According to a new market research report published by Credence Research “During the forecast period, the market for hardware as a service (HaaS) is set to grow with a CAGR of 25.2%.”
The market for Hardware as a Service (HaaS) is driven by growing organization digitalization. As internet services are being adopted and advanced technologies such as cloud computing and big data are increasing, organizations are moving towards digital infrastructure in order to gain business agility. The organizations are looking for new ways to reduce expenditure on IT infrastructure and focus more on improving business performance. As a service solution among enterprises, this serves as a major factor driving the demand for hardware.
Key questions answered in this report
- What was the market size of hardware as a service (HaaS) in 2018 and forecast up to 2027?
- Which is the largest regional market for hardware as a service (HaaS)?
- What are the major trends followed in hardware as a service (HaaS) market across different regions?
- Who are the key companies in the hardware as a service (HaaS) market?
- What are the key strategies adopted by the leading hardware as a service (HaaS) companies in market?
Also accelerating the adoption of the hardware as a service (HaaS) solution is the growing demand of the managed service providers among the companies. Managed service providers eliminate the need to purchase the hardware and pay as you use business model, which significantly reduces operating costs and gives business more flexibility. Moreover, the MSPs also offer periodic updates and maintenance service to the customers. These are the major factors that drive the organizations ‘ demand for MSPs.
Based on the application, the hardware as a service market is segmented into banking, financial services, and insurance (BFSI), government, manufacturing, telecom & IT, retail, healthcare, energy & utilities, and education. In 2018, IT & Telecom accounted for over 30% of the hardware market as a service market. Market growth is driven by increasing digitalization in the IT sector. On the other hand, during the forecast period, the healthcare sector is estimated to grow substantially.
In 2018, North America accounted for over 40% of the Hardware as a Service (HaaS) market. However, the market for Asia Pacific’s hardware as a service (HaaS) is estimated to grow substantially over the forecast period. It is estimated that increasing adoption of cloud computing technology will drive market growth. In addition, increasing the adoption of hardware as a service solution throughout SMEs is also a major driver of market growth.
The major vendors in the hardware as a service (HaaS) market Arrow Electronics, CompuCom Systems, Dell Technologies, Hemmersbach, Hewlett-Packard, Lenovo, Microsoft Corporation, Service IT Direct (Bizbang), SHI International, StarHub, and Telia.