Northbrook, IL 60062 -- (SBWIRE) -- 08/25/2022 -- 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.
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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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.
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.
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.
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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.