Albany, NY -- (SBWIRE) -- 03/21/2017 -- The global market for managed print services (MPS) is driven by evolving customer needs and demands, which has compelled players in this market to focus on delivering innovative, flexible, and cost-effective offerings. Managed print services are designed to help users achieve their business objectives by streamlining operations and ensuring utmost efficiency.

There are a host of benefits that MPS offer, which include reduction in printer volume, accurate allocation of costs, reduction in printer fleet, minimized IT workload, lowering paper usage, enhanced security and authentication, lower consumption of electricity, and overall business efficiency.

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One of the key challenges staring managed print service providers in the face is the ongoing transition to a more digitized paper workflow. Companies are looking to reduce their reliance on paper and this poses as a major hurdle in the widespread adoption of managed print services. Nevertheless, experts in the industry believe that this owing to the significant role that printing plays in various business operations, companies will continue to be reliant on this function.

Moreover, enterprises are now presented with the opportunity of expanding the realm of managed print services with the rising interest in document workflow automation. The market for MPS is undergoing what many in the industry term as an "identity crisis". As print volumes decline at a steady pace, MPS providers are looking to extend their service area to include business process automation, document workflow, and information management.

Capitalizing on this growing trend, the global market for managed print services is poised to register a strong CAGR of 14.8% during the forecast period. Maintaining this pace, the opportunity in this market is slated to rise from US$26.18 bn in 2015 to reach US$94.97 bn by 2024.

Rising Adoption of Managed Print Services by SMEs

The market for managed print services is bifurcated on the basis of size of enterprise into large enterprises and SMEs. The former accounted for the leading share in the overall market owing to the adoption of MPS in managing complex IT infrastructure. However, SMEs are slated to up their usage of managed print services with increasing awareness regarding the many advantages of these services.

Managed print services are of three main types based on deployment: on-premise, cloud-based, and hybrid. On account of the growing popularity and adoption of cloud-based MPS, this segment enjoys increased preference by end users. Managed print services find application in several end-use sectors, such as telecom and IT, banking, financial services, and insurance, healthcare, government and public, legal, education, manufacturing, and construction. The government and public sector is by far the leading consumer of MPS owing to the massive volume of paperwork.

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Asia Pacific and Latin America Identified as Lucrative Markets for MPS

From a geographical viewpoint, the global managed print services market is segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. North America has been the dominant market for MPS services and is likely to retain its lead through 2024. The high level of awareness among SMEs as well as large enterprises in the region regarding the benefits of managed print services has greatly upped its adoption here. In addition to this, the North America MPS market is driven by the strong presence of major managed print service providers and leading copier and printer manufacturers.

Asia Pacific and Latin America are two of the most promising markets for MPS and are slated to offer players a host of opportunities in the coming years. The growth of these regional markets can be attributed to rapid economic development and consequently, widespread industrialization.