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Hardware Support Services Market Share, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Hardware Support Services Market Share
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According to The Business Research Company's, The hardware support services market size has grown steadily in recent years. It will grow from $1010.67 billion in 2023 to $1054.01 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets and the low-cost talent pool in emerging markets.
The hardware support services market size is expected to see strong growth in the next few years. It will grow to $1374.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to rising demand for cloud-based hardware support services in developing regions, rapid changes in the it infrastructure and increasing usage of existing products will drive market growth.. Major trends in the forecast period include strategic mergers and acquisitions, adoption of cloud computing, implementation of predictive maintenance, adoption of green it, new technological developments..
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Market Drivers and Trends:
Governments around the world are investing in the creation of smart cities; this is expected to drive the demand for computer hardware products and subsequently hardware support services market during the forecast period. The European Union is actively promoting smart-city initiatives, with funds for research and sustainability targets for member states. The concept of smart cities is becoming more popular in developing nations too. For instance, more than 1,000 smart city pilot projects are either ready for or are under construction globally and around 500 of these projects are in China. The overall smart-city experience involves systems and objects interconnected through various technologies like local, wired and wireless networks. The establishment of smart cities in turn increases the demand for hardware support services.
Cloud software solutions have been gaining acceptance from companies across all industries as it eliminated the need for physical storage space required to deploy the software. The cloud is a software delivery method where a vendor hosts a software application in a remote server and customers can access it through the internet. As cloud computing services continue to grow, the demand for cloud data recovery solutions is gathering pace. Disaster recovery tools are particularly needed because the cloud stores data which is prone to cyber and malware attacks. For instance, Kroll Ontrack offers SharePoint and SQL server cloud data recovery solutions.
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Major Key Players of the Market:
Teva Pharmaceutical Industries Ltd., Novartis AG, Sun Pharmaceutical Industries Ltd., Fresenius Kabi, Aurobindo Pharma Limited, Cipla Limited, Stada Arzneimittel AG, Lupin Pharmaceuticals, Inc., Dr. Reddy's Laboratories, Mylan Inc., Shanghai Generic Pharmaceuticals, Shanghai Acebright Generic Pharmaceuticals Group Co., Ltd., Sandoz, Glenmark, Kent Pharma, GlaxoSmithKline (GSK), Zentiva, Sanofi, Merck & Co., Apotex, Pfizer, Gilead Sciences, Roche, Bayer, AbbVie Inc., AstraZeneca, Amgen, Abbott Laboratories, Janssen Pharmaceutica, Accord Healthcare Inc., Acerus Pharmaceutical Drugs Corporation, AA Pharma Inc, Sanfer, LABORATORIOS SENOSIAIN SA DE CV (Senosiain), Siegfried Rhein, Johnson and Johnson, Bristol Myers Squibb, Eli Lilly & Company, Biogen, EMS Pharma, Hypermarcas, Eurofarma, Teuto Brasileiro, Biolab Farmaceutica, Cristalia, União Quimica, Boehringer Ingelheim, Mantecorp Farmasa, Libbs, Cimed, FQM Grupo, Spimaco, Jamjoom Pharma, Tabuk Pharmaceutical Manufacturing, Jazeera Pharmaceutical Industries, Adcock Ingram, Eurolab, Ranbaxy (Pty) Ltd, Aspen
Hardware Support Services Market 2024 Key Insights:
• The hardware support services market size is expected to see strong growth in the next few years. It will grow to $1374.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Smart Cities Drive Demand For Hardware Support Services Market
• The Growing Role Of Artificial Intelligence In Data Recovery Solutions
• Western Europe was the largest region in the hardware support services market in 2023
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