Device as a Service Market Size Worth USD 1,768 Billion by 2031

The device as a service market size was valued at $51.73 billion in 2021, and is estimated to reach $1768 billion by 2031, growing at a CAGR of 42.6% from 2022 to 2031.

Device-as-a-Service (DaaS) suppliers provide management services of hardware devices such as desktop P.C.s, laptops, and others in a single contract to large firms. Subcontracting an organization’s software, hardware, and device management to an external supplier can make an organization’s information technology needs more manageable. The increasing adoption of cloud services in developing countries is expected to drive market growth. Furthermore, the adoption of contact-based services and solutions by small and medium enterprises is expected to favor the growth of the market.

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DaaS enables timely software and hardware upgrades and maintenance, helping companies reduce IT burden. In addition, this model helps prevent technology obsolescence and ultimately improves productivity. The flexible Device-as-a-Service architecture allows companies to increase or decrease the number of peripheral devices and services. These factors are expected to drive the market during the forecast period.

Furthermore, major market players are undertaking various strategies to increase the competition and offer enhanced services to their customers. For instance, in April 2021, Lenovo Infrastructure Solutions Group (ISG) with Nutanix announced an As-a-Service solution for Hosted Desktops to help IT decision makers thrive in the new remote hybrid workforce model. The complete Hosted Desktops solution provides cloud-like simplicity and on-premises performance, with the convenience of a single monthly payment and single point of contact for support.

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On the basis of component, the hardware segment is the highest revenue contributor in 2021. This is attributed to the increasing need of businesses to reduce capital expenditure (CAPEX) and operational expenditure (OPEX). However, the software segment is highest growing segment during the forecast period due to high rate of adoption of managed and professional services for device management.

Based on region, North America attained the highest growth in 2021. This is attributed to the rise in adoption of the latest technologies such as cloud computing, the IoT, and new service models such as device-as-a-service. However, Asia-Pacific is the highest growing region due to rise in digital infrastructure and presence of number of SMEs.

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The report analyzes the profiles of key players operating in the device-as-a-service market such as Accenture, 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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