Printers may sound so 2019, before the world was forced into a digital-first mode. However, there is still plenty life left in printing for business services.
In particular, the managed print services market is expected to grow by $7.08-billion in the next four years, progressing at a compound annual growth rate of 2% until 2024, according to global technology research and advisory company Technavio.
“The increasing adoption of multi-function printers (MFPs) by small and medium enterprises (SMEs) is one of the major factors propelling market growth,” the company said in releasing its forecasts in a report titled Managed Print Services Market by Deployment and Geography – Forecast and Analysis 2020-2024.
However, it warned, factors such as the integration of artificial intelligence into the print industry will hamper the market growth. This suggests that greater efficiency in printing will in fact slow down growth. It could therefore become a great example of an industry innovating itself out of business, although this is not one of Technavio’s suggestions.
There are bright spots. The report forecasts that the process sensors segment is expected to post significant growth during the next four years.
“By geography, North America is going to have a lucrative growth during the forecast period. About 39% of the market’s overall growth is expected to originate from North America.”
The companies analysed in the report include ARC, Canon, Exela, HPE, Kyocera, Lexmark, Ricoh, Sharp, Toshiba and Xerox.
Covering all its bases, Technavio suggests three forecast scenarios, considering the impact of Covid-19: optimistic, probable, and pessimistic. In other words, don’t expect too much excitement from the world of printing.