Research Nester released a report titled “Managed Print and Document Services Market: Global Demand Analysis & Opportunity Outlook 2029″ which delivers detailed overview of the global managed print and document services market in terms of market segmentation by deployment mode type, end-user and region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The managed print and document services market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029 on account of the increasing use of big data solutions and the need to efficiently manage large volumes of data. According to a report, more than 72% of the enterprises worldwide will move to cloud storage from on-premise data centers, by 2022.

The market is segmented by deployment mode type into on-premise, cloud-based, and hybrid. Among these segments, the hybrid segment is anticipated to hold the largest share by the end of 2021 in the managed print and document services market as a result of the rise in demand for hybrid cloud services due to its benefits such as reduced cost and enrichment in business workflows. It is also gaining worldwide recognition for its usage as a solution for improving business security and strengthening control.

On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the managed print and document services market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share owing to the rising demand for cloud-based services, along with the presence of leading technology enterprises in the region.

Increasing Use of Big Data Solutions and the Need to Efficiently Manage Large Volumes of Data to Drive Market Growth

Data grows at an exponential rate. Due to rapidly increasing use of internet as a part of lifestyle, data is being generated on a substantial scale. Additionally, the increasing use of analytics and cloud computing technologies in printing is also expected to boost the market growth in upcoming years.

However, recurring costs and doubts in efficiency of novel technological solutions are some of the factors that are estimated to restrain market growth in the near future.

This report also provides the existing competitive scenario of some of the key players of the global managed print and document services market which includes company profiling of Xerox Corporation (NYSE: XRX), HP Development Company, L.P., Ricoh Company, Ltd., Konica Minolta, Inc. (TYO), Canon, Inc. (TYO), Lexmark International, Inc., Kyocera Corporation (TYO), Samsung Electronics Co. Ltd. (KRX), Toshiba Corporation (TYO), and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global managed print and document services market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.