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Press Release

Managed Print Services Market Poised to Grow by 2027: Key Vendors, Industry Demand, Drivers and Outlook

This press release was orginally distributed by SBWire

Seattle, WA -- (SBWIRE) -- 11/14/2019 -- Managed print services is a software offered by a print provider that is used to optimize or manage a company's document output. This service is useful in managing scanners, printing devices, faxes, and copies. This system enables the organization to enhance its efficiency, information security, and productivity by monitoring usage and meeting organization printing needs. Moreover, managed print service saves time and enhance efficiency, reduce costs, increase productivity, enhance information security system, save cost, and reduce environmental footprint.

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As a part of market estimation, the study also comprises a list of tables and figures for the "Global Managed Print Services Market" which focuses on a constructive knowledge essential for the companies or individuals interested in the market study report. As a part of market segmentation, our study exhibits a market analysis on the basis of type, industry application and geography.

We provide a market study that encompasses both qualitative and quantitative assessments of latest trends for the market segmentations classified by our analysts. According to WMR, the Global Managed Print Services Market was valued at USD 30.57 billion in 2017 and is projected to reach USD 58.86 billion by 2025, growing at a CAGR of 8.6% from 2018 to 2025. Our research study mainly includes an in-depth study of the market which includes major drivers, restraints, opportunities and challenges faced in the market along with the latest industrial trends.

On the basis of type, the Global Managed Print Services Market can be categorized by three sections; channel, deployment and application. This market study analyses the industry for Managed Print services based on these divisions. The managed print series by deployments is divided into on premise, cloud-based and hybrid. The industry is then sectioned by application which includes BFSI, education, healthcare, manufacturing, retail and others. The industry is also divided into managed print services by channel which includes printer/copier manufacturers, system integrators and independent software vendors. In terms of geography, Asia Pacific accounts for the fastest growing market due to the presence of numerous developing countries in this region along with their emerging markets. The Chinese market has a major share in this region.

Management print services helps companies to shift workload from internal IT team to purchase, maintain, and update the printers of the firm to the external provider. This helps reduce printing costs, save time, transform working practices, and boost productivity of the company. The demand for such services is thus increasing, in turn, boosting growth of the management print services market.

MPS providers help rationalize and consolidate printers, enabling better distribution of work and faster devices or multi-function printers. This size of printer fleets are thus cut down without compromising on productivity.

These services also support printing and scanning from mobile devices, or even outside office premises, through cloud. Thus, workers are provided with a full range of printing and scanning capabilities, allowing hot-deskers to print to the nearest printer from wherever they are.

Growing adoption of managed print service across the various organization for optimizing the performance of network printing devices is the prime factor fueling market growth of managed print services. Growing initiatives by the organization for reducing paper wastage has significantly contributed to the growth of managed print service market as managed print services helps in reducing the wastage. Moreover, the rising number of partnership among key players is also expected to propel the market growth. For instance, in March 2018, Capita Document & information services announced that it has partnered with HP to offer customers a broader range of end-to-end managed print solutions.

From the regional perspective, the Asia Pacific region is expected to exhibit significant growth over the forecast period and this can be attributed to ongoing industrialization, especially small business firms in the region. The growth in this region is also attributed to the increasing launch of new and advanced products by manufacturers in the region. For instance, in November 2014, Fuji Xerox launched next generation managed print services in the Asia-Pacific region. The system is believed to support clients optimize document-related work processes with enhanced security in mobile and cloud environment.

On the other side, the high recurring cost is expected to hamper the market growth.

Key Developments:

- In October 2016, IBS Direct announced the merger with Maestro Managed Print Solutions. IBS Direct engaged in offering high-quality printing solutions, direct marketing program management, and new marketing technologies to effectively implement and measure the impact of its clients' marketing strategy

- In April 2019, SCC has announced the formal merger of managed print and document services firm M2 into its main business, as it looks to further grow and enhance its MPDS offering

- In March 2019, Vereco, LLC announced an asset acquisition of CynergisTek's managed print services (MPS) business. CynergisTek, Inc. is a leading provider of healthcare cybersecurity, privacy, and compliance whereas Vereco is the leading independent provider of healthcare document services
On January 30, 2018, Xerox Corporation— Xerox Corporation is an American global corporation that sells print and digital document solutions— announced a definitive agreement with FUJIFILM Holdings Corporation to form Fuji Xerox Co., Ltd. and Xerox. Fujifilm will own 50.1% stake of the combined company.

- In January 2018, HP Inc. announced launch of 3D printing in India, with its new Multi Jet Fusion 3D Printing solution. The new printer delivers physical parts up to 10 times faster and at half the cost of current 3D printing systems and can create anything from complex parts that go into industrial machines to customized in-soles and dentures.

- In April 2018, HP Inc. entered into a strategic collaborated with BRIEF-Aon, for IT security and cyber risk management services.

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