The global managed print services market is growing rapidly. The increasing demand for cloud computing is propelling the market growth of application development. The big data solutions are likely to continue boosting the growth of the managed print services market during the forthcoming years. For instance, the companies are investing in managed print services, which are widely used for IT & telecommunications industry.
The increasing adoption of multifunction printing technology, which is boosting the demand for managed print services market. On Nov. 01, 2017, HP Inc. went into complete acquisition with Samsung Electronics Co., Ltd. to offers printer business across the world. These printers with the high performance of copiers are easily available in the market. The company is offering the nect generation PageWide technologies, which is boosting the demand for managed print services.
According to the Market Research Future Analysis, the global managed print services market is expected to reach USD ~51 billion by the end of the forecast period at a CAGR of ~9%.
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Some of the prominent players in the global managed print services market are Lexmark International Corporation (U.S.), ARC Document Solutions, Inc. (U.S.), Xerox Corporation (U.S.), HP Development Company, L.P. (U.S.), Ricoh Company, Ltd. (Japan), Toshiba Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), Kyocera Corporation (Japan), Sharp Corporation (Japan), Konica Minolta, Inc. (Japan), Wipro LTD (India), HCL Technologies (India), Canon UK Limited (U.K), Seiko Epson Corporation (Japan), Acrodex Inc. (Canada), Systems Technology, Inc. (U.S.), and Konica Minolta (U.K).
The global managed print services market is studied in the Asia Pacific, North America, Europe, and Rest of the World. In North America, the managed print services market is gaining the highest market growth due to the increasing demand for cloud-based services, which is propelling the managed print services market growth. Whereas, European countries are emerging as managed print services markets due to the increasing demand for multi-functional printers and are expected to grow at the highest CAGR over the review period. Asia Pacific countries such as China, Japan, and India are some of the leading regions in the globe in terms of market share.
The global managed print services market appears to be extremely competitive. In order to target, segment and position their sensors into the global market and to drive the market growth, the companies have to come up with the advanced technology solution to maintain themselves into the competitive landscape. Market leaders are investing in research and development for innovating their products continuously and increasingly seeking market expansion throughvarious strategic mergers and acquisitions, innovation, and cost-effective product portfolio.
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