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.

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.

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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.

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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.