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Reasons Why Managed Print Services Market Is Getting More Popular In The Next Five Years
The global managed print services market size is poised to reach USD 6.77 billion by 2023
"Apart from the need for the reduction of hardware and consumables costs, the integration of AI into the print industry and the strategic partnerships and acquisitions among market participants are some other major aspects expected to boost market growth during the forecast period," says a senior analyst at Technavio.
The market is driven by the need for the reduction of hardware and consumables costs. In addition, increased adoption of MPS by SMEs is anticipated to further boost the managed print services market during the forecast period.
MPS is a professional service offered by external service providers to optimize print and document output. It helps organizations to manage print devices such as printers, fax machines, copiers, and multifunction devices. As MPS helps in saving time and money, it is often outsourced to vendors to streamline print operations. MPS enables organizations to set up cost-effective and well-managed imaging and printing network. For instance, the Newport City Council, a UK based local government organization, is using Xerox MPS. With the use of this MPS, the council has reduced its paper waste by 30% and saved almost $1,024 million in five years.
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Furthermore, the increased adoption of MPS by SMEs is another major factor driving market growth as SMEs are price-sensitive. Currently, the cloud-based MPS is expected to be highly adopted by SMEs as they offer secured solutions and software updates on printing solutions. For instance, Xerox offers cloud-based deployment of MPS for SMEs, that delivers increased productivity, ease in proactively managing devices, and other benefits.
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