Global Device-as-a-Service (DaaS) Market Research Report: Forecast (2024-2030)

Market Definition

Device-as-a-Service (DaaS) is a subscription-based model in which businesses or enterprises opt for rented hardware devices like computers, laptops, tablets, smartphones, IoT devices, and software platforms from a service provider instead of buying and owning them directly.

Market Insights & Analysis: Global Device-as-a-Service (DaaS) Market (2024-30):

The Global Device-as-a-Service (DaaS) Market size is estimated to grow at a CAGR of around 25.75% during the forecast period, i.e., 2024-30. The factors attributing to the growth of the Device-as-a-Service are the increasing usage of DaaS solutions in end-user industries like BFSI, IT & Telecom, etc., and the rising government initiatives for digitalization. In recent years, the internet penetration of countries like India, China, the UAE, etc., has significantly increased.

According to the China Internet Network Information Center (CNNIC), in 2023, the internet penetration in China reached 77.5%, an increase of about 3% compared to 2022. The surge in internet penetration rates & accessibility of smartphones has created a conducive environment for businesses. As a result, several organizations are transitioning towards digitalization and providing digital services to consumers. The increasing inclination of large & medium scale enterprises towards digitalization is enhancing the adoption of DaaS solutions since these solutions help organizations manage and analyze digital data cost-effectively.

In addition, digital services streamline the administrative process & reduce manual efforts, and offer transparency. Along with it, digitalization helps end-users, like the government, BFSI, IT & Telecom, etc., make informed decisions based on the collected data, which improves the quality of services delivered to consumers. As a result, the governments of countries like the UAE, India, Indonesia, etc., are laying initiatives such as Digital India, the UAE Digital Government Strategy 2025, etc., to facilitate the adoption of digitalization across different industry verticals. The increasing implementation of these government initiatives is enhancing the adoption of cost-effective digital solutions within organizations, necessitating the requirement for DaaS solutions to provide access to advanced analytics at minimal costs, driving market growth & expansion.

Further, the governments of countries like the US, India, etc., are rolling out 5G in their countries to provide excellent technology infrastructure to tech companies & users. The governments of these countries & private telecom companies are investing heavily to stimulate the adoption of 5G in their countries. According to the company website, Jio, an Indian telecommunications corporation, announced an investment of around USD 14 billion to roll out the 5G network in India. These rising investments to augment the 5G network would facilitate the need for digital solutions for data utilization & analysis. Hence, end-users would seek to use DaaS solutions to enable faster data processing and localized analytics, boosting the size & volume of the Global Device-as-a-Service (DaaS) Market during the forecast period.

Global Device-as-a-Service (DaaS) Market Driver:

Expansion of IT & Telecom Companies Augmenting the Demand for the DaaS – In recent years, government investments to improve digital infrastructure have significantly amplified customer experiences. According to the Ministry of Communications and Information Technology, in 2023, the government of Saudi Arabia announced an investment of around USD 16 billion in research, development, and innovation. Similarly, the government & private entities in other countries like Malaysia, India, and others have also invested heavily in their digital infrastructure. These investments have helped to accelerate internet penetration in these countries and consequently led to higher internet users across the globe. According to the Data Reportal, in 2023, the total number of internet users globally reached around 5.35 billion, an increase of around 250 million users compared to 2022. This surge in internet users is augmenting the need for robust and reliable connectivity solutions. As a result, IT & Telecom companies have been expanding their network infrastructure to deploy high-speed broadband and enhance mobile connectivity. For instance,

• In 2024, Airtel, a telecommunications company, announced its plan to expand into African countries.

These IT & Telecom companies necessarily require solutions that scale their device deployments based on business needs. Therefore, companies use DaaS solutions to ensure optimal device performance and reduce downtime, driving the Global Device-as-a-Service (DaaS) Market.

Global Device-as-a-Service (DaaS) Market Opportunity:

Increasing Digitalization Across the Healthcare Sector to Offer Lucrative Opportunities – Post-COVID-19, there has been a demand for digital healthcare platforms across the globe since they provide easy access to healthcare services, like medical assistance, medical prescriptions, & medicine delivery to consumers. According to the Centers for Disease Control and Prevention, telemedicine appointments in the US increased to 43% post-COVID-19. Moreover, these digital healthcare platforms are also suitable for rural and remote areas where healthcare facilities are inaccessible. As a result, the governments of countries like Saudi Arabia, India, etc., are promoting digitalization across the healthcare sector so that consumers can seek remote consultations through mobile health apps.

In addition, governments are also laying initiatives like Digital Health, which would further compel hospitals & nursing clinics to opt for digital platforms to enable patients to access medical advice, diagnostics, prescriptions, and follow-up care without geographical constraints. This digitalization across healthcare facilities would pose an opportunity for the leading market players, like Lenovo, HP, etc., to offer their DaaS solutions to require nursing homes, medical units, and others to manage their digital services, uplifting the Global Device-as-a-Service (DaaS) Market in the coming years.

