If you consider increasing cloud usage, e-commerce, remote health, and examples of digital transformation, the future of managed print services (MSP) may seem uncertain. In addition, fewer manual processes, paper reduction and green initiatives, and the hybrid work trend would seem to indicate a decreased demand for managed print services.
However, market research is leading analysts to make a significantly different prediction. According to Mordor Intelligence, the global managed print market is anticipated to grow 8.52 percent CAGR between 2023 and 2028 to reach $63.35 billion.
That growth is partly due to the trend away from hardware and consumable costs, similar to factors driving increased adoption of as-a-service offerings across the board.
However, managed print services adoption in banking, financial services and insurance (BFSI) represents a significant portion of the growth in this market. Printed documents are still integral to many processes in these businesses. Managed print services shift the burden for managing large deployments of printers, copiers, scanners, and fax machines from in-house staff to the service provider.
Using a managed print service provider can also overcome some additional pain points. Deployments of printers and other devices necessary for document management often grow as a business’s needs and IT environment grow. Unfortunately, as new hardware is implemented and consumables purchased, the company doesn’t always use the same vendors, making maintenance and ordering more complicated and expensive than it needs to be. A managed print deployment can be standardized, saving the business – and the managed service provider – time and money. Also, managed printers can be monitored remotely and consumables delivered in ample time, so the company doesn’t have to experience lengthy downtime.
Managed print deployments can also include role-based access control and security so that banking, insurance and financial institutions can protect sensitive information by following the principle of least privilege. For example, giving employees access only to data, forms, templates, and executed documents they need to do their jobs limits the access an unauthorized person would have if they used an employee’s credentials. Furthermore, monitoring and logging solutions can provide visibility into who accesses or changes sensitive documents.
Also, when businesses crunch the numbers, managed print services make financial sense. A BizTech magazine article points out that although IDC research a few years ago found organizations can save 30 percent by using a managed print service, even if it saves a smaller amount, it’s worth it.
Word of MPS’ value seems to be spreading; Technavio also reports that along with BFSI, MPS adoption is increasing in healthcare and education and among small and medium-sized businesses (SMBs), creating opportunities for MSPs.
What is the Real MPS Opportunity?
Projections for managed print services market growth in the near future are undoubtedly good news, but it’s hard to predict beyond those five years. Markets and industries can change in an instant – the impact of the pandemic is proof of that. What won’t change, however, is that businesses need trusted resources they can turn to when they need to adapt to new circumstances or trends that take industries in different directions.
Your clients and prospects that need managed print services probably also need managed IT, security or other managed services. And they will need them as their businesses continue migrating to the cloud, increase e-commerce and remote health interactions, and advance different forms of digital transformation.
Consider capitalizing on the managed print services opportunity to help you differentiate your business and build relationships that can last long into the future.