OREANDA-NEWS. The increasing need for cost effective systems by numerous organizations has amplified the adoption of managed print services globally. The implementation of managed print services (MPS) by various institutions and organizations has helped in the reduction of extra cost incurred by them through control and monitoring of printers by employees. MPS are also useful in monitoring printing activities of a complete printing fleet leading to a reduction in the downtime. Moreover, the need for streamlining the printing workflow is also likely to boost the demand for MPS in the coming years. 
 
According to a report published by Transparency Market Research, the global managed print services market is projected to expand at a 14.8% CAGR between 2016 and 2024. In 2015, the global managed print services market was worth US$26.18 bn and is anticipated to touch a valuation of US$94.97 bn by the end of 2024. 
 
What factors are likely to boost the implementation of MPS among various organizations across the globe? 
 
As adoption of MPS helps in the deduction of added operational cost, organizations with restricted budget are focusing on the implementation of MPS. Numerous organizations in need of secure printing solutions are likely to adopt MPS in the coming years. The increasing awareness among organizations and other end-use sectors regarding the environmental benefits of MPS is likely to cause a spike in the demand for MPS globally. MPS also carry the advantage of reducing paper wastage from conventional printers and use energy efficiently. While doing so, MPS help organizations to achieve insights regarding their printing expenses allowing them to devise printing budgets for the future. 
 
What innovation strategies are likely to provide manufacturers of MPS with future growth prospects?
 
Manufacturers of MPS are focused on providing technologically advanced systems to their customers. Companies are aiming at developing improved authentication systems for accessing printing documents as organizations are seeking to protect vital printing information. Among the advanced applications of MPS, cloud-based development has gained popularity in recent years. Manufacturers are coming up with various innovation strategies to attract consumers. In this regard, innovations in cloud-based MPS such as virtual storage have helped in the elimination of a mandatory IT team in organizations to manage crucial print data. 
 
For instance, Xerox India Ltd. announced on August 1st, 2016 that it is focusing on providing managed print services options through its range of digital printing products to corporate houses along with small Indian towns. With enhancements in storage data, printing system manufacturers have gained benefit as cost effective MPSs are significantly in demand in organizations. 

Such product innovations are likely to help manufacturers of MPS to gain a better reach in the market. 
 
Owing to the widespread knowledge regarding the benefits of managed print services among large enterprises, North America is anticipated to emerge as the largest region in terms of consumption in the global managed print services market until 2024. The leading companies operating in the global managed print services market, such as ARC Document Solutions, Inc., Xerox Corporation, Ricoh Company Ltd., Canon, Inc., Lexmark Corporation, Konica Minolta, Inc., Toshiba Corporation, KYOCERA Corporation, HP Development, Print Audit, and L.P. are aiming to escalate their market presence through an increased number of channel partners.