Device as a Service Market to Grow with a CAGR of 30.4% through to 2029F

Global Device as a Service (DaaS) Market is rising due to the increasing demand from businesses for simplified device management, reduced IT costs, and enhanced flexibility, allowing companies to focus on core operations and innovation in the forecast period 2024-2028.

 

According to TechSci Research report, “Device as a Service Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, Global Device as a Service Market was valued at USD 791 Million in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 30.4% through 2029. The Device as a Service (DaaS) market is rapidly expanding due to businesses' growing demand for adaptable and cost-efficient IT solutions. A key driver is the increasing shift towards digital transformation and the embrace of subscription-based models for technology acquisition. Organizations are opting for DaaS solutions to streamline device management, minimize upfront expenses, and ensure scalability as they modernize their IT setups and meet evolving business requirements. By accessing a diverse range of devices like laptops, desktops, tablets, and smartphones through DaaS subscriptions, companies avoid large capital investments and benefit from predictable monthly costs. This flexibility empowers businesses to swiftly adjust their device fleets to match fluctuating needs, supporting agile operations and expediting the rollout of new initiatives.

Nonetheless, the DaaS market encounters notable challenges, notably in managing the complexities of diverse device ecosystems. Adopting devices from various manufacturers, with different operating systems and form factors, poses integration and compatibility challenges. Moreover, ensuring compliance with security standards and regulations across such a varied device landscape is demanding. With cyber threats evolving and regulations becoming stricter, maintaining device security and safeguarding data privacy in a diverse DaaS environment presents considerable hurdles. Additionally, guaranteeing consistent performance and user experience across diverse devices requires robust management and monitoring capabilities, increasing the workload for IT teams. Furthermore, as companies rely more heavily on DaaS for crucial operations, the importance of reliable service delivery, as stipulated in service level agreements (SLAs), becomes paramount. DaaS providers must ensure consistent and dependable service across their entire device portfolio to meet these expectations. Overcoming these challenges is pivotal for sustaining the growth and prosperity of the DaaS market, enabling businesses to leverage the benefits of subscription-based IT solutions while effectively managing risks and ensuring a seamless user experience.

 

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Based on offering, The Services segment emerged as the dominant force in the Global Device as a Service (DaaS) Market, a trend projected to persist firmly throughout the forecast period. Services offerings within the DaaS market encompass a comprehensive suite of managed services tailored to meet the evolving needs of businesses seeking seamless device provisioning, management, and support solutions. DaaS providers offer end-to-end services that go beyond traditional hardware provisioning, encompassing device configuration, deployment, maintenance, user support, troubleshooting, and lifecycle management. This holistic approach ensures that organizations have access to a complete ecosystem of support services, enabling them to streamline IT operations, enhance user productivity, and optimize device performance throughout their lifecycle. DaaS services provide businesses with flexibility, scalability, and cost-efficiency by offering predictable subscription-based pricing models and eliminating the need for upfront capital investment in hardware procurement and maintenance. DaaS services enable organizations to stay agile and adapt to evolving technology trends and business requirements, as providers continuously update devices with the latest software, security patches, and performance enhancements. With the increasing complexity of IT environments and the growing demand for seamless user experiences, the dominance of the Services segment in the Global DaaS Market is expected to endure, driven by the value proposition of comprehensive managed services in simplifying device management, enhancing operational efficiency, and driving business success.

Based on region, The Asia Pacific region is emerging as the fastest-growing segment in the global Device as a Service (DaaS) market, driven by several key factors that reflect the region's dynamic economic landscape and technological advancements. One of the primary drivers of the rapid growth of DaaS in Asia Pacific is the region's burgeoning economy and the increasing adoption of digital technologies across various industries. As countries in the region continue to experience rapid urbanization and industrialization, businesses are looking for efficient and cost-effective ways to manage their IT infrastructure. DaaS offers a compelling solution by providing businesses with access to a wide range of devices on a subscription basis, eliminating the need for large upfront investments in hardware and enabling predictable monthly expenses. This affordability and flexibility are particularly appealing to small and medium-sized enterprises (SMEs) in the region, which often have limited capital resources but still require advanced IT solutions to compete in the global market.

The growing emphasis on digital transformation and cloud computing in Asia Pacific is driving the adoption of DaaS across various sectors. With businesses increasingly migrating their operations to the cloud and embracing remote work models, there is a growing need for flexible and scalable IT solutions that can support distributed workforces and remote collaboration. DaaS enables businesses to provision and manage devices remotely, ensuring seamless access to critical applications and data from anywhere, at any time. This capability is especially valuable in industries such as finance, healthcare, and education, where mobility and accessibility are paramount.

The rapid pace of technological innovation and infrastructure development in Asia Pacific is creating new opportunities for DaaS providers. As countries in the region invest heavily in digital infrastructure and 5G networks, there is a growing demand for advanced devices and services to support emerging technologies such as artificial intelligence (AI), Internet of Things (IoT), and augmented reality (AR). DaaS providers are well-positioned to capitalize on this trend by offering businesses access to cutting-edge devices and technologies on a subscription basis, enabling them to stay ahead of the curve and drive innovation in their respective industries.

Despite the significant growth opportunities, the Asia Pacific DaaS market also faces challenges such as regulatory complexities, cultural differences, and security concerns. Adapting to the diverse regulatory environments and cultural nuances across different countries in the region can be challenging for DaaS providers, requiring them to tailor their offerings to meet the unique needs and preferences of local businesses. Additionally, ensuring data security and privacy compliance is paramount, particularly in industries such as finance and healthcare where sensitive information is involved. Overcoming these challenges will be crucial for the continued growth and success of the DaaS market in Asia Pacific, as businesses increasingly rely on subscription-based IT solutions to drive their digital transformation journeys and stay competitive in the global market.

 

Major companies operating in Global Device as a Service Market are:

• HP Inc.
• Dell Technologies Inc.
• Lenovo Group Limited
• Microsoft Corporation
• Apple Inc.
• Cisco Systems, Inc.
• IBM Corporation
• Fujitsu Limited
• Toshiba Corporation
• Panasonic Corporation

 

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“The global Device as a Service (DaaS) market is experiencing significant growth, driven by the increasing demand for flexible and cost-effective IT solutions. DaaS simplifies device management for organizations by providing leasing or subscription options for devices along with software, support, and maintenance services. This approach ensures predictable costs and access to the latest technology, supporting the shift towards scalable IT infrastructure and the need to keep pace with rapid technological advancements. Businesses benefit from the ability to easily scale device requirements and allocate resources efficiently while saving costs through predictable monthly fees and avoiding large upfront investments. With service providers handling device management tasks, IT departments can focus on strategic initiatives”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Device as a Service Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Offering (Hardware, Software, Services), By Device Type (Desktop, Laptop, Notebook And Tablets, Smartphone and Peripheral), By Enterprise Size (Small & Medium Enterprise, Large Enterprise), By End-Use (Banking, Financial Services and Insurance (BFSI), Educational Institution, Healthcare and Life Science, IT & Telecom, Public Sector and Government Office, Others), By Region, By Competition, 2019-2029F”, has evaluated the future growth potential of Global Device as a Service Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Device as a Service Market.

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