The Growing Need to Manage Data More Effectively is Driving the Growth of Hardware as a Service (HaaS) Market

Globally, the hardware as a service (HaaS) market is expected to grow with a CAGR of 25.2% during the forecast period from 2023 to 2030. The market is driven by the growing need among growing demand among organizations to reduce the cost of operation and gain operational efficiency. As the competition among the market players is increasing and the profit margins are getting narrower, organizations are shifting from CAPEX model to OPEX model to reduce the cost of operation. Hardware as a Service model eliminates the initial capital requirement and also reduces the stress of managing and replacing the hardware. This enables the organizations to focus on their core business competencies and enhance operational and business performance.  

The numerous benefits offered by the hardware as a service model such as scalability, flexibility, and business agility are the major factors augmenting the demand among the customers. Moreover, the increasing adoption among the SMEs also acts as a major driver for the growth of the market. However, the data safety and security issues associated with the use of hardware as a service solution is acting as a major restraint in the growth of the market. Additionally, the lack of awareness among the enterprises regarding the benefits of the hardware as a service is also holding back the growth of the market.

Professional Services is Estimated to Grow Significantly During the Forecast Period  

The hardware as a service (HaaS) market is segmented based on the product into hardware and services. Hardware market is further bifurcated into the desktop/PC, computer networking devices, storage devices, printers & scanners, and laptops. Desktop/PCs dominated the market with more than 40% share in the overall hardware market in 2020. The growth of the market is attributed to the large scale adoption of the high processor workstations across the organization. On the other hand, professional services market is estimated to grow substantially during the forecast period. The growth demand among the organizations for constant support and maintenance is driving the services market.

North America is Leading the Hardware as a Service (HaaS) Market          

North America accounted for more than 40% share in the hardware as a service (HaaS) market in 2020. The market is driven by the early adoption of the hardware as a service model in the region is backing the growth of the market. The increasing digitalization across the enterprises is also acting as a major driver for the growth of the market. In addition, the increasing interest of the regional managed service providers in hardware as a service domain is also accelerating the market growth.

The major vendors in the hardware as a service (HaaS) market are Arrow Electronics, CompuCom Systems, Dell Technologies, Hemmersbach, Hewlett-Packard, Lenovo, Microsoft Corporation, Service IT Direct (Bizbang), SHI International, StarHub, and Telia.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Hardware As A Service (HaaS) market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Hardware As A Service (HaaS) market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Hardware As A Service (HaaS) market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Hardware As A Service (HaaS) market?
• Which is the largest regional market for Hardware As A Service (HaaS) market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Hardware As A Service (HaaS) market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Hardware As A Service (HaaS) market worldwide?