Device as a Service Market Research Report | Industry Size USD 1.77 Trillion by 2031

The global device-as-a-service market produced $51.7 billion in 2021 and is predicted to grow at a CAGR of 42.6% from 2022 to 2031, reaching $1.8 trillion by 2031.

The global device-as-a-service market is driven by rising consumer demand for subscription-based business models that assist clients in converting the high cost of acquiring new technology from a capital expenditure (CapEx) to an operating expense (OpEx). DaaS's increasing popularity as a result of its adaptability, cost savings, and data security has also contributed to the expansion. On the other hand, the device-as-a-service model's advantages are not well known, and the business has some security and data protection issues that limit expansion to some extent. To improve competitiveness and provide better services to their clients, key market players are implementing a variety of methods, which has opened the door for profitable chances in the industry.

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By component, the hardware segment held more than half of the global device-as-a-service market share in 2021, and is expected to dominate by 2031. This is because they need to be updated as per requirements. The services segment, on the other hand, would cite the fastest CAGR of 43.8% during the forecast period. This is due to surge in the acquisition of IoT-connected devices across the world.

By device type, the desktop segment accounted for more than half of the global device-as-a-service market revenue in 2021, and is projected to rule the roost by 2031, owing to high rate of adoption among large enterprises. The laptop, notebook, and tablet segment, on the other hand, would showcase the fastest CAGR of 44.7% throughout the forecast period, due to growing preference for easy-to-carry devices among individuals.

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Key Trends in the Device as a Service Market:

• Subscription-based models: DaaS providers are increasingly offering subscription-based models, where organizations pay a monthly or annual fee for access to devices and associated services. This offers more flexibility and reduces the upfront costs of buying devices outright.

• Increased adoption of cloud-based DaaS: Cloud-based DaaS solutions are becoming increasingly popular as they offer greater scalability, flexibility, and ease of management. With cloud-based DaaS, organizations can easily scale up or down based on their needs, without having to invest in on-premises infrastructure.

• Growing demand for managed services: Many organizations are looking for more than just devices; they want a complete managed service that includes device procurement, deployment, support, and maintenance. DaaS providers are responding to this demand by offering a range of managed services, including device lifecycle management, security, and helpdesk support.

• Integration with other services: DaaS providers are increasingly integrating their offerings with other services, such as mobile device management, virtual desktop infrastructure, and unified endpoint management. This allows organizations to manage their devices more efficiently and improve overall productivity.

• Focus on sustainability: With growing concerns around sustainability, many organizations are looking for DaaS providers that offer environmentally-friendly devices and services. DaaS providers are responding to this demand by offering devices with longer lifecycles, energy-efficient features, and end-of-life recycling programs.

• Expansion into new markets: DaaS providers are expanding their offerings beyond traditional devices such as laptops and desktops, and into new markets such as Internet of Things (IoT) devices and wearables. This allows organizations to manage all their devices from a single platform, improving overall efficiency and productivity.

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By region, North America grabbed the most share in 2021, contributing over two-fifths of the market revenue for devices as a service worldwide. This is due to the presence of important actors and the rapid uptake of new technology in nations like the United States and Canada. By 2031, the Asia-Pacific region would simultaneously exhibit the fastest CAGR. The region's expanding economic and digital change is what fuels market expansion.

The report analyzes the profiles of key players operating in the device-as-a-service market such as Apple Inc., Cisco Systems Inc., Cognizant, CompuCom Systems, Inc., Dell Inc., Hewlett Packard Enterprise Development LP, Intel Corporation, Lenovo, and Microsoft. These players have adopted various strategies to increase their market penetration and strengthen their position in the device-as-a-service market.

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