At 42.6% CAGR, Device as a Service Market Size to Cross USD 1,768 Billion by 2031
DaaS market’s expansion is anticipated to be aided by small and medium-sized businesses’ adoption of contact-based services and solutions.
PORTLAND, PORTLAND, OR, UNITED STATES, March 6, 2023 /EINPresswire.com/ — According to the report, the global device-as-a-service market 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 global device-as-a-service market is driven by rising consumer demand for subscription-based business models that assist clients in converting the high cost of acquiring new technology from a capital expenditure (CapEx) to an operating expense (OpEx). DaaS’s increasing popularity as a result of its adaptability, cost savings, and data security has also contributed to the expansion. On the other hand, the device-as-a-service model’s advantages are not well known, and the business has some security and data protection issues that limit expansion to some extent. To improve competitiveness and provide better services to their clients, key market players are implementing a variety of methods, which has opened the door for profitable chances in the industry.
Some of the trends in the DaaS industry include:
• Increased adoption: More businesses are adopting DaaS to simplify device management and reduce costs.
• Remote work: The COVID-19 pandemic has accelerated the trend of remote work, which has increased demand for DaaS. With more employees working from home, companies are looking for ways to provide them with the necessary hardware and software to work remotely.
• Flexible payment models: DaaS providers are offering more flexible payment models, such as pay-as-you-go and usage-based pricing. This allows businesses to pay only for what they need and adjust their device usage as needed.
• Security: Security is a major concern for businesses, especially with the rise of cyber threats. DaaS providers are offering security features such as device encryption, antivirus software, and remote device wiping to protect their customers’ data.
• IoT integration: DaaS providers are integrating Internet of Things (IoT) devices, such as sensors and cameras, into their offerings. This allows businesses to monitor their assets and operations in real-time, improving efficiency and reducing costs.
Overall, the DaaS industry is growing rapidly and evolving to meet the changing needs of businesses.
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By component, the hardware sector accounted for more than half of the global market share for devices-as-a-service in 2021 and is anticipated to take the lead by 2031. This is due to the fact that they must be updated to meet regulations. On the other side, the services segment would have the fastest CAGR of 43.8% during the predicted period. This is a result of a worldwide increase in the purchase of IoT-connected gadgets.
Because to its widespread adoption by big businesses, the desktop segment contributed for more than half of the global device-as-a-service market’s revenue in 2021 and is expected to take the lead by 2031. On the other hand, the laptop, notebook, and tablet segment would exhibit the fastest CAGR of 44.7% over the course of the projected period since people are increasingly favouring portable devices.
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By enterprise size, the large enterprises segment accounted for about a third of the device-as-a-service market share globally in 2021 and is predicted to take the lead by 2031. The rise of the segment has been fueled by an increase in demand for large-scale equipment for effective work. Nonetheless, the market for small and medium-sized businesses will have the largest CAGR, at 45.1% from 2022 to 2031. This is explained by the fact that the device-as-a-service approach aids in cutting business expenses.
By region, North America commanded the most share in 2021, contributing over two-fifths of the market revenue for devices as a service worldwide. This is due to the presence of important actors and the rapid uptake of new technology in nations like the United States and Canada. By 2031, the Asia-Pacific region would simultaneously exhibit the fastest CAGR. The region’s expanding economic and digital change is what fuels market expansion.
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Leading Market Players –
• Microsoft
• Apple Inc.
• Hewlett Packard Enterprise Development LP
• Cisco Systems Inc.
• CompuCom Systems, Inc.
• Dell Inc.
• Intel Corporation
• Cognizant
• Accenture
• Lenovo
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