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 market for device-as-a-service has grown significantly in recent years, owing to increased demand for subscription-based models and an increase in the number of channel partners delivering device-as-a-service. In the future years, increasing usage of cloud computing services in emerging nations is predicted to significantly enhance the device-as-a-service industry.
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Services segment for device-as-a-service market to grow at highest CAGR during the forecast period
A number of support and maintenance services are included in the device-as-a-service concept.
It is made up of a set of device lifecycle services that include installation, deployment, and integration, asset recovery, and repair and maintenance services tailored to the needs of the end user. These services are adaptable since they may be customised and maximised.
Many OEMs provide contract-based direct services. There are also managed service providers and value added resellers (VARs) who have partnered with various hardware and software suppliers to offer comprehensive device-as-a-service solutions under their own brand names.
Organizational smoothness is ensured by continuous assistance and service. Financial services, which provide end users with payment flexibility, are also included in device-as-a-service. As a result of these circumstances, the expansion of
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
The IT and communications industries require safe, reliable, and high-performance IT devices to operate; hence, this category produces the most significant demand for IT devices such as desktops, laptops, tablets, notebooks, and smartphones.
Furthermore, in this area, the demand for frequent software upgrades and related services is higher, contributing to increased demand for device-as-a-service. Device-as-a-service enables firms to decrease IT costs by allowing them to upgrade and maintain hardware and software on a regular basis. It also helps to avoid technological obsolescence, which boosts productivity.
North America to account for largest market share during the forecast period
North America held the greatest proportion of the device-as-a-service market in 2020.
One of the primary factors driving the market in North America is the high demand for device-as-a-service from IT and telecoms end customers. This region is home to a number of IT and telecommunications corporations, including AT&T, Microsoft, and Apple.
Furthermore, various device-as-a-service providers, such as Dell Technologies (US), HP (US), and Microsoft (US), have a presence in this region, contributing to the device-as-a-service market's expansion in North America.
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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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