Revolutionizing IT: The Global Device as a Service Market Analysis 2031
Growing digital penetration & rise in remote work as well as work-from-home policies during the pandemic impacted the device-as-a-service market positively.
PORTLAND, PORTLAND, OR, UNITED STATE, February 27, 2024 /EINPresswire.com/ — According to the report, the global device-as-a-service industry generated $51.7 billion in 2021, and is estimated to reach $1.8 trillion by 2031, witnessing a CAGR of 42.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Device as a Service (DaaS) is a business model where organizations acquire hardware devices, such as computers, laptops, tablets, smartphones, and other equipment, on a subscription basis rather than through a one-time purchase. In this model, the provider retains ownership of the devices while the customer pays a recurring fee for their use.
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Under DaaS, the provider typically offers a comprehensive package that includes not only the hardware devices but also services such as maintenance, support, upgrades, and sometimes even software applications. This allows businesses to access the latest technology without the upfront costs of purchasing devices outright. The subscription model also provides flexibility, scalability, and ease of management for the organization, as the provider handles aspects like repairs, replacements, and device lifecycle management.
The Device-as-a-service market encompasses the various providers, services, and offerings related to this subscription-based model for acquiring and managing hardware devices within organizations. This market has gained traction due to its ability to simplify device procurement, reduce IT administrative burdens, provide cost predictability, and ensure that businesses have access to up-to-date and secure technology infrastructure.
Increasing demand for subscription-based models that help customers convert the high cost of acquiring new technology from a capital expenditure (CapEx) to an operating expense(OpEx) drives the global device-as-a-service market. Also, rising adoption of DaaS due to its adaptability, cost savings, and data security has supplemented the growth even more.
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On the other hand, lack of awareness regarding the benefits offered by the device-as-a-service model and certain security & data protection risks associated with the industry impede the growth to some extent. However, major market players are incorporating various strategies to increase the competition and offer enhanced services to their customers, which in turn has paved the way for lucrative opportunities in the sector.
The device-as-a-service market is forecasted to grow rapidly with the rising popularity of work-from-home culture. This is further attributed to the growing prevalence of the novel coronavirus pandemic that propelled businesses to shut down and start operations within the vicinity of their homes. Furthermore, the rapid adoption of the subscription model, higher policy compliance, increased user productivity, reduction in help desk spending, and the growing need for cost-efficient and secured devices have accelerated the market growth.
Furthermore, major market players are undertaking various strategies to increase the competition and offer enhanced services to their customers. For instance, in April 2021, Lenovo Infrastructure Solutions Group (ISG) with Nutanix announced an As-a-Service solution for Hosted Desktops to help IT decision makers thrive in the new remote hybrid workforce model. The complete Hosted Desktops solution provides cloud-like simplicity and on-premises performance, with the convenience of a single monthly payment and single point of contact for support.
Based on components, the hardware segment is the highest revenue contributor in 2021. This is attributed to the increasing need of businesses to reduce capital expenditure (CAPEX) and operational expenditure (OPEX). However, the software segment is highest growing segment during the forecast period due to high rate of adoption of managed and professional services for device management.
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Based on region, North America attained the highest growth in 2021. This is attributed to the rise in adoption of the latest technologies such as cloud computing, the IoT, and new service models such as device-as-a-service. However, Asia-Pacific is the highest growing region due to rise in digital infrastructure and presence of number of SMEs.
The device as a service industry is forecasted to grow rapidly with the rising popularity of work from home culture. This is further attributed to the growing prevalence of the novel coronavirus pandemic that propelled businesses to shut down and start operations within the vicinity of their homes. Furthermore, the rapid adoption of the subscription model, higher policy compliance, increased user productivity, reduction in help desk spending, and the growing need for cost-efficient and secured devices have accelerated the market growth.
The COVID-19 pandemic had a positive impact on the device as a service market forecast. The pandemic significantly changed the work dynamics globally, compelling businesses to prioritize the adoption of the cloud and remote working practices to curb the spread of COVID-19 infections. Furthermore, the pandemic has encouraged digital transformation activities and the adoption of several technologies, boosting the adoption of the device-as-a-service (DaaS) model.
The report analyzes the profiles of key players operating in the device-as-a-service market such as Accenture, Apple Inc., Cisco Systems Inc., Cognizant, CompuCom Systems, Inc., Dell Inc., Hewlett Packard Enterprise Development LP, Intel Corporation, Lenovo, and Microsoft. These players have adopted various strategies to increase their market penetration and strengthen their position in the device-as-a-service market.
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