Managed Print Services – The Market and its Potential
Sreemoyee Ray | August 1, 2019
So you have heard about managed print services but are not sure whether it would benefit your business as a service, right? Whether you are a small company with ten printers or have hundreds of printers scattered through ten offices across the country, controlling the print environment is crucial to your business. As per reports, it is said that around 90 percent companies do not track their print records. By managing the printing process of your business, you can cut costs by around 30%. For every business, big or small, if done correctly, print management can be a game changer.
Almost every business these days monitor their expenses as per different department or line of service like IT, HR, etc. So, why should your organisation’s printing process be any different? Printing is essential to every business. And it is impossible to comprehensively monitor, track and organise your print output without having an organised system in place. One major university in the United States adopted MPS to reduce its paper output by nine million pages per year. With this 22% reduction, the university was able to save around 500, 000 US dollars annually.
On an average, each employee prints around 10, 000 pages per year which amounts to an average cost of 725 dollars. Well you may gasp at that 10,000 when it comes to numbers but before that try to take a quick guess at how many employees your company has and that in return gets multiplied by how many 725 dollars? It is an awfully high count! From presentations for conferences and meetings to proposals, contracts, sharing handouts and even something as minimal as printing out just an URL in a single sheet of paper, most of these prints go straight to the trash at the end of the business hour. So, while considering everything, it is quite easy to get to that 10, 000 number. And this just does not add up to your business expense but is hazardous to the environment as well.
No wonder the managed print services market is growing rapidly! In 2016, the net worth of this market amounted to 26.72 billion dollars. As per the reports of the of the Market Research Future, the net value of the market by 2023 will be around 51 billion dollars at 9% CAGR. More than 65% organisations expect the market to increase over the next couple of years and this growth pattern has remained unchanged since 2017.
So, what are you waiting for? The managed print services market is booming and holds great prospects in the coming years. As per the reports of the Transparency Market Research, the market, at present, is worth 31.5 billion dollars and is expected to grow to 95 billion dollars by 2024. Streamline your business and manage costs by choosing ARC’s print management services.