Microsoft is working on a new Azure based print service to replace the built in Windows Server print service at some stage, and as the name suggests it is cloud based in Azure. This week, Microsoft has released the preview, not publicly however but if you register you’ll have access.
Universal Print Service, as Microsoft marketing it as requires printers which are compatible with Universal Print, but these printers don’t even exist yet but Microsoft is working with Canon and other companies to get new printers on the market.
The Universal Print Service is also being marketed at Office 365 commercial users, which means companies and schools which have multiple sites and offices and locations can just tie the printer to Azure Active Directory and admins can manage multiple printers remotely.
Source: Microsoft Tech Community