LONDON--(BUSINESS WIRE)--The managed print services market is expected to grow by USD 7.08 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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The growing trend of digitization is encouraging SMEs to deploy new software and hardware to streamline their operations and minimize operational expenditure. Also, SMEs are price sensitive and hence prefer cloud-based solutions. This is encouraging market vendors to offer cloud-based managed printing services (MPS). For instance, in May 2019, Lexmark launched its new Lexmark Cloud Print Infrastructure. It uses IoT and cloud technologies and enables enterprises to reduce operational costs while ensuring an enhanced user experience. Moreover, governments across the world are offering incentives and tax benefits to support the growth of SMEs. These factors will fuel the growth of the global managed printing services market.
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As per Technavio, strategic partnerships and acquisitions among market participants will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Managed Print Services Market: Strategic Partnerships and Acquisitions Among Market Participants
Vendors in the market are engaging in strategic partnerships and acquisitions with software, technology, and platform providers. This is helping vendors significantly in terms of product development, geographic expansion, and gaining access to technological expertise. For instance, in November 2018, HP acquired Apogee Corp. Ltd. to enhance its A3 and A4 product portfolio and to expand its MPS offerings in Europe. Such strategic partnerships are expected to have a positive impact on the growth of the global managed print services market.
“Integration of AI into the the print industry and the increased adoption of MPS in the BFSI sector will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Managed Print Services Market: Segmentation Analysis
This market research report segments the managed print services market by deployment (cloud-based, on-premise, and hybrid) and geography (APAC, Europe, MEA, North America, and South America).
The North America region led the managed print services market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the strong presence of end-user industries such as BFSI, IT, healthcare, education, and others.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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