The Evolution of the MPS Industry

The MPS industry has seen considerable growth over the past decade. What was once an industry primarily focused on the cost-per-page of a business’s printing; an industry that simply had to make sure that printing consumables were always in ready supply, has now become a powerhouse of a market, with the ability to transform an organisation and deliver increased value through business solutions. But how have things changed for Managed Print Services? Find out more here.

Up until these past few years, MPS contracts were concerned with purely saving businesses money. Used for managing printing assets and reducing output expenses, MPS suppliers spared little thought for energy costs, time spent on printing or the space that devices took up in the office. And whilst these cost-centric focuses still remain part and parcel of most MPS contracts, nowadays the entire industry has expanded to become so much more. The increase of business costs and ever-evolving workforce dynamics, combined with different requirements for technology have ensured that the managed print service industry is constantly changing to keep up. Advancements in mobile technologies and mobile workflow have also encouraged change, as businesses are increasingly turning to Managed Print Services for help in optimising traditional work processes to balance changing work office environments.

printing

But how have MPS suppliers been going about this? By changing their approach from start to finish. Initial MPS assessments are no longer purely focused on printing hardware, supplies and costs. Today, they’re more interested in the granular details of a business and what makes it tick. MPS suppliers look at how printing resources are allocated within a business, how documents are used, where they’re printed and why – all in an attempt to pinpoint exactly where the business can save money. It’s now no longer just about printing. It’s about data security, digital integrations, mobility and more. It’s about enabling companies to maximise the benefits of turning digital content into printed materials and turning printed materials into accessible, actionable data. It’s about minimising downtime, enhancing security and helping business protect their assets. It is precisely this that has drawn so much attention to the industry in recent years, and will continue to keep MPS in the spotlight.

This isn’t to say that the growth of the MPS market has been plain sailing. Economic changes also affected the industry. After the credit crunch of 2008, the economic downturn altered the way that businesses acquired their office printing equipment. Long gone were the days of upgrading equipment for the sake of it – businesses tightened their belts and sought ways of reducing waste, including printing resources. This in itself affected the way in which MPS contracts got drawn up. Because of the evolution of businesses over the last decade, MPS is no longer just about printing output. New MPS contracts are designed to increase productivity in the workplace, focusing on streamlining document workflows to allow for a more effective environments. Having taken a radically different approach to business to keep up with evolving pressures, it therefore makes sense that MPS is growing in popularity.

managed print services

And where is the MPS market headed over the next few years? Ideally towards a brighter, more honest future. Printing itself has always been an important and necessary function for everyday life, and so businesses will naturally continue to turn to MPS contracts when looking for ways to reduce the costs they spend on document production. Transparency Global Research are predicting a growth of the industry from $26.18 billion back in 2015 up to a staggering $94.97 billion by 2024, proving its ever-expanding popularity. This demand, combined with the increasing transparency of MPS suppliers, will ensure that the industry remains a flourishing one for decades to come.

Are you looking for a new MPS partner? Learn what to look out for in your next contract by reading our blog on terms & conditions to be wary of right here, and don’t hesitate to get in touch with our My Procurement Partner team to see how we could help.