The device-as-a-service market is expected to grow from USD 50.3 billion in 2021 to USD 303.6 billion by 2026; it is expected to grow at a CAGR of 43.2% during the forecast period.
Due to rising demand for subscription-based models and a growth in the number of channel partners supplying device-as-a-service, the market for device-as-a-service has developed dramatically in recent years. Increased use of cloud computing services in emerging countries is expected to boost the device-as-a-service business greatly in the coming years.
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Services segment for device-as-a-service market to grow at highest CAGR during the forecast period
A number of support and maintenance services are included in the device-as-a-service concept.
It is made up of a set of device lifecycle services that include installation, deployment, and integration, asset recovery, and repair and maintenance services tailored to the needs of the end user. These services are adaptable since they may be customised and maximised.
Many OEMs provide contract-based direct services. There are also managed service providers and value added resellers (VARs) who have partnered with various hardware and software suppliers to offer comprehensive device-as-a-service solutions under their own brand names.
Organizational smoothness is ensured by continuous assistance and service. Financial services, which provide end users with payment flexibility, are also included in device-as-a-service. As a result of these circumstances, the expansion of.
Smartphone & Peripherals devices type to growth at highest CAGR during the forecast period
Smartphone device-as-a-service solutions provide enterprises with cost savings, access to cutting-edge technology, more predictable pricing, and excellent enterprise security.
Over the last few years, demand for cellphones has levelled off. New paradigms such as device-as-a-service, in which consumers pay a monthly charge to always have the most up-to-date equipment, are reshaping the industry. Samsung and Apple are two of the most popular smartphone makers and providers. Apple is a market leader in device-as-a-service solutions, in which consumers pay for monthly subscriptions known as equipment installation plans (EIPs) to get the latest item. Expansion cards, graphics cards, image scanners, tape drives, microphones, loudspeakers, webcams, and digital cameras are all included in device-as-a-service models. Microsoft is one of the largest peripheral manufacturers.
Small and medium-size enterprise to dominate device-as-a-service market, in terms of size during the forecast period
Small and medium-sized businesses have favoured the operational costs (OpEx) business model over capital expenditures (CapEx), which is one of the main reasons for the widespread adoption of device-as-a-service among SMBs. Device-as-a-service allows businesses to prioritise their investments by leasing hardware and related services rather than purchasing expensive technology. By tracking expenses on a daily basis, the device-as-a-service approach reduces costs and enhances revenues. Because small and medium-sized businesses have limited money, device-as-a-service is the most desired solution for these businesses.
It also enables users to upgrade their gear at a faster rate, assisting enterprises in increasing productivity and, as a result, increasing demand.
IT and Telecommunication end user industry to have the largest market, in terms of size and is also expected to grow at highest CAGR during the forecast period
The IT and communications industries require safe, reliable, and high-performance IT devices to operate; hence, this category produces the most significant demand for IT devices such as desktops, laptops, tablets, notebooks, and smartphones.
Furthermore, in this area, the demand for frequent software upgrades and related services is higher, contributing to increased demand for device-as-a-service. Device-as-a-service enables firms to decrease IT costs by allowing them to upgrade and maintain hardware and software on a regular basis. It also helps to avoid technological obsolescence, which boosts productivity.
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North America to account for largest market share during the forecast period
North America held the greatest proportion of the device-as-a-service market in 2020.
One of the primary factors driving the market in North America is the high demand for device-as-a-service from IT and telecoms end customers. This region is home to a number of IT and telecommunications corporations, including AT&T, Microsoft, and Apple.