Device-as-a-Service Market worth $303.6 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 7, 2021 /PRNewswire/ -- According to the new market research report "Device-as-a-Service Market with COVID-19 Impact Analysis by Offering, Device Type(Desktops; Laptops, Notebooks, Tablets; Smartphones & Peripherals), Organisation Size, End User (IT & Telecommunication, BFSI and others) & Region - Global Forecast to 2026", published by MarketsandMarkets™, 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 models that help customers to convert the high cost of acquiring new technology from a capital expenditure (CapEx) to an operating expense (OpEx) and the ability to use the latest technologies and access customized services, including device configuration, installation, data migration, on-site support, and technology recycling, increasing demand. The COVID-19 outbreak has further resulted in an increase in the demand for device-as-a-service solutions, especially in 2020 and 2021 and is likely to result in the growth rate of the device-as-a-service market. The pandemic has forced companies to rapidly adopt remote working practices. The DaaS model is gaining popularity among organizations as it provides pre-configured hardware such as desktops, laptops, tablets, and smartphones, and customized software.
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Hardware segment to hold the largest market share of the device-as-a-service market, by offering, in 2020
The hardware segment is expected to continue to dominate the device-as-a-service market during the forecast period. The market for hardware is expected to grow significantly due to the increasing interest of enterprises in different types of hardware solutions such as laptops, notebooks, and desktops combined in a single offering. Moreover, IT infrastructure can quickly become outdated, and it becomes a boon for small and mid-sized companies that cannot afford to upgrade technologies every few years. Thus, leasing of hardware is a highly used service.
The market for smartphones and peripherals device type to grow at the highest CAGR during the forecast period
The smartphones and peripherals segment is expected to grow at the highest CAGR during the forecast period. IT executives are reluctant to deliver controls of departmental assets unless pressurized to do so. In an office workstation, younger employees prefer the use of mobile devices. Moreover, most employees collaborate with each other through their smartphones. DaaS 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. However, new paradigms like device-as-a-service, where users pay subscription fees to have the latest devices at all times, could change things.
Small and medium-sized enterprises to have the largest market share during the forecast period
In 2020, the small and medium-sized enterprises accounted for the largest size of the device-as-a-service market and is expected to hold a dominant position throughout the forecast period. Small and medium-sized enterprises are expected to adopt the device-as-a-service model at large during the forecast period, owing to the benefits offered by these solutions, including low capital expenditure. Moreover, it is expected that medium-sized enterprises in mature markets, lacking budget or capabilities to invest in automation, are expected to shift to outsourced service desk solutions in the near future, which will further create opportunities for device-as-a-service vendors in this segment. For small and medium-sized enterprises, DaaS solutions transform IT delivery, resulting in greater IT optimization. By leveraging DaaS, companies can secure both updated technology and supporting services. The shift towards DaaS can also better prepare small and medium-sized enterprises for the ongoing digital transformation that is further accelerated by the COVID-19 pandemic.
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IT and telecommunication end user is expected to grow at highest CAGR during the forecast period
The IT and telecommunications end user industry to grow at the highest CAGR during the forecast period. 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.
North America held the largest market share of the device-as-a-service market in 2020
In 2020, North America accounted for the largest size of the device-as-a-service market. North America has always been at the forefront in adopting new and innovative technologies, such as device-as-a-service solutions. The market in this region provides a suitable environment, in terms of government regulations and compliance, for startups and small and medium-sized enterprises. IT and telecommunication, healthcare, and banking, financial service, and insurance (BFSI) are some of the major end users in the region. This region is home to some of the major device-as-a-service providers such as HP, Dell, Microsoft, and CompuCom. The service providers, ranging from small businesses to multinational companies, in this region have extensive expertise in managing infrastructure and maintaining operations. The high demand for mobile devices in various industries is a dominant driving force substantiating the market growth in the region. Digital transformation in the region is driving investment in mobile devices, security and hosted services; this trend is further likely to create opportunities for device-as-a-service vendors.
Hewlett Packard (US), Lenovo (China), Dell Technologies (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) among others .
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