Device As A Service Market Size, Share & Trends Analysis Report By Offering (Hardware, Software, Services), By Device Type (Desktop, Laptop, Notebook And Tablets), By Enterprise Size, By End-Use, By Region, And Segment Forecasts, 2023 - 2030

Device As A Service Market Size, Share & Trends Analysis Report By Offering (Hardware, Software, Services), By Device Type (Desktop, Laptop, Notebook And Tablets), By Enterprise Size, By End-Use, By Region, And Segment Forecasts, 2023 - 2030

Device As A Service Market Growth & Trends

The global device as a service market size is anticipated to reach USD 757.17 billion by 2030, expanding at a CAGR of 29.1% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The market growth can be attributed to the increasing adoption of the subscription-based services model, which allows organizations to invest in strategic planning instead of purchasing hardware devices that require upgrades every few years. Furthermore, an increase in the number of start-ups and the rising awareness about the device-as-a-service (DaaS) model among small and medium-size enterprises are expected to drive the market.

The market is expected to witness growth opportunities across industry verticals such as life science and healthcare, banking and financial institution, and education. The COVID-19 pandemic has encouraged digital transformation efforts and remote work practices. With an increasing number of companies offering employees work-from-home options, there has been a sudden spike in the need for laptops, notebooks, tablets, and other hardware devices. The consecutive rise in demand for DaaS to manage hardware devices, so they are readily available for the remote working environment, has favored market growth. The demand for the device-as-a-service among small and medium enterprises has increased to reduce expenses related to hardware and lay emphasis on marketing and sales strategies.

Moreover, the growing demand for cost-efficient services and the increasing need for highly secured equipment is likely to generate growth opportunities for the device-as-a-service market. Technological advancements, the increased adoption of connected devices, and the high penetration of high-speed web networks across the globe are expected to boost market growth prospects. The need for enhancing productivity and the need for security compliance are expected to further drive the market over the forecast period.

Device As A Service Market Report Highlights

• In terms of offering, the service segment is anticipated to register highest growth in the forecast period. The growing number of businesses using software and cloud-based platforms, along with consumer expectations for greater control over the services availed, is contributing to the growth of this segment.
• In terms of enterprise size, the small & medium enterprise segment is expected to attain the highest CAGR in the forecast period. The DaaS model allows SMEs to better utilize their IT infrastructure under tight cash flow conditions. An IT investment can be maximized by converting a substantial upfront capital expense to a more manageable operational expense.
• The IT and telecom segment dominated the market in 2022. The growth can be attributed to the growing awareness about DaaS and the shift in organizations’ preference toward the OpEx business model.
• Asia Pacific is anticipated to register highest growth over the forecast period. The emerging feature of 5G networks in the region is also driving the growth of the market.

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