Enhanced information security, reduced operational cost, initiatives to lower wastage of plastic at workplaces, and increase in adoption of big data solutions facilitate the growth in the market.
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However, recurring costs and strategic agreements and partnerships restrain the market growth. On the other hand, surge in print security spending and rise in adoption of cloud MPS create new opportunities in the market.
According to the report, the global managed print services market garnered $27.50 billion in 2017, and is expected to reach $59.70 billion by 2025, registering a CAGR of 10.3% from 2018 to 2025.
Based on type, the document imaging segment is projected to encounter the highest CAGR of 13.4% during the forecast period, owing to rise in demand for big data management and analytics in organizations.
However, the device management segment generated more than one-third of the overall market share in 2017 and is expected to maintain its dominance through 2025, due to increased adoption of these solutions for enhancing the network performance for printing devices, optimizing efficiency, and controlling costs.
By deployment type, the hybrid cloud segment occupied nearly three-fifths of the total share in 2017 and is poised to maintain this top spot through 2025. The segment is also projected to register the highest CAGR of 11.5% during the forecast period, owing to demand for cloud-based MPS to lower the cost of printing and shift towards novel solutions to support mobility, improve security, and make efficient business workflows.
Regionally, Asia-Pacific is expected to grow at the highest CAGR of 14.0% from 2018 to 2025, due to surge in retail & consumer goods startups in nations such as China, India, and Japan. However, North America is projected to continue its dominance of the global market due to the presence of leading manufacturers, supportive government regulations, and an increase in the number of startups in this region.
The key players analyzed in the report include Xerox, HP Inc., Toshiba, Lexmark International, Inc., Ricoh Company, Ltd., Canon Inc., Konica Minolta, Inc., Sharp Electronics, Kyocera Document Solutions, and ARC Document Solutions. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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