Hardware as a Service Market – Snapshot
Hardware as a service (HaaS) is an innovative, contemporary offering that eliminates the stress and expense of buying hardware. This affordable, managed solution is a rental agreement that combines maintenance and support with the latest technology. In the hardware as a service model, hardware is installed at the client’s site along with a service level agreement between the client and managed service provider (MSP). In this service model, either the client pays a monthly fee for using the hardware, or its use is incorporated into the MSP’s fee structure for installing, monitoring, and maintaining the hardware. According to the service level agreement, if the hardware breaks down or becomes outdated, the MSP is responsible for decommissioning it and replacing it by wiping proprietary data or physically destroying hard drives.
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In more recent times, many technological advancements have taken place in the hardware as a service market. BFSI, IT and telecom, education sector, government sector, and construction and manufacturing industry widely use HaaS systems. Therefore, the hardware as a service market is expected to expand at a rapid pace in the coming years. Growing need to adopt new IT solutions with modern consumer trends across the world is primarily driving demand for hardware as a service. This is anticipated to drive the market over the forecast period. 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. However, high risk of data security and low interoperability is projected to inhibit the growth of the HaaS market across the world. The HaaS market is likely to reach a value of US$ 304.80Bn by 2026 from US$ 40.88Bn in 2017, expanding at a CAGR of 25.6% during the forecast period.
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Based on component, the hardware as a service market can be segmented into hardware and professional services. The desktop/PC hardware sub-segment accounted for a significant market share globally in 2017.The sub-segment is projected to hold its leading position over the forecast period. The computer networking devices hardware sub-segment is estimated to expand at a rapid pace during the forecast period. Based on professional services, the support and maintenance services sub-segment accounted for the major share in the global hardware as a service market in 2017 and is projected to maintain its position in the coming years. With this service, IT companies can manage most of their activity remotely, which further reduces the time and money involved in production activity. Under the professional services segment, consulting & integration services sub-segment is slated to expand significantly over the forecast period, as it delivers quality services and enhances operational efficiency of the hardware.
In terms of hardware model, the desktop/PC as a service segment accounted for major share of the market and is estimated to maintain its leading position over the forecast period. The rapid growth of on demand services in the consumer world has led to the growth of desktop/PC as a service in the business environment.
On the basis of deployment, on-premise based hardware as a service segment occupied major market share in 2017due to its cost effectiveness, while the cloud based HaaS segment is likely to expand significantly over the forecast period. The public cloud sub-segment accounted for a prominent share of the cloud segment in 2017 due to growing availability of HaaS applications on various hardware models which are mostly governed by public clouds, and is expected to expand at a significant pace during the forecast period.
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Based on industry vertical, the hardware as a service market can be categorized into BFSI (banking, financial, services and insurance), telecom and IT, government, healthcare, education, legal, construction, manufacturing, and others. Others segment includes retail, and media and entertainment sector. The telecom and IT sector is the prominent user of hardware as a service systems followed by the BFSI sector, while the government sector is projected to expand at a rapid pace over the forecast period. Government sector is projected to witness higher level of adoption, thereby creating a high potential customer base. Different HaaS benefits including low capital expenditure, low deployment and design costs, and automatic software updates, among others are encouraging enterprises to opt for hosted or cloud-based hardware services, which in turn is driving the adoption of HaaS across these industry verticals.
The market in North America is anticipated to contribute significantly to revenue in the near future due to a large base of existing users in the region. The market in Europe and South America is anticipated to follow a similar trend between 2018 and 2026. Furthermore, the market in APAC and Middle East & Africa is likely to expand at a robust CAGR in the coming years.
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