The Device-as-a-Service Market 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.
The device-as-a-service market has been witnessing
significant growth over the past years, mainly owing to the rising demand for
subscription-based models that help customers to convert the high cost of
acquiring new technology from a capital expenditure (CapEx) to an operating
expense (OpEx) and the ability to use the latest technologies and access
customized services, including device configuration, installation, data migration,
on-site support, and technology recycling, increasing demand. The COVID-19
outbreak has further resulted in an increase in the demand for
device-as-a-service solutions, especially in 2020 and 2021 and is likely to
result in the growth rate of the device-as-a-service market. The pandemic has
forced companies to rapidly adopt remote working practices. The DaaS model is
gaining popularity among organizations as it provides pre-configured hardware
such as desktops, laptops, tablets, and smartphones, and customized software.
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Hardware segment to hold the largest market
share of the device-as-a-service market, by offering, in 2020
The hardware segment is expected to continue to
dominate the device-as-a-service market during the forecast period. The market
for hardware is expected to grow significantly due to the increasing interest
of enterprises in different types of hardware solutions such as laptops,
notebooks, and desktops combined in a single offering. Moreover, IT
infrastructure can quickly become outdated, and it becomes a boon for small and
mid-sized companies that cannot afford to upgrade technologies every few years.
Thus, leasing of hardware is a highly used service.
The market for smartphones and peripherals
device type to grow at the highest CAGR during the forecast period
The smartphones and peripherals segment is expected
to grow at the highest CAGR during the forecast period. IT executives are
reluctant to deliver controls of departmental assets unless pressurized to do
so. In an office workstation, younger employees prefer the use of mobile
devices. Moreover, most employees collaborate with each other through their
smartphones. DaaS solutions for smartphones offer organizations the benefits of
lower costs, access to recent technologies, more predictable prices, and strong
enterprise security. The demand for smartphones has been flattening out over
the past few years. However, new paradigms like device-as-a-service, where
users pay subscription fees to have the latest devices at all times, could
change things.
Small and medium-sized enterprises to have the
largest market share during the forecast period
In 2020, the small and medium-sized enterprises accounted for the largest size of the device-as-a-service market and are expected to hold a dominant position throughout the forecast period. Small and medium-sized enterprises are expected to adopt the device-as-a-service model at large during the forecast period, owing to the benefits offered by these solutions, including low capital expenditure. Moreover, it is expected that medium-sized enterprises in mature markets, lacking budget or capabilities to invest in automation, are expected to shift to outsourced service desk solutions in the near future, which will further create opportunities for device-as-a-service vendors in this segment. For small and medium-sized enterprises, DaaS solutions transform IT delivery, resulting in greater IT optimization. By leveraging DaaS, companies can secure both updated technology and supporting services. The shift towards DaaS can also better prepare small and medium-sized enterprises for the ongoing digital transformation that is further accelerated by the COVID-19 pandemic.
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IT and telecommunication end user is expected
to grow at highest CAGR during the forecast period
The IT and telecommunications end user industry to
grow at the highest CAGR during the forecast period. The shift to remote
working and homeschooling has increased the demand for IT assets in the
industry. Access to secure, reliable, and high-performance IT devices are
fundamental to operations of the IT and telecommunication industries; thus, the
segment generates the most significant demand for IT devices such as desktops,
laptops, tablets, notebooks, and smartphones. Moreover, the demand for constant
updates of software and related services is more in this industry, thus
contributing towards increased demand for device-as-a-service. Further,
telecommunication companies are investing more in resources and providing the
highest quality of services, which is indirectly helping boost the adoption of
more IT devices.
North America held the largest market share of the
device-as-a-service market in 2020
In 2020, North America accounted for the largest size of the
device-as-a-service market. North America has always been at the forefront in adopting
new and innovative technologies, such as device-as-a-service solutions. The
market in this region provides a suitable environment, in terms of government
regulations and compliance, for startups and small and medium-sized
enterprises. IT and telecommunication, healthcare, and banking, financial
service, and insurance (BFSI) are some of the major end users in the region.
This region is home to some of the major device-as-a-service providers such as
HP, Dell, Microsoft, and CompuCom. The service providers, ranging from small
businesses to multinational companies, in this region have extensive expertise
in managing infrastructure and maintaining operations. The high demand for
mobile devices in various industries is a dominant driving force substantiating
the market growth in the region. Digital transformation in the region is
driving investment in mobile devices, security and hosted services; this trend
is further likely to create opportunities for device-as-a-service vendors.
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