USD 83.6 billion
Device as a Service Market Size, Share, Growth Analysis, By Type(Hardware Testing and Security Testing), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45B2058 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
34
|Figures:
74
Device as a Service Market Insights
Global Device as a Service Market size was valued at USD 83.6 billion in 2022 and is poised to grow from USD 107.93 billion in 2023 to USD 832.80 billion by 2031, growing at a CAGR of 29.1% during the forecast period (2024-2031).
Growing emphasis on improving the flexibility of IT solutions and rising number of remote workers around the world are projected to drive up the demand for device as a service (DaaS) going forward. Increasing efforts of organizations to reduce operational expenses and maximize profitability and efficiency is also slated to promote the adoption of device as a service in the future. In the wake of rising cyberattacks and growing concerns regarding cybersecurity, device as a service are providing better security measures and boosting their revenue generation. Efforts to reduce the complexity in IT support and maintenance workflows are also slated to bolster device as a service market outlook in the long run. Providing custom device as a service offerings will be a major opportunity for almost all companies over the coming years. However, high dependency on service providers, limited customization, inconsistent service quality, and data privacy and security concerns are slated to be major constraints for market development in the future.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware Testing
Fastest Growth
Hardware Testing
Growth Rate
29.1% CAGR
Global Device as a Service Market ($ Bn)
Country Share for North America Region (%)
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Device as a Service Market Segmental Analysis
The global device as a service market is segmented by type and region. Based on type, the market can be segmented into Hardware Testing and Security Testing. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Organization Size
Large enterprises are estimated to bring in the most revenue for devices as a service company going forward. High emphasis of large enterprises on reducing costs, maximizing efficiency, and improving flexibility of their IT infrastructure are helping this segment maintain its high device as a service market share. Growing awareness regarding the benefits of device as a service models in large enterprises and rising availability of reliable and advanced DaaS offerings are also helping this segment hold sway over others. Easy modernization of IT infrastructure without the need for significant upfront capital investments is also a key benefit that is helping large enterprises bring in the most revenue in this market.
Meanwhile, the demand for devices as a service in small and medium enterprises is forecasted to increase at a rapid pace in the future. Growing availability of affordable devices as a service offering and increasing awareness regarding the benefits of DaaS among SMEs are expected to help this segment generate new business scope for market players. India, China, and the United States are slated to be key markets for companies focusing on this segment owing to the presence of a strong start-up ecosystem in these countries. Shift of small businesses from capital expenditure model to operational expenditure models will also boost the demand for device as a service going forward.
Analysis by Offering
The service segment is projected to account for a substantial chunk of the global device as a service market share. Growing need for support and maintenance for different devices as service models around the world and increasing demand for the upgradation of devices are projected to help this segment maintain its dominance in the future. Deployment & integration, installation, asset recovery services, and maintenance & repair are expected to be some of the most in-demand services helping this segment bring in more revenue than others through 2031 and beyond.
Meanwhile, the demand for hardware is projected to increase at an impressive CAGR in the global device as a service industry. Increasing demand for multiple devices such as smartphones, laptops, and desktops in a single device as a service model is projected to help this segment offer new opportunities for companies in the future. The growing need for quick upgrades owing to advancements in technologies is also estimated to bolster the demand for new hardware going forward. Rapid technological obsolescence in IT infrastructure will also promote the demand for new hardware in device as a service offering over the coming years.
Global Device as a Service Market By Type
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Device as a Service Market Regional Insights
North America is estimated to account for a substantial share of the global device as a service market. Rapid adoption of advanced technologies, growing emphasis on improving operational efficiency, and presence of key device as a service providers are key factors aiding the dominance of this region. Increasing efforts of organizations to simplify their IT infrastructure and rising use of advanced technologies are also expected to benefit devices as a service demand outlook in the future. Canada and the United States are estimated to emerge as the most rewarding markets for device as a service companies operating in this region going forward.
Meanwhile, the demand for devices as a service in Asia Pacific is slated to rise at a notable CAGR over the coming years. Rapid digitization, increasing adoption of devicess as a service by multiple companies, and rising awareness regarding the benefits of devices as a service are estimated to be key factors helping this region provide new opportunities. Rapid economic development of countries such as India, China, and Japan are also expected to present new business scope for device as a service companies in the long run. Growing adoption of advanced technologies and the need for better hardware in IT infrastructure will also boost device as a service demand outlook through 2031.
