Managed print services will see a recovery in the next few years.
The market was negatively impacted with the emergence of COVID-19, but strict regulations imposed to reduce plastic waste and efforts to reduce operating costs are expected to drive growth in such services. Large enterprises have been the primary demand for managed print services, and demand is growing among small businesses and consumers.
The global managed print services (MPS) market generated $30.91 billion in revenue in 2019, and is projected to witness a compound annual growth rate (CAGR) of 6.2% from 2020 to 2027, according to Grand View Research. Meanwhile, the SME segment is expected to register the fastest CAGR from 2020 to 2027. This may be associated with the changing trend of smaller organizations towards subscribing to managed print services, as well as the increased ease of access to such services, such as with the Nubeprint app that allows the end customer to activate the subscription service for consumables replenishment from mobile.
In 2019, the BFSI (banking, financial services and insurance) segment dominated the global managed print services market. Increasing demand for MPS systems in government, IT, telecom, education, and retail organizations is expected to drive market growth.
Adoption of MPS can help reduce local printer requirements, analyze printing needs, replace inefficient devices, extend the life of efficient ones, automate supply delivery, reduce or even eliminate single-use cartridges, and enable remote operations. In addition, the growing need to reduce energy consumption and provide customizable solutions is expected to generate demand for such services. These services have access to email, ERP systems, and cloud-based repositories. In addition, features such as higher performance, lower prices, reduced physical footprint, and increased productivity are expected to fuel the growth of such services.
Source: Grand View Research, Nubeprint