The managed print and document services market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The increasing use of big data solutions, along with the need to efficiently manage large volumes of data are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the increasing adoption of cloud computing and analytics on a global level. It is projected in a report that more than 72% of the global enterprises will shift to cloud storage from on-premise data centers, by 2022.
The market is segmented on the basis of deployment mode type into on-premise, cloud-based, and hybrid, out of which, the hybrid segment is anticipated to grab the largest share by the end of 2021 on account of rise in demand for hybrid cloud services due to its benefits such as reduced cost and enhancement in business workflows. Moreover, hybrid segment improves business security and increases control, which is also projected to contribute to the growth of the segment during the forecast period. CLICK TO DOWNLOAD SAMPLE
On the basis of end-user, the BFSI segment in the global managed print and document services market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that BFSI segment, which is deeply reliant on record-keeping to function and leads to high investment cost in resources, is benefitted by use of technology and automation to streamline the complete printing process.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increase in automation and evolved technological requirements of enterprises in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing demand for cloud-based services, accompanied by the presence of leading technology providers in the region. Along with this, North America also leads in terms of favourable regulatory policies, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the managed print and document services market on account of technological advancement and surge in demand for multi-functional printers in the region. The European Commission, in 2020, had put forward a European Data Strategy whose aim is to support the European Union to become the most attractive, most safe, and most dynamic data-agile economy globally.
The managed print and document services market is further classified on the basis of region as follows:
Our in-depth analysis of the global managed print and document services market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing use of big data solutions and the need to efficiently manage large volumes of data are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Recurring expenditure and doubts in efficiency and effectiveness of new technological solutions are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increase in automation and evolved technological requirements of enterprises in the region.
The major players dominating the global managed print and document services market are Xerox Corporation, HP Development Company, L.P., Ricoh Company, Ltd., and Konica Minolta, Inc. among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by deployment mode type, end-user and region.
With respect to end-user, the BFSI segment is anticipated to hold the largest market share owing to the fact that BFSI segment, which is deeply reliant on record-keeping to function and leads to high investment cost in resources, is benefitted by use of technology and automation to streamline the complete printing process.
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