Managed Print Services (MPS) is the outsourced management of a company’s imaging devices—including printers, copiers, fax machines, and scanners—to a verified managed services provider. After assessing a company’s print infrastructure, the provider will optimize each device, improve their locations, and provide solution suggestions designed to maximize workflows, increase productivity, and cut costs. More and more companies are incorporating MPS, and the market is predicted to explode in the coming decade. Consider the following projected trends in the MPS market as well as a few of the contributing factors to its growth.
The Projected Growth of MPS
The market for MPS is projected to register a Compound Annual Growth Rate (CAGR) of 14.8 percent by 2024, according to Transparency Market Research’s report regarding trends of MPS. To put that in terms of dollars-and-cents, the market is projected to grow exponentially in the coming years, rising from $26.18 billion in 2015 to $94.97 billion by 2024.
The Widespread Adoption of MPS
As evidenced by its trends and projections, MPS is a rapidly-growing service. But the question of why these services are skyrocketing remains. Evidence points to MPS’ prevalence due to the cost savings and return on investment (ROI) that these services provide regardless of industry or company size. In fact, the same Transparency Market Research study suggests that small- to medium-sized businesses (SMBs) will adopt MPS more than any other segment of the market, suggesting it is an affordable, customizable option for this sector.
A variety of other factors also contribute to MPS’ success. Outsourcing this key business operation instead of fielding the burden in-house makes economic sense for small-, medium-, and large-sized enterprises alike, as overhead and other costs are circumvented. The growing pervasive trend of malware attacks on imaging devices and consequential need to increase security is another driving force for businesses to turn to MPS. Perhaps the most essential factor appealing to business owners is MPS’ move to the cloud, which provides flexibility, availability, and security to its users and is a particularly attractive feature for SMBs.
With these factors in mind, projections regarding the extensive application of MPS appear to be likely. Will your business be part of the growth of MPS by taking advantage of the productivity perks and cost savings these services offer? If you want to learn more about MPS—including exactly how your business could benefit from its implementation—contact us today!