The device-as-a-service market is expected to grow USD 303.6 billion by 2026 from USD 50.3 billion in 2021; growing at a CAGR of 43.2% during the forecast period.
The device-as-a-service market has grown significantly in recent years, owing to increased demand for subscription-based models that allow customers to convert the high cost of acquiring new technology from a capital expenditure (CapEx) to an operating expense (OpEx), as well as the ability to use the latest technologies and access customised services such as device configuration, installation, data migration, on-site support, and technology recycling.
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Services Segment:
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 maximized. 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 manufacturers to deliver comprehensive device-as-a-service solutions under their own brand names. The expansion of the device-as-a-service market for services is fueled by continuous support and servicing, which ensures the seamless operation of businesses.
IT and telecommunications industry:
Based on end user, IT and telecommunications industry to grow at the highest CAGR in the device-as-a-service market. 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.
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APAC Market Growth:
The device-as-a-service market in APAC is expected to grow at the highest CAGR during the forecast period. China, Japan, India, and Australia are some of the key countries driving market growth in APAC. Factors such as increased spending on enterprise IT applications and IT infrastructure along with expanding ecosystem of startups and small and medium-sized enterprises within the region is expected to drive the device-as-a-service market. Moreover, growing awareness regarding the benefits of the device-as-a-service model in the region is expected to further propel market growth in the coming years.
Key Companies:
Key players in the device-as-a-service market are grabbing opportunities by indulging in partnerships. Besides, agreement, expansions, and acquisitions were a few of the other strategies adopted by companies in this market to strengthen their market position.
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