Managed Print Services Continues to Grow in Popularity

Managed Print Services Continues to Grow in Popularity
To stay viable in today’s market, business owners must leverage the best tools available that are designed to optimize workflows, improve efficiencies, and reduce costs. When it comes to your office technology, an unmanaged print environment can cost a company up to seven percent of their revenue. That’s why dedicated solutions, specifically Managed Print Services (MPS), help companies of all sizes in a variety of industries streamline printing costs to positively impact their bottom lines. As more companies reap the benefits of MPS, the trend toward incorporating these services is growing.
MPS by the Numbers
First, consider the quantitative data supporting the claim that MPS is on the rise worldwide. According to Transparency Market Research, the market for MPS is projected to register a Compound Annual Growth Rate (CAGR), the mean annual growth rate of an investment over a specific period of time, of 14.8% by 2024. If this projection is correct, the market will grow from $26.18 billion in 2015 to $94.97 billion by 2024. This data suggests that MPS will be a prevalent, thriving service for businesses in 2024.

MPS and SMBs
MPS helps companies reduce printing costs in a variety of ways, including reduction of print output volume, implementation of rules-based printing via default settings, enhancing fleet security and user authentication, managing consumables, and much more. Historically, the typical market for MPS has been restricted to large corporations with a significant number of devices in their fleets to manage. However, the benefits associated with MPS are attracting a new market for these services: small- to medium-sized businesses (SMBs). Once regarded as a luxury that an SMB couldn’t afford, the undeniable benefits, positive ROI, and option to deploy MPS through the cloud have attracted smaller companies to MPS, according to the same Transparency Market Research study. As more and more SMBs begin to take advantage of MPS, the service will continue to grow in popularity both here in the U.S. and internationally.

The market trend data suggests the growth of MPS, and SMBs are catching on to its benefits and strong ROI. Monster Technology has helped companies of all sizes transform their chaotic, unmanaged print environments into streamlined, optimized, secure infrastructures with the help of MPS. Whether you’re a large corporation or an SMB looking to cut costs, contact Monster Technology today to begin to take advantage of the benefits of MPS.