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 model and the increase in a number of channel partners offering in device-as-a-service. Increasing adoption of cloud computing services in developing countries is also expected to considerably boost the device-as-a-service market in the coming years.
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Services segment for device-as-a-service market to grow at
highest CAGR during the forecast period
Device-as-a-service
model includes a variety of support and maintenance services. It consists of a
collection of device lifecycle services, which include installation, deployment
and integration, asset recovery services, and repair and maintenance services
as per the end user’s requirements. These services offered are flexible since
they can be tailored and optimized. Many OEMs offer direct services as per the
contract. In addition, there are managed service providers and value added
resellers (VARs) who have been partnering with different hardware manufacturers
and software vendors and provide complete device-as-a-service solutions under
their own brand names. Continuous support and service ensure the smooth
functioning of organizations. Device-as-a-service also encompasses financial
services, which provide flexibility for end users in terms of payment. These
factors thereby driving the growth of the device-as-a-service market for
services.
Smartphone & Peripherals devices type to growth at highest
CAGR during the forecast period
Device-as-a-service
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. New paradigms like
device-as-a-service, where users pay subscription fees to always have the
latest devices are changing things. Samsung and Apple are among the largest
smartphone manufacturers and providers. Apple is one of the leading players in
the market in providing device-as-a-service solutions, whereby users pay for
subscriptions known as equipment installation plans (EIPs) to have the latest
device. Peripherals that are provided in device-as-a-service models
include expansion cards, graphics cards, image scanners, tape drives,
microphones, loudspeakers, webcams, and digital cameras. Microsoft is
one of the largest providers of peripherals in device-as-a-service solutions.
Small and medium-size enterprise to dominate device-as-a-service
market, in terms of size during the forecast period
Small
and medium-sized enterprises have been adopting the operating expenses (OpEx)
business model over capital expenditure (CapEx), which is one of the key
factors leading to high adoption of device-as-a-service in small and
medium-sized enterprises. Device-as-a-service enables enterprises to prioritize
their investments by leasing hardware and associated services instead of
purchasing high-cost hardware devices. The device-as-a-service model minimizes
costs and increases profits by tracking expenses daily. Small and medium-sized
enterprises have low capital; thus, device-as-a-service is the most preferred
solution for such organizations with a low IT budget. It also allows users to
refresh their hardware at a faster rate, which ultimately helps organizations
to enhance productivity, thus leading to an increase in demand.
IT and Telecommunication end user industry to have the largest
market, in terms of size and is also expected to grow at highest CAGR during
the forecast period
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. Device-as-a-service enables
timely upgrade and maintenance of hardware and software, allowing companies to
reduce IT burdens; moreover, it helps to avoid technological obsolescence,
which ultimately enhances productivity. Implementing device-as-a-service in the
IT and telecommunication industries helps companies reduce IT budgets by
providing reasonable rates for renting of hardware, decrease downtime, and
manage devices properly by providing security and software services. Companies
like Accenture and Sprint Connect use device-as-a-service offered by HP; use of
device-as-a-service solutions has helped these companies to improve their
efficiency and productivity and save time and costs. Moreover, with increasing
awareness regarding the benefits offered by device-as-a-service and shifting
preference from the CapEx model to the OpEx business model in a bid to reduce
additional investments in IT infrastructure, the market for device-as-a-service
is set to exhibit an upbeat growth outlook.
North America to
account for largest market share during the forecast period
In 2020, North America accounted for the largest
share of the device-as-a-service market. High demand for device-as-a-service
from the IT and telecommunications end users is one of the major factors
leading to the growth of the market in North America. Various IT and
telecommunication companies such as AT&T, Microsoft, and Apple, are based
in this region. Besides, several companies offering device-as-a-service,
including Dell Technologies (US), HP (US), and Microsoft (US), also have a
presence in this region, which further adds to the growth of the
device-as-a-service market in North America.
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