Device as a Service (DaaS) Market Projected to Reach USD 1,676.48 Billion by 2032, Driven by Rising Adoption of Subscription-Based IT Solutions

According to a recent report by Straits Research, the global Device as a Service (DaaS) market, valued at USD 84.34 billion in 2023, is poised for exponential growth and is expected to reach USD 1,676.48 billion by 2032, registering a robust CAGR of 39.4% during the forecast period (2024-2032). The surge in demand for DaaS is largely driven by businesses' increasing preference for operational expenditure (OpEx) models over capital expenditure (CapEx), enabling greater financial flexibility and predictable IT costs.

Device as a Service offers a subscription-based model where businesses can lease devices such as desktops, laptops, tablets, and smartphones rather than purchasing them outright. This model not only reduces the upfront cost of IT infrastructure but also allows organizations to upgrade hardware seamlessly at the end of lease terms. DaaS providers typically offer comprehensive services, including device tracking, data protection, backup, maintenance, and secure disposal of obsolete equipment.

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Market Drivers and Opportunities

The rising adoption of cloud services and subscription-based devices is a key driver for DaaS growth. Small and medium-sized enterprises (SMEs), which often face budget constraints, benefit from converting capital-intensive IT expenses into manageable cash flows through subscription-based hardware. The DaaS model also provides organizations with scalable solutions to meet fluctuating business demands while ensuring data security and compliance.

Furthermore, the emergence of Wearable-as-a-Service (WaaS) is presenting new market opportunities. Businesses are increasingly leveraging wearable devices such as smartwatches, AR/VR headsets, and medical patches for enhanced mobility, data collection, and operational efficiency. Companies like Omate and Arkéa have introduced WaaS models, allowing institutions and end-users to access wearable technology without a substantial initial investment.

Market Restraints

However, the rapid adoption of Bring-Your-Own-Device (BYOD) and Choose-Your-Own-Device (CYOD) models may restrain market growth. These models reduce dependency on external DaaS providers, limiting long-term contracts and hardware replacement cycles. Despite this, the flexibility and cost benefits of DaaS continue to make it an attractive option for many organizations.

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Regional Insights

North America remains an early adopter of DaaS, driven by robust IT infrastructure, government regulations, and high demand from IT and telecommunications sectors. Meanwhile, the Asia-Pacific region is expected to witness the fastest growth due to rapid economic expansion, rising SME presence, increasing internet penetration, and growing awareness of DaaS solutions in countries such as China, India, and Japan.

Segment Analysis

The market is segmented by offering into hardware, software, and services, including managed and professional services. Hardware leasing is increasingly popular, allowing businesses to access the latest desktops, laptops, and mobile devices without large upfront costs. By organization, DaaS adoption is strong among SMEs due to its cost-effectiveness, while large enterprises leverage DaaS for scalability and simplified IT management. Among industry verticals, IT and telecommunications dominate the market, followed by BFSI, healthcare, education, and government sectors.

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Key Players

Microsoft
Apple Inc.
Dell Inc.
Capgemini
Amazon Web Services Inc.
HP Development Company LP.
CompuCom Systems Inc.
Yorktel
Citrix Systems Inc.
Acer Inc.
Plantronics Inc.
SHI International Corp.
Intel Corporation (US.)
Lenovo (China)
Scantron Corporation (US.)

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