Device-as-a-Service (DaaS) Market size was over USD 125.72 billion in 2023 and is projected to exceed USD 3.34 trillion by 2036, witnessing over 28.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of Device-as-a-Service is assessed at USD 154.59 billion. The growth of the market can be attributed to the rising adoption of subscription-based services model, and increasing number of channel partner offering device-as-a-service. Along with these, growing need to reduce the capital expense (CAPEX) and operating expense (OPEX) among enterprises, and escalating adoption of contract-based solutions among small and medium sized-businesses are also expected to boost the drive market growth in the forthcoming years. Furthermore, rapid surge in the usage of cloud services in developing nations, and growth in the penetration of smart devices are projected to offer lucrative opportunities to the market in the near future. As of 2020, there are more than 3 billion people globally who use smartphones. By the end of 2021, this userbase is calculated to reach a value of approximately 4 billion.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
28.7% |
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Base Year Market Size (2023) |
USD 125.72 billion |
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Forecast Year Market Size (2036) |
USD 3.34 trillion |
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Regional Scope |
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The market is segmented by end user into IT & telecommunication, BFSI, education, healthcare, government, and others, out of which, the IT & telecommunication segment is anticipated to hold the largest share in the global device-as-a-service (DaaS) market. The IT & telecommunication sector consists of cable companies, internet service providers and telecommunication companies, as a result this segment generates the highest demand for portable devices. Thus, there is a mounting requirement for software updates and related services, which in turn is predicted to drive the market segment growth in the coming years. Additionally, on the basis of device type, the desktop segment is anticipated to grab the largest share during the forecast period, which can be credited to the rising trend for IT centralization, and increase in the demand for cloud-based virtual services.
Our in-depth analysis of the global device-as-a-service (DaaS) market includes the following segments:
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By Device Type |
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By Offering |
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By End User
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On the basis of geographical analysis, the global device-as-a-service (DaaS) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the presence of large workforce involved in the IT and telecommunication industry, and large number of enterprises in the region. Along with these, increasing rate of internet penetration is also projected to bolster the region’s market growth in the future. According to the World Bank, 35.331 percent of the total population of South Asia used the internet in 2019, a massive increase up from 18.785 percent in 2018.
Moreover, the market in North America is assessed to acquire the largest share during the forecast period owing to the early adoption of technologies, such as IoT and cloud computing, and growing demand for mobile devices in several industry verticals in the region.
April 2021- Lenovo Group Limited’s Intelligent Devices Group in North America announced that it has developed a new device-as-a-service offering designed to meet the needs of small and medium-sized businesses.
January 2019- CompuCom Systems declared the launch of a DaaS offering for Apple hardware including Macs, iPads and iPhones.
Author Credits: Abhishek Verma
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