Device as a Service (DaaS) Market Size to Grow USD 1.8 Trillion by 2031 at a CAGR of 42.6%: Rising DaaS acceptance due to its versatility, cost savings, and data security - Valuates Reports
BANGALORE, India, June 13, 2023 /PRNewswire/ -- The Device as a Service (DaaS) Market is Segmented by Component (Hardware, Software, Services), by Device Type (Desktop, Laptop, Notebook and Tablet, Smartphone and Peripheral), by Enterprise Size (Large Enterprises, Small and Medium Enterprises), by Industry Vertical (BFSI, IT and Telecom, Healthcare, Retail, Education, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031. It is published in Valuates Reports under the software category.
The global device as a service market size was valued at USD 51.7 Billion in 2021, and is projected to reach USD 1.8 Trillion by 2031, growing at a CAGR of 42.6% from 2022 to 2031.
Major factors driving the growth of the Device as a Service Market:
The Device as a service market is expanding quickly due to the model's quick acceptance. The expansion of the device as a service market share is also fueled by rising DaaS acceptance due to its versatility, cost savings, and data security. The rise of the device-as-a-service sector will have several very profitable prospects thanks to the advent of the wearable-as-a-service (WaaS) model.
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TRENDS INFLUENCING THE GROWTH OF DEVICE AS A SERVICE (DaaS) MARKET:
Organizations are increasingly turning to the subscription-based DaaS model as a flexible and affordable means of managing their device fleets. Businesses can choose a monthly or annual subscription that covers the devices themselves, maintenance, support, and software upgrades rather than making a sizable upfront investment in equipment. This element is anticipated to fuel the demand for devices as a service.
BYOD and CYOD prohibit manufacturers from going into contracts and sustaining long-term partnerships, which might impede the growth of the global DaaS market. Customers choosing their collaboration methods and software to utilize with their teams and clients has the potential to hurt DaaS providers as well. Bring-Your-Own-Device, or BYOD, is a concept that is gaining acceptance throughout the globe as a result of its several advantages, including cheaper prices for hardware and services, higher user happiness, and the convenience of not forcing businesses to utilize a particular cellular carrier. The Choose-Your-Own-Device (CYOD) approach, on the other hand, enables businesses to provide their employees access to a pre-approved variety of mobile devices from which they can choose. This factor is expected to drive the growth of the Device as a service market
Smartwatches, virtual reality headsets, augmented reality glasses, and medical patches are a few examples of wearable technology that are practical and gaining appeal with end users, including commercial companies. The main goal of these enterprises is to capitalize on wearable technology's portability, interoperability, and massive data output. Smartwatches, VR headsets, AR glasses, and medical patches are examples of wearable technology. Many companies have started producing wearable technology in recent years in order to sell solutions known as wearables as a service (WaaS).
Organizations are increasingly prioritizing sustainability, and DaaS suppliers are adapting their solutions to reflect this development. They are putting an emphasis on environmentally friendly practices including recycling electronic waste and properly disposing of used electronics. DaaS providers are also looking into ways to increase device longevity through refurbishing and reuse, cut down on electronic waste, and promote the circular economy.
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DEVICE AS A SERVICE MARKET SHARE ANALYSIS:
North America is expected to witness the fastest growth. This is due to an increase in the adoption of cutting-edge technologies like cloud computing, the Internet of Things, and novel business models like device-as-a-service.
Because managed and professional services for device management are being adopted at such a high pace, the software category is expected to have the largest growth throughout the projected period.
The device types for smartphones and peripherals will expand at the greatest CAGR throughout the projection period. Smartphone device-as-a-service solutions provide businesses with the advantages of cheaper expenses, access to cutting-edge technology, more predictable pricing, and robust corporate security. Over the past several years, the demand for cell phones has leveled down. Things are changing because of new paradigms like device-as-a-service, where customers pay membership fees to constantly have the newest technology.
The device-as-a-service market will be dominated by small and medium-sized businesses in terms of size during the forecasted period. One of the major factors contributing to the high adoption of device-as-a-service in small and medium-sized firms is the preference that small and medium-sized businesses have for the operating costs (OpEx) business model over the capital expenditures (CapEx) business model.
The IT and telecom end-user sector is anticipated to be the largest market in terms of both size and CAGR growth throughout the forecast period.
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Key Companies:
- Cognizant
- Lenovo
- Apple
- CompuCom Systems, Inc.
- CISCO SYSTEMS INC
- Hewlett-Packard Enterprise Development LP
- Intel Corporation
- Microsoft
- Dell
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