Global Device-as-a-Service (DaaS) Market Challenge:

Data Security and Privacy Concerns Hamper the Market Growth – Several end-users, like BFSI, IT & telecom, etc., have critical user information like bank details and the company's financial details. As a result, data protection becomes paramount for these organizations. Therefore, end-users often tend to have in-house solutions & devices rather than third-party DaaS solutions since they are less reliable for the critical end-user industry. Hence, organizations are operating in-house solutions to ensure that consumers & company data are protected from cybersecurity attacks and breaches, hampering market growth.

In addition, the governments of countries like the US, Germany, etc., have implemented cybersecurity laws, like the Digital Personal Data Protection (DPDP) Act, to ensure critical data protection. Therefore, few end-user organizations and businesses are deploying in-house solutions to control data management and comply with these regulations, restraining market growth & expansion.

Global Device-as-a-Service (DaaS) Market Trend:

Increasing Inclination Towards Artificial Intelligence & Machine Learning to Boost Market Growth – In recent years, there has been an increasing inclination towards emerging technologies, like Artificial Intelligence (AI) & Machine Learning (ML), within end-user industries like BFSI, healthcare, etc. These industries are increasingly leveraging these technologies to ease & streamline their operations since these technologies help enhance the customer experience via predictive analysis. Moreover, industries are undergoing the Industrial 4.0 revolution. As a result, manufacturing units across the globe are integrating these emerging technologies to automate the manufacturing or production process.

Further, the amalgamation of AI & ML requires large volumes of data for training, processing, and analysis. As a result, end-users are utilizing DaaS solutions to provide access to high-performance computing devices, cloud resources, and data storage infrastructure needed for AI and ML workloads. Moreover, the DaaS solutions also help companies scale their computational resources based on data processing demands. Therefore, DaaS solutions are emerging as a preferable choice among the different industry verticals & driving market growth & expansion.

Global Device-as-a-Service (DaaS) Market (2024-30): Segmentation Analysis

The Global Device-as-a-Service (DaaS) Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. According to the analysis, the market has been further classified as:

Based on Enterprise Size:

• Large Enterprises
• Medium Enterprises
• Small Enterprises

Among them, Large Enterprises held the largest market share in the Global Device-as-a-Service (DaaS) Market. Large enterprises have complex device ecosystems comprising PCs, laptops, tablets, smartphones, IoT devices, and other specialized industry-specific equipment. As a result, these enterprises require comprehensive device management solutions, including procurement, provisioning, deployment, configuration, maintenance, repairs, updates, and end-of-life services. Therefore, these organizations increasingly opt for DaaS solutions to streamline device lifecycle management, ensure compliance, enhance security, and minimize downtime across their extensive device fleets.

In addition, the growing internet penetration and smartphone accessibility across the globe are leading to higher data generation. As a result, the requirement for solutions to manage scalability within large enterprises is becoming paramount. Hence, the demand for DaaS solutions to manage services and support tailored, complex requirements will continue to rise in the forthcoming years.

Based on End User:

• IT/ITES & Telecom
• Government
• BFSI
• Healthcare
• Education
• Others

The BFSI segment held a prominent market share in the Global Device-as-a-Service (DaaS) market. The governments of countries like India, the UAE, etc., are increasingly taking initiatives to enhance the digital economy of their countries and enhance the customer experience. As a result, financial institutions, including banks & insurance companies, are increasingly amalgamating digital technologies & adopting digitalization. Digitalization across the BFSI sector is enhancing the demand for DaaS solutions to access banking services conveniently and perform transactions securely, contributing to the enlargement of the BFSI market share in the Global Device-as-a-Service (DaaS) market.

Moreover, the changing consumer preference and inclination of consumers towards digital payments would further necessitate the requirement for solutions that help in identity verification, anti-money laundering (AML) protocols, and Know Your Customer (KYC) processes, uplifting the Global Device-as-a-Service (DaaS) Market.

Global Device-as-a-Service (DaaS) Market (2024-30): Regional Projections

Geographically, the Global Device-as-a-Service (DaaS) Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Geographically, North America held a significant market share in the Global Device-as-a-Service (DaaS) Market. Industries in North American countries, like the US, Canada, etc., are at the forefront of technological innovation and increasingly embracing digitalization to improve the quality of service for their citizens. As a result, companies are recognizing the strategic importance of embracing digital solutions to improve business outcomes, drive efficiencies, and deliver superior customer experiences. Hence, they are integrating DaaS solutions within their digital infrastructure to offer scalable, flexible, and cost-effective solutions for managing IT infrastructure and device fleets.

In addition, the governments of countries like the US & Canada are investing heavily in technology & innovation to stay ahead & competitive with other countries. As a result, more enterprises & organizations in these countries will undergo rapid digital transformation, augmenting the requirement for DaaS solutions in the forthcoming years.

Global Device-as-a-Service (DaaS) Industry Recent Development:

• In 2024: Hewlett Packard announced the launch of new DaaS services & solutions to help different industry verticals deliver work efficiently and enhance consumer engagement.

Gain a Competitive Edge with Our Global Device-as-a-Service (DaaS) Market Report

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