New York, USA, June 15, 2023 (GLOBE NEWSWIRE) -- According to the Research Report by Market Research Future (MRFR), “Device as a Service Market Information by Component, Hardware, Services, Organization Size, Industry Vertical, and Region - Forecast till 2030”, the Device as a Service Market could thrive at a rate of 25.7% between 2022 and 2030. The market size will be reaching around USD 425.6 Billion by the end of the year 2030.
Device as a Service Market Synopsis
The Device as a Service (DaaS) market has witnessed remarkable growth in recent years, transforming the way businesses and consumers acquire and manage their technology devices. DaaS refers to a comprehensive solution that combines hardware, software, and services into a single package, offering end-users a hassle-free experience. One of the key drivers propelling the growth of the DaaS market is the increasing demand for cost-effective and flexible technology solutions. By adopting DaaS, organizations can eliminate the burden of upfront capital investments and enjoy the benefits of scalability, regular updates, and ongoing technical support.
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Market Competitive Landscape:
The affluent companies in the Device as a Service industry include.
- HP Development Company, L.P
- Microsoft Corporation
- Dell Inc.
- Amazon Web Services Inc.
- Lenovo
- Citrix Systems, Inc.
- Plantronics, Inc.
- CompuCom Systems, Inc.,
- Capgemini
- SHI International Corp.
Scope of the Report - Device as a Service Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 425.6 billion |
| CAGR during 2022-2030 | 25.7% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | Increasing Adoption of IoT |
| Key Market Dynamics | Rising need to reduce the capital expenditure (Capex) and operational expenditure (Opex) among enterprises Adoption of contract-based services and solutions by SME’ |
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Market USP Covered:
Market Drivers:
The driving factor that underpins the success of TechTech's strategy is the growing demand for personalized and hassle-free technology solutions. Businesses and consumers alike seek streamlined processes that offer convenience and efficiency. TechTech's approach aligns with this demand by providing customized DaaS packages, addressing specific requirements, and offering flexible payment options. This customer-centric approach has resonated well in the market, leading to increased adoption of TechTech's services and contributing to their growth and market share.
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Market Restraints:
one of the restraining factors that deserve attention in the Device as a Service is the potential for data security risks and privacy concerns. As organizations and individuals rely heavily on technology devices and services, the protection of sensitive data becomes crucial. The transfer of data and reliance on third-party providers in the DaaS model may raise concerns about data breaches and unauthorized access. It is essential for DaaS providers to prioritize robust security measures, data encryption, and compliance with data protection regulations to alleviate these concerns and build trust among their customers.
COVID-19 Analysis:
The COVID-19 pandemic has had a profound impact on the DaaS market, both in terms of challenges and opportunities. The sudden shift to remote work and online learning has significantly increased the demand for devices and technology solutions. As organizations and individuals scrambled to adapt to the new normal, the DaaS market emerged as a lifeline, providing essential hardware, software, and support services. The pandemic accelerated the adoption of DaaS, highlighting its advantages such as remote device management, scalability, and cost efficiency. Post-COVID, the DaaS market is expected to continue its upward trajectory, driven by the growing need for flexible and scalable technology solutions.
In the post-COVID scenario, there will likely be a greater emphasis on the integration of advanced technologies within DaaS offerings. The increased reliance on remote work and digital collaboration has highlighted the importance of tools like artificial intelligence, cloud computing, and cybersecurity. DaaS providers will need to adapt to these evolving demands and offer comprehensive solutions that address the challenges of a post-pandemic world. Furthermore, as businesses and consumers become more cautious about data privacy, DaaS providers will need to reinforce their security measures and ensure compliance with stringent regulations.
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Market Segmentation:
- By Component - The Component in the market includes Hardware, Solution and Services
- By Hardware - By Hardware, the segment includes Desktop, Laptops, Printers, And Others
- By Services - By Services, the segment includes Professional and Managed Services
- By Organization Size - By Organization Size, the segment includes Large Enterprises, Small and Medium Enterprises
- By Industry Vertical - By Industry Vertical, the segment includes IT & Telecom, BFSI, Healthcare, Retail, Government, Education, Manufacturing and Others
Regional Insights
The DaaS market has witnessed significant growth across various geographies. North America holds a prominent position in the market, driven by the presence of major technology companies and a high demand for advanced devices and services. Europe has also emerged as a key market, with the increasing adoption of cloud-based solutions and digital transformation initiatives. In the Asia-Pacific region, countries like China, Japan, and India are experiencing rapid growth in the DaaS market, fueled by a large population and a growing focus on technology infrastructure development. These countries are embracing DaaS as a means to enhance operational efficiency, reduce upfront costs, and ensure access to the latest technology. The Asia-Pacific region offers immense growth potential for DaaS providers, given the expanding consumer base and the increasing adoption of digital solutions across industries.
Latest Industry Update:
January 2021 - Dell made significant strides in the Device as a Service (DaaS) market by introducing new tools and software aimed at revolutionizing work experiences and empowering employees to reach their full potential. With a focus on providing more flexibility and freedom to work from anywhere, Dell launched a new portfolio of intelligent, collaborative, and sustainable devices.
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