Growing Focus on Reducing Overhead Printing Costs to Boost Print Management Software Market Growth
According to our latest study titled “Print Management Software Market Forecast to 2031 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Deployment, Enterprise Size, and Industry,” the market is projected to grow from US$ 2.51 billion in 2023 to US$ 9.83 billion by 2031; it is estimated to register a CAGR of 18.5% from 2023-2031. Rising demand for cloud print management is one of the factors contributing to the growing print management software market size.
The print management software helps evaluate the true cost per page and discover the actual cost of ownership for each printer. It provides valuable insights on error and history reports to improve fleet management and optimize fleet for improved workflows; it has an easy-to-use web interface that provides visibility to help staff members and teams do their jobs more efficiently and free up IT staff to focus on core business objectives and training. For example, Equitrac is a print tracking and cost recovery software solution that can be integrated with multifunctional printers from brands such as HP, Sharp, Canon, and Konica Minolta. It can help an organization reduce waste, recover costs, increase security, and simplify IT support once implemented. Equitrac reduces overhead costs by automatically capturing, tracking, and allocating every print job. It increases productivity by streamlining operations, increases document security, and minimizes print waste and toner consumption. Print management software also improves the performance of different companies through the following abilities:
Print Management Software Market – by Region, 2023 and 2031
Print Management Software Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Deployment (Cloud and On-Premise), Enterprise Size (Large Enterprises and Small & Medium Enterprises), and Industry (BFSI, Healthcare, IT & Telecom, Retail, and Others), and Geography
Print Management Software Market Size and CAGR by 2031
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Source: The Insight Partners Analysis
- Maintaining control over paper consumption: A print management system allows users to regulate the amount of paper used.
- Using effective power products: A print management system encourages organizations to make suggestions regarding new equipment. As these software solutions are considered a significant investment, companies are designing new devices with due consideration to power efficiency.
- Syncing printer fleet: The integration of printer fleets for print management helps in synchronizing all printers.
Further, the rise in adoption of Big Data and AI solutions to bring new print management software market trends in the coming years.
The print management software market analysis has been carried out by considering the following segments: deployment, enterprise size, and industry. Based on deployment, the market is segmented into cloud and on-premise. By enterprise size, the market is divided into large enterprises and small & medium enterprises. In terms of industry, the market is categorized into BFSI, IT & telecom, healthcare, retail, and others. The BFSI segment held the largest print management software market share in 2023.
The scope of the Print Management Software market report is primarily divided into North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America accounted for the largest print management software market share in 2023. Technological advances have led to a highly competitive marketplace in North America. Key market players such as Xerox Corporation; Canon Inc.; HP, Inc.; PrinterLogic; and Kofax, Inc. provide complete solutions for managing and monitoring print operations, improving efficiency, and automating off-site operations processes. Similarly, many organizations across North America are currently using print management software from PaperCut. Many print management companies in North America are growing at a faster pace. For instance, in September 2023, Xerox announced that its managed print services (MPS) offering had been named among the industry leaders in Quocirca's 2023 MPS market landscape report.
Moreover, several companies in the region are engaged in launching solutions and growth strategies. For instance, in February 2024, HP Inc. announced new and enhanced services and solutions that drive value and enable partners to build and grow their services and software businesses. These new solutions include HP WEX, HP's first AI-enabled digital experience platform, a new managed service offering for PCs, a new print subscription service, a simplified approach to HP support packages, and services and programs to extend the life of devices and accelerate a circular economy. As insurance companies respond to rising market and cost pressures, it is essential to optimize the print environment to save time and money, which could be directed toward growing business. This scenario fuels the print management software market growth in North America.
AND Technologies, Inc.; Canon Inc.; ePaper Ltd; Tungsten Automation Corporation; PrinterLogic; PaperCut Software International Pty Ltd; Process Fusion; The Hewlett-Packard Company; ThinPrint GmbH; and Xerox Corporation are among the key players profiled in the print management software market report.
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