Market Highlights:
The global managed printing services market is showing immense growth; mainly due to the growing need for customized printing solutions and increased demand for flexibility to match custom requirements. Steep increase in the adoption of big data solutions is one major factor driving the growth of managed printing services market. Xerox Corporation, HP Development Company, L.P., Lexmark International Corporation, ARC Document Solutions, Inc., and Samsung Electronics Co. Ltd. are the major investors in the managed printing services market. Xerox Corporation is well positioned and continues to maintain its hold on managed printing services market. In 2015, with next generation managed print services, Fuji Xerox is expanding their services in Australia.
Based on deployment, hybrid deployment is expected to grow at a significant rate during the forecast period. This is owing to the combined benefits that it offers of both cloud and on premise deployment. Hybrid deployment offers the convenience of having a part of services on cloud and the other part on premise. Due to this, the hybrid based deployment is the fastest growing segment. According to a recent study report published by Market Research Future, The global market of managed printing services is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). Also, increasing initiatives from organisations to reduce paper wastage is one major factor responsible for the growth of managed printing services market. Reduced cost of operation and flexibility to match custom requirements is one of the major factors driving the growth of managed printing services market. Also, technological advancements and persistent rise in the complexity of technological solutions is one major factor responsible for driving the growth of managed printing services market.
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Major key Players
Xerox Corporation (US),
ARC Document Solutions, Inc. (US),
HP Development Company, L.P. (US),
Sharp Corporation (Japan),
Lexmark International Corporation (US),
Kyocera Corporation (Japan),
Toshiba Corporation (Japan),
Samsung Electronics Co. Ltd. (South Korea)
Konica Minolta, Inc. (Japan),
Ricoh Company, Ltd. (Japan)
According to Market Research Future analysis, global Managed Printing Services Market has been valued at USD ~47 Billion by the end of forecast period with ~8% of CAGR during forecast period 2017 to 2023.
Industry News
Jan 2017 – Xerox has announced that it is partnering with Midwich to provide managed printing services solutions in the growing small and medium businesses market. Through this collaboration, Midwich will provide comprehensive, cloud-based, managed print services allowing customers to transform workplaces from paper to digital, via Xerox technology.
Jan 2018 – Fuji Xerox Australia loses hundreds of staff and wipes off $200 million in revenue. Fuji Xerox Australia (FXA) generated revenue of $774.7 million for the 12 months to 31 March 2017.
Oct 2017 – Xerox introduced an MPS accreditation program uniquely for the partners to create a path to managed print mastery. The program provides tools and training to help select partners grow recurring services revenue streams. Xerox has introduced a managed print services (MPS) accreditation program recognizing a select group of channel partners that demonstrate MPS expertise and revenue growth. Managed print services are driving the digital transformation.
Managed Printing Services Global Market – Competitive Analysis
The market of managed printing services appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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Regional Analysis
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the managed printing services market in North America owing to the presence of a large number of established key players such as Xerox Corporation, ARC Document Solutions, Inc., HP Development Company, L.P., and Lexmark International Corporation among others. Also, U.S. is leading the market in North America due to the rising demand for hybrid deployment of managed printing services in the region. Also, due to favourable government regulations, companies are investing in the North America market, which is expected to help the region to gain the maximum share of the managed printing services market. Managed printing services market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to rise in IT solutions and growing demand for competent technical support in China and India in the region. Whereas, the Europe market for managed printing services is expected to grow at a considerable CAGR (2017-2023).
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