The rapid adoption of the subscription-based services model driving the device as a service market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, September 15, 2023/EINPresswire.com/ — 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. 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.
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.
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By component, the hardware segment held more than half of the global device-as-a-service market share in 2021, and is expected to dominate by 2031. This is because they need to be updated as per requirements. The services segment, on the other hand, would cite the fastest CAGR of 43.8% during the forecast period. This is due to surge in the acquisition of IoT-connected devices across the world.
COVID-19 scenario:
➢ Growing digital penetration and rise in remote work as well as work-from-home policies during the pandemic impacted the global device-as-a-service market positively.
➢ This trend has continued to persist post-pandemic too.
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By device type, the desktop segment accounted for more than half of the global device-as-a-service market revenue in 2021, and is projected to rule the roost by 2031, owing to high rate of adoption among large enterprises. The laptop, notebook, and tablet segment, on the other hand, would showcase the fastest CAGR of 44.7% throughout the forecast period, due to growing preference for easy-to-carry devices among individuals.
By device type, the desktop segment accounted for more than half of the global device-as-a-service market revenue in 2021, and is projected to rule the roost by 2031, owing to high rate of adoption among large enterprises. The laptop, notebook, and tablet segment, on the other hand, would showcase the fastest CAGR of 44.7% throughout the forecast period, due to growing preference for easy-to-carry devices among individuals.
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By region, North America held the highest share in 2021, garnering nearly two-fifths of the global device-as-a-service market revenue in 2021. This is owing to the presence of key players and surge in adoption of new technologies in countries such as the U.S. and Canada. The Asia-Pacific region, simultaneously, would portray the fastest CAGR by 2031. The growing digital and economic transformation of the region propels the market growth.
Key players in the industry
➢ 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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Similar Reports:
1. XaaS (Anything-as-a-Service) Market
2. Data Protection as a Service (DPaaS) Market
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