LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global multi-function printer security market to grow at a CAGR of more than 9% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global multi-function printer (MFPs) security market for 2016-2020. To calculate the market size, the report covers the revenue generated from security solutions in document management solutions and managed printing services used for MFPs. The security solutions included are in-built security and management security services.
Globally, over 10% of the critical data and information loss in large enterprises and SMEs occur due to the misplacement or misuse of data processed through printers. Enterprises consider printers as a secondary resource and are placed separately from the employee workstations, which makes it difficult to track and manage printing activities. This further leads to misplacement of printed documents and unauthorized printing of critical information.
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Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global multi-function printer security market:
- Growing demand from industry verticals
- Changing business environments
- Increasing need for document security
Growing demand from industry verticals
MFPs are in high demand in industries like education, healthcare, entertainment, and manufacturing, mainly for low volume printing and basic functions such as scanning and copying. As the printing volume is low in these segments, users find it more affordable to purchase MFPs than to depend on external vendors for their daily printing needs. This is also increasing the demand for security features in MFPs.
Even though the printing volume is low, the need to secure printing is high as critical information such as tenders, medical records, and examination papers are highly confidential. “As a result, MFP vendors are developing in-built printer security solutions and also offering managed security solutions to capitalize on the growing demand in the developing and developed nations, and to meet varying end-user requirements,” says Amrita Choudhury, a lead analyst at Technavio for IT security research.
Changing business environments
The evolution of communications technology and automation has significantly changed the office environment in enterprises across the world. The number of business-related documents that need printing and issues involved in document workflow has diversified. Organizations are constantly in need of software-driven, multi-functional office devices, as the use of the right hardware alone will not serve the document-management purposes.
A complete document solution through a combination of reliable document imaging technology and customizable business applications is currently an unmet need in the market. MFP vendors play a crucial role in meeting this need as they can integrate document management within the MFPs.
Increasing need for document security
Security is one of the primary concerns in the printing process or industry. Managed security service providers are deployed to build a secure and controlled monitoring environment. The networked MFPs used in the IT companies face data leaks because of unauthorized access to printed documents. This can result in financial loss and also tarnish the brand image of the enterprises.
“Managed printing security service providers offer secure printing environments and assessments of printer performance as an integral part of the service, which eventually helps organizations to reduce the probability of data breaches,” says Amrita.
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