Device as a Service Market Size, Share, Growth Analysis, By Type(Hardware Testing and Security Testing), By Region - Industry Forecast 2024-2031

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.