Managed Print Services (MPS) Global Market Opportunities and Strategies to 2033

This report describes and explains the managed print services (MPS) market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global managed print services (MPS) market reached a value of nearly $41.6 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.5% since 2018. The market is expected to grow from $41.6 billion in 2023 to $63.5 billion in 2028 at a rate of 8.8%. The market is then expected to grow at a CAGR of 9.3% from 2028 and reach $99.2 billion in 2033.

Growth in the historic period resulted from the increase in print security spending, the rising need to minimize paper waste, rapid urbanization. Factors that negatively affected growth in the historic period were long-term impacts of security concerns.

Going forward, the strong economic growth, government initiatives to reduce paper wastage, rising demand from the BFSI sector, rising cloud-based deployment modes will drive the growth. Factor that could hinder the increasing use of digital media.

The managed print services (MPS) market is segmented by type into print management, device management, document imaging and discovery and design. The print management market was the largest segment of the managed print services (MPS) market segmented by type, accounting for 44.4% or $18.5 billion of the total in 2023. Going forward, the document imaging segment is expected to be the fastest growing segment in the managed print services (MPS) market segmented by type, at a CAGR of 10.2% during 2023-2028.

The managed print services (MPS) market is segmented by deployment mode into application into cloud-based, on-premise and hybrid. The cloud-based market was the largest segment of the managed print services (MPS) market segmented by deployment mode, accounting for 47.5% or $19.8 billion of the total in 2023. Going forward, the cloud-based segment is expected to be the fastest growing segment in the managed print services (MPS) market segmented by deployment mode, at a CAGR of 9.5% during 2023-2028.

The managed print services (MPS) market is segmented by organization type into small and medium enterprises (SMEs) and large enterprises. The small and medium enterprises (SMEs) market was the largest segment of the managed print services (MPS) market segmented by organization type, accounting for 54.5% or $22.7 billion of the total in 2023. Going forward, the small and medium enterprises (SMEs) segment is expected to be the fastest growing segment in the managed print services (MPS) market segmented by organization type, at a CAGR of 9.3% during 2023-2028.

The managed print services (MPS) market is segmented by application into banking, financial services and insurance (BFSI), enterprise, retail, government and defense, manufacturing, healthcare, automotive and transportation and other end users. The BFSI market was the largest segment of the managed print services (MPS) market segmented by application, accounting for 25.4% or $10.6 billion of the total in 2023. Going forward, the healthcare segment is expected to be the fastest growing segment in the managed print services (MPS) market segmented by application, at a CAGR of 11.1% during 2023-2028.

The managed print services (MPS) market is segmented by channel type into printer/copier manufacturers, system integrators/resellers and independent software vendors (ISVs) The printer/copier manufacturers market was the largest segment of the managed print services (MPS) market segmented by channel type, accounting for 59.1% or $24.6 billion of the total in 2023. Going forward, the independent software vendors (ISVs) segment is expected to be the fastest growing segment in the managed print services (MPS) market segmented by channel type, at a CAGR of 10% during 2023-2028.

North America was the largest region in the managed print services (MPS) market, accounting for 37.5% or $15.6 billion of the total in 2023. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the managed print services (MPS) market will be Asia Pacific and Western Europe where growth will be at CAGRs of 10.7% and 8.8% respectively. These will be followed by Eastern Europe and Middle East where the markets are expected to grow at CAGRs of 7.1% and 7% respectively.

The global managed print services market is fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 9.9% of the total market in 2022. Xerox Corporation was the largest competitor with a 1.9% share of the market, followed by Canon, Inc. with 1.7%, Ricoh Company Ltd. with 1.5%, HP Inc with 1.5%, Konica Minolta, Inc. with 1.1%, Lexmark International, Inc. with 1%, Brother Industries, Ltd with 0.6%, Sharp Corporation with 0.3%, Toshiba Corporation with 0.2% and Kyocera Corporation with 0.2%.

The top opportunities in the managed print services (MPS) market segmented by type will arise in the print management segment, which will gain $10.4 billion of global annual sales by 2028. The top opportunities in the managed print services (MPS) market segmented by application will arise in the BFSI segment, which will gain $5.9 billion of global annual sales by 2028. The top opportunities in the managed print services (MPS) market segmented by deployment mode will arise in the cloud-based segment, which will gain $11.4 billion of global annual sales by 2028. The top opportunities in the managed print services (MPS) market segmented by organization type will arise in the small and medium enterprises (SMEs) segment, which will gain $12.7 billion of global annual sales by 2028. The top opportunities in the managed print services (MPS) market segmented by channel type will arise in the printer/copier manufacturers segment, which will gain $12.1 billion of global annual sales by 2028. The managed print services (MPS) market size will gain the most in the USA at $7 billion.

Market-trend-based strategies for the managed print services (MPS) market include expansion strategies drive growth and competitiveness in the managed print services market, strategic collaborations to expand product portfolio and geographic reach, launch of innovative solutions with new features and capabilities, focus on advanced products with workplace productivity solutions, embracing cloud-first managed print services to enhance print management efficiency.

Player-adopted strategies in the managed print services (MPS) market include focus on strategic partnerships to better serve the industry and to strengthen their position and focus on new product developments to better serve the industry and to strengthen their position.

To take advantage of the opportunities, the analyst recommends the managed print services companies to focus on innovative solutions for market expansion, focus on advanced workplace productivity solutions, focus on cloud-first managed print services, focus on print management and device management segments, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations, provide competitively priced offerings, continue to use B2B promotions, focus on small and medium enterprises (SMES) segment and focus on healthcare and BFSI segments.