In an environment of economic slowdown, enterprises across the world are focusing on layoffs as well as outsourcing some of their key business operations to cut costs, and printing comes as no exception.
A large number of enterprises are now eyeing Managed Print Services (MPS) to cut operational expenditures, via administering the printing activities of employees as well as to achieve a seamless printing workflow within the organization.
Considering the huge business prospects in this promising segment, prominent players such as Ricoh, Konica Minolta, Xerox, Toshiba, Canon etc., now intend to increase the number of channel partners to bag a larger market share.
A promising future of the MPS is further reinforced with a recent report by the research firm, Transparency Market Research which predicts that the market for Managed Print Services(MPS) is poised to touch $94.97 billion in revenue by the year 2024, growing from $26.18 billion in the year 2015.
The vertical is also expected to balloon at a Compound Annual Growth Rate (CAGR) of 14.8 per cent between 2016 and 2024.
Another factor which is pushing businesses to adopt MPS are the increased environmental benefits which the service brings along with it, including a significant depletion in wastage of paper as well as efficient use of power.
Small and Medium Enterprises (SMEs) are further expected to drive the growth in the vertical as they get aware of the increased efficiency benefits of the service. An unprecedented growth in the segment coupled with cloud based deployments will also open the door of new opportunities for channel partners and System Integrators which contribute the largest share in the overall market.
‘SMEs sector, lead MPS vendors have turned to channel partners in order to expand their customer base by targeting untapped opportunities. Furthermore, cloud-based deployment was the largest segment of the MPS market in 2015 and is likely to dominate over the forecast period,” said the report.