The global Managed Print Services Market is estimated to be valued at US$ 45.68 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Managed Print Services involves managing printers, copying equipment and multifunctional devices on behalf of clients. It offers advantages like cost reduction, reduced downtime, increased efficiency and security through centralized management of printers.

Market key trends:
One of the key trends in the Managed Print Services Market is adoption of cloud-based managed print services. Cloud-based managed print services offer cost benefits and flexibility to customers for printing needs at multiple locations. It allows centralized monitoring and management of multi-function printers located across offices through web-based interfaces. This slashes down operational costs and improves productivity for organizations by reducing downtime and demand for on-site support.
Segment Analysis
The managed print services market is segmented by type, deployment mode, organization size, and end user. By type, managed print services include on-premises MPS, cloud-based MPS, and hybrid MPS. The cloud-based MPS segment dominated other segments in 2023 due to flexible models offered through cloud-based MPS. Cloud-based MPS gives access to services anytime, anywhere through the internet and provides more features through software-as-a-service model.

Key Takeaways
Global Managed Print Services Market Size  is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing adoption of cloud-based technologies. The global managed print services market size is expected to reach US$ 45.68 Bn in 2023.

Regional analysis North America dominated the managed print services market in 2023 due to presence of major players like Xerox Corporation and HP Inc. in the region. Asia Pacific is expected to grow at the highest CAGR during the forecast period due to increasing adoption of digitization in major emerging countries like China and India.

Key players operating in the managed print services market are Xerox Corporation, Ricoh Company, Ltd., HP Development Company, L.P, Konica Minolta, Inc., Canon, Inc., Lexmark International, Inc., Kyocera Corporation, Samsung Electronics Co., Ltd., Sharp Corporation, Toshiba Corporation. Key players are focusing on offering advanced cloud-based MPS to gain competitive advantage in the market.

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