Device as a Service Market Growth Driven by Rising Demand for Subscription-based Technology Solutions

The market for devices as a service was anticipated to be worth $51.73 billion in 2021 and is expected to increase to $1768 billion by 2031, with a CAGR of 42.6% from 2022 to 2031.

Large businesses can purchase management services for hardware including desktop PCs, laptops, and other devices from Device-as-a-Service (DaaS) vendors under a single contract. The management of an organization's software, hardware, and device needs can be delegated to a third party supplier, which helps simplify the organization's information technology requirements.

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Businesses are moving away from traditional capital expenditure (CapEx) models to operational expenditure (OpEx) models. DaaS aligns with this shift by offering a subscription-based service where organizations can access and utilize devices, such as laptops, smartphones, and tablets, without the need for upfront investments. This flexibility and cost efficiency drive the adoption of DaaS as businesses seek to optimize their IT expenses and focus on core operations.

In today's rapidly evolving business landscape, scalability and flexibility are crucial. DaaS addresses these needs by providing businesses with the ability to scale up or down their device requirements as per demand. It offers the flexibility to add or remove devices easily, enabling organizations to respond quickly to changing market conditions or workforce dynamics. This agility is particularly beneficial in dynamic industries or during periods of remote work and digital transformation initiatives.

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Device management and support can be complex and time-consuming for organizations, especially when dealing with a large fleet of devices. DaaS providers take on the responsibility of managing and maintaining devices throughout their lifecycle. This includes services such as device provisioning, software updates, security patches, troubleshooting, and repair or replacement. By offloading these tasks to DaaS providers, businesses can focus on their core competencies while ensuring optimal device performance and minimizing downtime.

Increasingly, businesses are prioritizing sustainability and environmental responsibility. DaaS contributes to these goals by promoting circular economy principles. DaaS providers typically handle device recycling or refurbishment at the end of their lifecycle, ensuring proper disposal and reducing electronic waste. Additionally, DaaS enables organizations to upgrade to more energy-efficient and environmentally friendly devices as technology advances. This aligns with sustainability initiatives and helps businesses achieve their environmental targets.

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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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