Global Device as a Service Market By Geography
- Largest
- Fastest
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Device as a Service Market Dynamics
Drivers
High Demand for Flexible IT Solutions
- High demand for flexible and scalable IT solutions across various industries is projected to primarily drive up the demand for devices as a service going forward. Device-as-a-Service offers a subscription-based model where hardware, software, and maintenance services are bundled into one. This allows companies to adjust their device requirements accordingly without incurring more costs than needed.
Rise of Remote Work
- The number of remote workers around the world is increasing rapidly and thereby also driving up the demand for devices that can be managed remotely. DaaS providers offer comprehensive device management, ensuring employees have reliable, up-to-date equipment wherever they work. This allows organizations to streamline their workflow without having to deal with the logistical hassle of providing and shipping devices to their employees.
Restraints
Reliance on Service Providers
- Organizations opting for device as a service are highly dependent on service providers for hardware quality, maintenance, and security updates. Disruptions to an organization’s workflow due to these factors and high dependency may cause hesitance among companies to opt for device as a service thereby impeding device as a service market growth as well.
Limited Customization and Flexibility
- Most device as a service companies provide standard hardware and services that are sufficient for most organization’s normal needs. However, organizations that require specialized and custom hardware may face challenges when opting for a device as a service. This lack of customization and flexibility is expected to influence the adoption of the device as a service in industries focused on advanced design, engineering, or media production.
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Device as a Service Market Competitive Landscape
Device as a service provider should focus on developing a standardized set of rules to ensure maximum compatibility. Developing affordable devices as a service solution for small and medium enterprises will also pay off big time for market players in the future. Collaborations and partnerships will also be essential strategies for devices as service providers are looking to maximize their business scope in the long run.
Top Player’s Company Profiles
- Microsoft Corporation (United States)
- Apple Inc. (United States)
- Cisco Systems, Inc. (United States)
- Google LLC (United States)
- Amazon.com, Inc. (United States)
- Fujitsu Limited (Japan)
- Acer Inc. (Taiwan)
- Toshiba Corporation (Japan)
- ASUS Computer International (Taiwan)
- Samsung Electronics Co., Ltd. (South Korea)
- Huawei Technologies Co., Ltd. (China)
- Sony Corporation (Japan)
- LG Electronics Inc. (South Korea)
- Panasonic Corporation (Japan)
- NEC Corporation (Japan)
- Sharp Corporation (Japan)
- Hitachi, Ltd. (Japan)
Recent Developments
- In April 2024, NTT DATA, a renowned name in the IT service market announced the launch of a new Sustainable Device-as-a-Service solution. NTT launched this offering in partnership with HP to promote sustainability and a circular economy approach in organizations.
- In September 2024, Fleet, a new device as a service company from France announced the opening of its new office in London. Through this move, the company is bolstering its presence in the European region and building a solid foundation for its global expansion ambitions.
- In April 2024, Kasm Technologies, leading provider of secure workspace solutions from the United States announced that it became Global Software Partner with Lenovo. This move was also aimed at developing and establishing a novel device as a service solution to address the current challenges in digital workplaces.
Device as a Service Key Market Trends
- Use in Small and Medium Enterprises: Device as a service model is highly popular in large organizations but is now gaining traction among small and medium enterprises as well. Increasing affordability and low-maintenance approach of device as a service offering are creating new opportunities for device as a service providers in small and medium enterprise settings across the study period and beyond.
- Industry-specific and Custom DaaS Solutions: Device as a service providers should focus on providing industry-specific and custom device as a service to maximize their business scope in the future. Providing compliance-ready devices, industry-specific applications, and customized support packages can emerge as a key device as a service market trend and help companies expand their business scope in the long run.
Device as a Service Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rising emphasis on improving operational efficiency and growing demand for flexible IT solutions are projected to drive the demand for devices as a service in the future. On the contrary, reliance on service providers and limited customization are estimated to be key constraints for device as a service companies in going forward. North America is forecasted to be the dominant market for devices as a service provider owing to high emphasis on improving operational efficiency in organizations. Development of custom and industry-specific devices as a service is expected to create new opportunities for devices as a service companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 83.6 billion |
| Market size value in 2031 | USD 832.80 billion |
| Growth Rate | 29.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Device as a Service Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Device as a Service Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Device as a Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Device as a Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Device as a Service Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Device as a Service Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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