The global device-as-a-service market size was estimated at around USD 58.42 billion in 2022 and it is projected to hit around USD 1,445.34 billion by 2032, growing at a CAGR of 37.83% from 2023 to 2032.
Report Scope of the Device-as-a-Service Market
|Market Size in 2022||USD 58.42 billion|
|Revenue Forecast by 2032||USD 1,445.34 billion|
|Growth rate from 2023 to 2032||CAGR of 37.83%|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Covered||Accenture; Acer Inc.; Apple Inc.; Cisco; Cognizant; Computacenter; Dell technologies; Intel Corporation; Hewlett Packard; Lenovo|
The promising growth prospects of the market can be attributed to the growing demand for a subscription model that can allow end-users to switch from a capital expenditure-based model to an operating expenses-based model and acquire the latest technology. The increasing adoption of cloud services in developing countries is expected to drive market growth. Furthermore, the adoption of contact-based services and solutions by small and medium enterprises is expected to favor the growth of the market. The COVID-19 pandemic had a positive impact on the market. The pandemic significantly changed the work dynamics globally, compelling businesses to prioritize the adoption of the cloud and remote working practices to curb the spread of COVID-19 infections. Furthermore, the pandemic has encouraged digital transformation activities and the adoption of several technologies, boosting the adoption of the device-as-a-service (DaaS) model.
DaaS enables timely upgrade and maintenance of software and hardware, allowing companies to reduce the IT burden; moreover, the model helps avoid technological obsolescence, ultimately enhancing productivity. Flexible structuring of device-as-a-service offers businesses to scale up/scale down device count and attached services. These factors are expected to drive the market over the forecast period.
Furthermore, the rapid adoption of the subscription model, higher policy compliance, increased user productivity, reduction in help desk spending, and the growing need for cost-efficient and secured devices have accelerated the market growth. The boost in the startup ecosystem is expected to drive the demand for the DaaS model. However, the lack of technical expertise and adoption of CYOD policies could hamper the growth of the market.
The device-as-a-service model is gaining popularity among large as well as small and medium enterprises as it allows them to lease hardware such as laptops, desktops, smartphones, and tablets with preconfigured software or services. The increased adoption of IoT is also expected to drive the demand for the model. Technological advancements, increasing penetration of high-speed networks, and growing advancements in web services are other factors expected to drive the growth of the Device-as-a-Service market.
Device-as-a-Service Market Segmentations:
|By Offering||By Device Type||By Organization||By Industry Vertical|
Laptop, Notebook, and Tablet
Smartphone and Peripheral
Small and Medium Enterprise
Banking, Financial Services and Insurance (BFSI)
Healthcare and Life Science
IT & Telecommunication
Public Sector and Government Office