According to a new market report titled Hardware as a Service Market -Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026, published by Transparency Market Research, the global hardware as a service (HaaS) market is expected to reach US$ 304.80 Bn by 2026, expanding at a CAGR of 25.6% from 2018 to 2026. According to the report, the global market is expected to continue to be influenced by a range of macroeconomic and industry-specific factors.
North America is anticipated to continue to be at the forefront of global demand, with the market in the region expanding at a CAGR of above 24.6% during the forecast period. Technical advancements, increased digitization, and presence of a large number of hardware solutions and services providers are anticipated to drive the hardware as a service market in North America.
Increase in the adoption of new IT solutions with modern consumer trends in different organizations and IT modernization is expected to boost the hardware as a service market in the coming years. Moreover, increase in demand for HaaS from the IT and telecom industry is expected to fuel the growth of the market in the near future. Companies are increasingly adopting HaaS solutions which are outsourced by third-party vendors, to reduce their operational costs and increase their revenues. This is likely to propel the growth of the market during the forecast period.
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In terms of hardware as a service systems, both North America and Europe are mature regions of the market, due to high awareness about hardware as a service among users and technological developments. However, the market in Asia Pacific is expected to expand at a robust pace during the forecast period. Rise in penetration of technology as well as significant investments in the optimal utilization of information technology hardware across countries such as the U.S., U.K., Germany, France, China, India, and Brazil are anticipated to offer lucrative opportunities for hardware as a service providers in the near future.
Hardware as a Service Market: Scope of the Report
Based on component, the global hardware as a service market has been segmented into hardware and professional services. The hardware segment i.e. hardware installation and procurement held significant market share and is anticipated to remain dominant over the forecast period in terms of revenue.