperwork and their high preference for security of these vital documents/data has influenced the dominance of the government and public sector segment in the MPS market.

The major key companies operating in MPS market include Xerox Corporation, ARC Document Solutions, Inc., Ricoh Company Ltd., Lexmark Corporation, Canon, Inc., Konica Minolta, Inc., KYOCERA Corporation, Toshiba Corporation, HP Development, L.P., and Print Audit. Key players are focusing on increasing the number of channel partners and geographical expansion to increase their market presence.