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.
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The services segment in Device-as-a-Service Market is expected to witness the highest growth during the forecast period. It consists of a collection of device lifecycle services, which include installation, deployment and integration, asset recovery services, and repair and maintenance services as per the end user’s requirements. These services offered are flexible since they can be tailored and optimized. Many OEMs offer direct services as per the contract. In addition, there are managed service providers and value added resellers (VARs) who have been partnering with different hardware manufacturers and software vendors and provide complete device-as-a-service solutions under their own brand names. Continuous support and service ensure the smooth functioning of organizations, thereby driving the growth of the device-as-a-service market for services.
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In terms of device types, smartphones and perpherals devices type to witness the highest growth 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 companies in the market 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.
Based on organization size, large enterprises to grow at the highest CAGR in device-as-a-service market. Reduction in IT expenses, procurement workload, and cost of hardware deployment, and the option to acquire the latest technologies are the major factors due to which large enterprises are opting for DaaS. Device-as-a-service offers the maintenance of hardware, software, and other related services at a fixed monthly price, helping large organizations save costs. This enables predictable budget planning and cost savings at each stage of the device lifecycle. DaaS provides on-site support and offers new technologies and up-to-date software, helping organizations avoid technological obsolescence. However, large enterprises prefer using on-premises solutions as they deal with a high volume of confidential business documents, and procuring third-party solutions may make their networks prone to data leakage. This is among the major challenging factors pertaining to the adoption of DaaS among large enterprises. However, solution providers are endeavoring to provide more secure solutions; thus, the impact of this factor is expected to subside in the coming years, resulting in increased adoption of DaaS in the segment.
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.
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 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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