Managed print services (MPS) is an outsourcing service, where the company provides service to takes full responsibility for managing a company's print environment. The overall goal of this service is to cut down the company's print expenditure and unnecessary waste. Advantages of managed print services are flexibility, increasing productivity, sustainability, and cost saving that help in increasing demand for managed print services. Moreover, stringent rules and regulations by governments to save paper & reduce waste and decrease cost of operation is also another factor aiding in growth of the MPS market. For instance, Paperwork Reduction Act of 1980, is a law in the U.S. for minimizing the usage of paper the private businesses and citizens.
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Managed print services providers also help in improving the security of client data while printing. When business use printers, copiers or multifunction devices, it create an images of the information, which was printed. These images are stored on the printer’s hard drive, which increase the risk of data hacking. With help of MPS all the processes have to adhere to certain security protocols and MPS will secure the sensitive data with help of data encryption, authorised accessibility, and others. Due to rising threat of cybercrime, this has become a key driver for growth of the global MPS market. For instance, according to Coherent Market Insights’ analysis, in July 2017, number of cybercrime increased to 84.1% from 68.8%. Cyber espionage has decreased to 10.1% from 15.6% of June, whereas cyber warfare has witnessed an increase to 4.3% from 9.4%. Some of the major global organizations such as World Health Organization (WHO) and World Trade Organizations (WTO) and various companies are focusing on taking appropriate measures on data security in order to protect important data from cyberattacks. Therefore, rising security concerns regarding data is expected to be another factor for growth of the managed print services market.
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Some of the key players in the managed print services market are Xerox Corporation, HPE IT Services, Ricoh, Lexmark International, Inc., Canon, Inc., Samsung, Toshiba, Sharp, Kyocera, Pitney Bowes, and ARC Document solutions.
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