Device-as-a-Service Market Size, Share, Industry Analysis by 2021-2032

Device-as-a-service market report share is expected to grow from USD 50.3 billion in 2021 to USD 303.6 billion by 2026; it is expected to grow at a CAGR of 43.2% during the forecast period.

Key Market Players
Dell Technologies (US), Lenovo (China), Hewlett Packard (US), Microsoft (US), Cisco (US), CompuCom(US), 3stepIT (Finland), Telia Company (Sweden), Atea Global Services (Latvia), CHG MERIDIAN (Germany), CSi leasing (US), Computacenter (UK), Econocom (France), GreenFlex (France), GRENKE (Germany), Excellence IT (UK), Foxway (Sweden), and Apple (US) are among the key players operating in the device-as-a-service market.

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Device-as-a-Service Market Report Scope: 

Report Attributes	Details
Market Size Value in 2021	USD 50.3 Billion
Revenue Forecast in 2026	USD 303.6 Billion
Growth Rate	43.2%
Base Year Considered	2020
Historical Data Available for Years	2017–2026
Forecast Period	2021–2026
Segments Covered	Offering, Device Type, Organization Size, End User, and Region
Region Covered	APAC, Europe, North America, RoW
Market Leaders	3stepIT (Finland), Telia Company (Sweden), Atea Global Services (Latvia), CHG MERIDIAN (Germany), Computacenter (UK), Econocom (France), GreenFlex (France), GRENKE (Germany), Excellence IT (UK), Foxway (Sweden)
Top Companies in North America	Hewlett Packard (US), Lenovo (China), Dell Technologies (US), Microsoft (US), Cisco (US), CompuCom(US), CSi leasing (US)
Key Market Driver	The rapid adoption of the subscription-based services model
Key Market Opportunity	Emergence of wearable-as-a-service (WaaS) model
Largest Growing Region	North America
Largest Market Share Segment	IT and Telecommunication Segment
Highest CAGR Segment	Services Segment
Largest Application Market Share	Smartphone Application

Opportunity: Emergence of wearable-as-a-service (WaaS) model

Wearable devices such as smartwatches, VR headsets, AR glasses, and medical patches are convenient and are becoming increasingly popular among end users, including business enterprises—who are mainly trying to benefit from the mobility and interoperability that comes with wearable devices, along with the vast amount of data generated. Various companies have now started manufacturing wearable devices to promote wearables-as-a-service (WaaS) solutions. For instance, Omate is a Chinese company offering a wearable-as-a-service solution. Similarly, Arkéa, a French banking and insurance company, has launched its WaaS model that allows end users or institutions to rent wearable devices. This eliminates the need for the upfront purchase of wearable devices, which can be an additional hurdle in the sales process. Thus, some device manufacturers have adopted this approach and are developing smartwatches targeted at recreational athletes, children, and the elderly. Wearable technology is now effectively being used in government offices, healthcare organizations, insurance companies, and families for elderly care management. 

Challenge: Security and data protection risk associated with device-as-a-service

The demand for device-as-a-service has increased in many sectors, with organizations increasing their general use of cloud-based services, mainly due to security concerns. Moreover, the security budgets and number of cloud platform providers have significantly increased, and many customers are now adopting cloud wherever possible for deploying secure and resilient systems. Thus, security concerns associated with using a new service model are a major factor challenging the complete adoption of device-as-a-service. Cybersecurity and data protection hold significant importance, especially in the financial sector, as the foundation of banking lies in nurturing trust and credibility.