Global Device as a Service (DaaS) Market Grows at a Staggering CAGR of 39.40%

Introduction

DaaS enables timely upgrade and maintenance of software and hardware, allowing businesses to reduce their I.T. burden; additionally, the model prevents technological obsolescence, thereby boosting productivity. The flexible structure of device-as-a-service enables enterprises to scale up or down the number of devices and associated services. In addition, the rapid adoption of the subscription model, increased policy compliance, increased user productivity, decreased help desk expenses, and the rising demand for cost-effective and secure devices have accelerated the market growth. It is anticipated that the expansion of the startup ecosystem will increase demand for the DaaS model. However, lacking technical expertise and adopting Choose-Your-Own-Device policies may impede market expansion.

Market Dynamics

Rapid Adoption Of The Subscription-Based Services Model Drives The Global Market

The rapid adoption of subscription-based services drives the device-as-a-service market. Subscription-based device-as-a-service models help customers turn high technology costs into operating expenses (OpEx). Small, medium-sized, and large businesses can set aside money for tactical initiatives to increase revenue. Other benefits include policy compliance, access to the latest technologies, device configuration, installation, data migration, on-site support, and technology recycling. As a subscription service, device-as-a-service allows an organization to scale up or down based on the operating environment and business needs. Organizations can pay for what they need when they need it; these advantages of DaaS can give rise to the market.

Introduction Of The Wearable-As-a-Service (Waas) Model Creates Tremendous Opportunities

Smartwatches, V.R. headsets, A.R. glasses, and medical patches are popular among end-users, including businesses. These companies take advantage of wearables' data, interoperability, and mobility. Several businesses have started producing wearable technology (WaaS) to market wearables. Arkéa, a French bank, and insurer, recently introduced its WaaS model, letting end-users or institutions rent wearable devices. No initial purchase of wearable devices is required, removing a potential sales barrier. Some manufacturers are developing smartwatches for recreational athletes, children, and the elderly. Government offices, healthcare organizations, insurance companies, and families use wearable technology to manage elderly care. The emergence of WaaS can give the device as a service (DaaS) market an ample opportunity.

Regional Analysis

Asia-Pacific is anticipated to grow at the fastest rate during the forecast period. Asia-Pacific is home to some of the most rapidly expanding economies, including India and China. In addition, numerous life sciences and retail organizations, the increase in small and medium-sized businesses, and the growing awareness of DaaS are anticipated to drive the market over the forecast period. Increasing internet penetration and the unabated growth of multiple industries in countries like China, India, and Japan could also bode well for expanding the regional market.

Competitive Players

1. Microsoft 
2. Apple Inc. 
3. Dell Inc. 
4. Capgemini 
5. Amazon Web Services Inc.
6. HP Development Company LP.
7. CompuCom Systems Inc. 
8. Yorktel 
9. Citrix Systems Inc.
10. Acer Inc.
11. Plantronics Inc.
12. SHI International Corp.
13. Intel Corporation (US.)
14. Lenovo (China)
15. Scantron Corporation (US.)
16. Accenture
17. Cisco
18. Cognizant
19. Computacenter

Recent Developments

• April 2024 – The leading provider of digital business and IT services, NTT DATA, worked with HP to create a Sustainable Device-as-a-Service solution that integrates the circular economy and sustainability into end-to-end device lifecycle management. Organizations may operationalize and integrate sustainability into the endpoint device lifecycle with the help of this solution.
• January 2024 - Jio Financial Services has unveiled a revolutionary rental model that promises to transform the way consumers access electronics. This innovative model will offer a wide range of devices, including desktops, laptops, smartphones, and more, on a flexible, on-demand basis.

Segmentation

1. By Offering
   1. Hardware
   2. Software
   3. Service
      1. Managed Services
      2. Professional Services
2. By Device Type
   1. Desktop
   2. Laptop, Notebook, and Tablet
   3. Smartphone and Peripheral
3. By Organization
   1. Small and Medium Enterprise
   2. Large Enterprise
4. By Industry Vertical
   1. Banking, Financial Services and Insurance (BFSI)
   2. Educational Institution
   3. Healthcare and Life Science
   4. IT & Telecommunication
   5. Public Sector and Government Office
   6. Others
5. By Deployment
   1. On-Premise
   2. Cloud