The Managed Print Services Market will grow at highest pace owing to remote working trend

The managed print services market involves management of printer fleets and multifunctional devices. Companies offer various services such as printer procurement, supply management, usage analysis, and tracking under managed print services. Adoption of managed print services helps enterprises reduce paperwork, ensure security of documents, and optimize printer spending. With remote working gaining popularity among organizations during the pandemic, the need for well-managed printer infrastructure across locations has increased significantly.

The Global Managed Print Services Market is estimated to be valued at US$ 52.63 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the managed print services are DIC CORPORATION, Solvay S.A., Lion Idemitsu Composites Co., Ltd, Toray Industries, Inc., Tosoh Corporation, SK chemicals, Chengdu Letian Plastics Co., Ltd., Celanese Corporation, TEIJIN LIMITED, SABIC, Zhejiang NHU Co., Ltd., LG Chem, RTP Company, Ensinger, Polyplastics Co., Ltd. Growing demand for automation and centralized control of printer infrastructure from organizations is one of the major factors driving growth of the market. Technological advancements such as analytics-based management, zero touch provisioning and mobile printing are further fueling adoption of managed print services.

Market Trends
The trend of outsourcing non-core business functions is gaining traction in the managed print services market size. Many companies are outsourcing their printer management responsibilities to skilled third-party providers for better cost optimization and management. Furthermore, growing emphasis on sustainability is prompting increased adoption of managed print services that promote paper usage efficiency and eco-friendly printing practices.

Market Opportunities
The growth of digital transformation initiatives worldwide presents significant opportunities for managed print services providers. As more businesses adopt hybrid work models permanently, there will be increased demand for advanced management of distributed printer fleets. Furthermore, integrating managed print services with other workflow automation solutions such as document management can unlock new revenue streams for market players. Offering managed print services tailored for Small and Medium Enterprises is another key area offering major growth opportunities.

Impact of COVID-19 on Managed Print Services Market Growth
The COVID-19 pandemic impacted businesses globally and significantly changed the way organizations functioned and managed their printing needs. With enforced lockdowns and work from home policies, the demand for managed print services saw a sharp decline in the initial months as offices shut down and employees transitioned to remote working setups. However, as businesses gradually adapted to the new normal, managed print services providers helped clients streamline their printing infrastructure and optimize costs by facilitating secure printing from remote locations. Service providers enabled secure print release features, virtual printing, and mobile printing apps to allow employees to print documents from personal devices. They also offered device monitoring and management to troubleshoot issues remotely. With hybrid work models becoming prevalent, managed print services are expected to focus on security, flexibility, and cost optimization to support remote as well as on-site printing needs of organizations in the post-COVID era. Service providers will need to enhance their capabilities to enable seamless printing services across multiple locations and devices through secure cloud and IoT-based solutions.

Geographical Regions with Highest Market Concentration
In terms of value, North America region holds the largest share of the global managed print services market currently. Majority of print infrastructure asset base of organizations globally is concentrated in the US and Canada. The region possesses advanced printing technologies adoption and presence of leading managed print services providers. Europe is another prominent regional market driven by countries like Germany, UK and France. The Asia Pacific region is fastest growing globally led by China, India and other developing countries. With increasing digitization and business infrastructure development, managed print services adoption is witnessing a surge in APAC countries to optimize costs and improve business processes efficiency.

Fastest Growing Regional Market
The Asia Pacific region represents the fastest growing regional market for managed print services globally. Countries like China, India, Singapore, Indonesia, Vietnam etc. are experiencing accelerated economic growth and witnessing increased adoption of digital technologies across industries. As businesses in APAC aim to optimize costs and enhance their productivity, the demand for managed print infrastructure and services is witnessing significant boost. With presence of emerging economies and a large population increasingly using digital platforms, the need for managed printing on mobile and cloud will continue propelling the APAC managed print services market growth over the forecast period.