The Complete Guide on Managed Print Services Market Trends, Growth, and Forecasts
Documentation is one of the primary concerns of every business. With the increasing documentation processing, the need to manage the documents efficiently has increased. This has given rise to the demand for Managed Print Solutions.
Print Management Services helps to reduce the cost, handle documents effectively, and improve responsiveness. So, let us explore the Managed Print Services Market and its need for businesses in detail.
What is the Managed Print Services?
Managed print services (MPS) is one of the advanced services availed by the business houses to manage their documents in an orderly manner. It can be explained as the customised, tailored, specifically designed, and integrated solution streamlining any organisation's printing process. Usually, these are the third-party services that are outsourced.
The main benefit of the MPS is that it helps to optimise the primary business process while managing the essential documents of the organisation in an accessible and reachable manner.
When it comes to setting the MPS for an organisation, there are three options as below:
- On the cloud
- A mix of both
The managed print
services model selection is based on the exclusive need of the business,
the work bulk, and the affordability. Additionally, on opting for the MPS, the
selection is further based on service components, available machinery, and
multipurpose printing (MFP) devices accessibility. For the majority of the
small and medium businesses, the Enterprise
Print Management Solutions is best when outsourced as it offers expert
assistance, reduces cost, and improves efficiency.
The global managed print services market was worth $27,500 million in 2017 and is expected to increase at a CAGR of 10.3% from 2018 to 2025 to reach $59,709 million, as per the Allied Market Research outlook.
Top 5 Reasons Why Businesses Need Managed Print Services
One of the important reasons driving market expansion is rapid digitalization across banking, financial services, insurance (BFSI), education, healthcare, telecommunications, information technology (IT), and manufacturing.
The other reasons that make Managed Print Services important for businesses are as follows:
1. Reduce the need for local printers
Local printers are costly and even inefficient sometimes. This increases the cost and the chances of errors and faults in data. Using the Managed Print Services, the need for local printers can be reduced to a great extent.
2. Streamline the printing process
Easy accessibility of the device to the users allows for better workflow management. With the Managed Print Services, all the employees can streamline the printing process and avoid the wastage of resources and time.
3. Automation of the delivery
By enrolling in an MPS program, you can eliminate the need to order toner cartridges. This application can keep track of your devices and send toner automatically when they run out - a reduction in downtime generates high profits.
4. Remote printing made possible
The staff will be able to print from off-site locations and on any device using mobile printing. MPS suppliers can assist you in setting up, maintaining, and troubleshooting a mobile print environment if the company supports it.
5. Printing security ensured
Controlling access to papers and printing machines may be necessary at the company to ensure that confidential information is not compromised. This is one approach for reducing the risk of theft by encrypting your records and other personally identifiable information.
Managed Print Services Market Trends
Managed print services are increasingly being applied by business houses that use big data solutions. The ultimate aim is to streamline operations, reduce costs, and improve productivity at the workplace. MPS allows users to scan documents to a computer and create digital files, allowing businesses to control, manage, and refer to their most important documents.
The main applications of the Print Management Services are as follows:
1. Banking, Financial Services, and Insurance (BFSI)
The banking, financial services, and insurance (BFSI) industry relies substantially on record-keeping. Paper is frequently used for loan applications, new account creation, mortgages, and various other functions in banking and financial institutions, resulting in substantial resource investment costs. Since BFSI is one of the most sensitive businesses regarding client data, MPS safe printing is a must-have for this market.
Paperwork in government agencies cannot be denied at any level. From these agencies to decision-making centres, documentation is the key to managing the government work. Hence, the application of the Print Management Services is a superior service required to ensure that the essential documents are kept intact and safe.
3. Telecom And IT
One of the fastest-growing industries in the world is telecommunications and information technology. The information technology industry works with accessible, adaptable, and reusable data. Through print environment analysis and user printing patterns, MPS assists in optimising printing. MPS assists businesses in purchasing printers and providing maintenance and support services.
4. Industrial Manufacturing
The manufacturing industry is growing fast, with new developments happening daily. Manufacturing businesses are always looking for ways to save critical data and output in a safe format. Many printing-related issues are simplified with Managed Print Services India for production. Paper-intensive operations like digitised bills, document control processes like conversion, compression, profiling, and user authentication are preserved as digital files with MPS.
Factors Driving Adoption Of Managed Print Services
The main factors driving the adoption of the Enterprise Print Management Solutions are as follows:
- Operating costs are lower, and you have more flexibility to meet your specific needs.
- The complexity of technical solutions continues to rise.
- The dependence on heterogeneous networks of applications and infrastructure is increasing.
- The adoption of big data solutions is skyrocketing.
- Organisational initiatives to decrease paper waste and go green.
- Managed print service companies offer the much-needed competent technical assistance for business growth.
Challenges To Managed Print Services
The quick and exponential growth of numerous firms, businesses, and organisations' digitalisation has increased the demand for managed print services. This has skyrocketed the demand for the enterprises providing the same service, but apart from the benefits, there are a few challenges faced by the Managed Print Services.
The main challenges are as follows:
- Concerns are linked with the privacy and security of the information.
- Issues with the structuring of partnerships
- There are doubts linked to effectiveness and efficiency
- High expenditure on the installation
How to choose a Managed Print Services solution provider?
When selecting the Managed Print Services solution provider, it is vital to ensure that you select the best. Selection should be based on the operational needs, cost, and print frequency. Additionally, the selection should involve assessing the business's technical know-how available and needed to start using the Enterprise Print Management Solutions. Selecting on detailed analysis will ensure that you get the benefit of the best without any issues in the long run.
Businesses are increasingly implementing green initiatives for the customer-facing benefits and cost savings they may provide. Many companies are moving toward a green approach, and reducing paper usage is one of the primary ways to attain the same. Understanding the trends, reasons, and potential advantages of using the MPS is key to ensuring success and competitive advantage in the long run. To get the best Managed Print Services in India, visit WeP Solution.