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Computer Hardware Market 2024 - By Size, Share, Industry Growth Analysis Report By 2033
Computer Hardware Market
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According to The Business Research Company's, The computer hardware market size has grown strongly in recent years. It will grow from $674.44 billion in 2023 to $710.32 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to increasing personal computing revolution, globalization of supply chains, rise of the internet, data center expansion, operating system developments.
The computer hardware market size is expected to see strong growth in the next few years. It will grow to $914.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing remote work infrastructure, sustainable hardware practices, smart cities development, digital transformation initiatives, rise of remote work. Major trends in the forecast period include edge computing, ai and machine learning integration, modular and upgradeable systems, biometric security integration, hybrid and multi-cloud environments.
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Market Drivers and Trends:
The computer hardware market is expected to be aided by rapid growth in investments in smart city projects in many countries globally. Smart city technologies use information and communication technologies to efficiently manage and operate urban services, including transportation systems, water supply, and law and order. These technologies are enabled through IoT technology. IoT is a convergence of computing devices, and mechanical and digital objects. This system facilitates the transfer of data over a network without human interaction and minimal human-to-computer interaction. Smart cities use computers and related hardware, thereby benefitting the companies operating in this market. APG Algemene Pensioen Groep N.V. in 2021, announced an additional €500 million ($585 million) to ''Smart City Infrastructure Fund'', for the development of smart city projects across North America, Europe, Australia and other major urban areas in the world. 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.
Many technology companies are introducing tablets to replace laptop computers. Portability, the ability to connect to 3G and 4G networks, and the light weight of these devices are the major reasons for individuals increasingly opting for tablets. According to a Nielsen study, less than one-third of tablet owners surveyed indicated that their desktop usage will be limited or not at all. This decreasing usage of desktop computers is encouraging computer hardware manufacturers to design and produce tablet computers.
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Major Key Players of the Market:
Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Hon Hai Precision Industry, Microsoft Corporation, Dell Technologies Inc., Hitachi Ltd., Sony Corporation, Lenovo Group Limited, LG Electronics Inc., Intel Corporation, HP Inc., Qualcomm Incorporated, Pegatron Corp., Quanta Computer Inc., Broadcom Inc., Canon Inc., Fujitsu Limited, NVIDIA Corporation, NEC Corporation, Advanced Micro Devices Inc., Toshiba Corporation, Texas Instruments Incorporated, Western Digital Corporation, Inventec Corp., Seagate Technology Holdings plc, Acer Inc., NetApp Inc., ASUSTeK Computer Inc., Micron Technology Inc., Applied Materials Inc., Lam Research Corporation
Computer Hardware Market 2024 Key Insights:
• The computer hardware market size is expected to see strong growth in the next few years. It will grow to $914.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Smart City Investments Boosting The Computer Hardware Market
• Changing Computing Habits And The Tablet-Laptop Transition
• North America was the largest region in the computer hardware market in 2023
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