Device as a service (DaaS) Market 2021 Recovering From Covid-19 Outbreak | Know More about Industry Insights, Drivers, Shares, Revenue, Value and Volume Analysis, Top Trends and Future Scope to 2030

In a recent published report, Kenneth Research has updated the market report for Device as a service (DaaS) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Device as a service (DaaS) Market products.

The Device as a service (DaaS) Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.

Device as a service (DaaS) is an emerging service model developed by HP Inc. It is defined as management of hardware devices such as personal computers (PCs), laptops, desktops, tablets or mobile phones, as well as the software that are required for various operations in an enterprise. A DaaS provider offers services under a single contract to a customer for a monthly subscription fee. It is gaining popularity among enterprises to minimize the IT expenses, particularly for IT hardware infrastructure.Enterprises across industries are engaged in an array of work processes such as managing inventories; they are in constant need to work on a secure IT environment. To remedy this, enterprises are outsourcing IT solutions such as device procurement and lifecycle management from their vendor partners and IT solutions providers.

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This trend is popularly known as device as a service (DaaS) which is adopted by the enterprises to reduce their IT load. The adoption of DaaS solution is at a burgeoning stage and large IT firms such as HP Inc. and Microsoft have embraced the trend significantly.

Moreover, the market is driven by the increasing need to lower the capital expenditure (capex) and operational expenditure (opex) by enterprises along with significant adoption of contract-based services and solutions by SMEs. Furthermore, the increasing adoption of IoT is expected to be a better prospect for the DaaS market during the forecast period. However, the increasing adoption of BYOD and CYOD policies among SMEs, and lack of technical expertise, and increasing security concerns are expected to influence the growth of the DaaS market during the assessment period.

The global DaaS market is expected to reach USD 66,129.9 billion by 2023 growing at a 54.7% CAGR over the forecast period 2018–2024

Key Players
Some of the key players of device as a service market are HP Development Company, L.P (US), Microsoft Corporation (US), Dell Inc. (US), Amazon Web Services, Inc. (US), Lenovo (China), Citrix Systems (US), Plantronics, Inc. (US), CompuCom Systems, Inc. (US), Capgemini (France), SHI International Corporation (US). 

The global DaaS market has been segmented on the basis of component, deployment mode, organization size, and vertical.
Based on component, the device as a service market has been sub-segmented into hardware, software, and services. The hardware segment of the DaaS market has been categorized into desktops, laptops, printers, and others.

Furthermore, on the basis of service, the global DaaS market has been segmented into professional services and managed services. On the basis of deployment mode, the global device as a service market has been segmented into cloud and on-premise. On the basis of organization size, the market has been segmented into large enterprise and small- and medium-sized enterprise. On the basis of industry vertical, the device as a service market has been segmented into BFSI, healthcare, IT & telecom, retail, manufacturing, education, government, and others.

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Regional Analysis
Geographically, the device as a service market has been segmented into four different regions namely North America, Asia-Pacific, Europe, and the rest of the World.North America was dominating the device as a service market in 2018. Also, the US is the leading country and is projected to gain the largest market share in the device as a service market. The market growth is attributed to the presence of industry giants such as HP Development Company, L.P, Microsoft Corporation, Dell Inc., and early adopters of the technology. Furthermore, Asia-Pacific is expected to witness the fastest growth which is attributed to the presence of active players in China, Japan, South Korea, India, and Hong Kong.

The companies in Asia-Pacific are Lenovo (Hong Kong), SAMSUNG (South Korea), ZTE Corporation (China), Fujitsu (Japan), and others. Other key industry players of this market are expanding their services to the Asia-Pacific market by collaborating with channel partners and resellers. China is expected to be a leading region in the market during the forecast period. China, Japan, and other emerging countries are adopting advanced technologies and are preparing for the complications in changing process and procedures for DaaS.

Key Findings 
• The global DaaS market is expected to reach USD 66,129.9 million by 2023
• By component, the services segment is expected to grow at a significant rate of CAGR during the forecast period. Under the hardware segment of DaaS market, the desktop segment accounted for the largest market share of 58.5% in 2017, with a market value of USD 1,944.4 million. 
• By deployment mode, the cloud segment is expected to account for the larger market share and is presumed to remain the same over the next few years.
• By organization size, small- and medium-sized enterprises are expected to account for the largest market share during the assessment period. However, the large enterprises segment is projected to exhibit a CAGR of 51.9%.
• Geographically, North America region held the largest market share of 50.1% in 2017, whereas Asia-Pacific is likely to be the fastest growing region in the DaaS market

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