The Hardware Support Services Market is estimated to be valued at US$ 1,158.85 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hardware support services help to maintain, repair, and troubleshoot issues with hardware products like computers, servers, networking equipment, printers, and more. These services involve activities like on-site repairs, remote diagnostics and support, replacement of defective parts, accidental damage protection, 24×7 technical assistance over phone or online portals. They provide businesses continuity of operations and help minimize downtime by getting devices up and running quickly. Hardware support services are highly essential for large enterprises and organizations which rely heavily on IT infrastructure for their daily operations.
Market Dynamics:
Growth in the IT sector and increasing digitalization trends are driving the demand for hardware support services globally. Various businesses and institutions are heavily investing in advanced technologies like cloud, big data analytics, artificial intelligence, IoT and more which require a strong hardware infrastructure. This is creating a constant need for maintenance and upkeep of various devices including servers, PCs, networking equipment, storage solutions etc. Any technical glitches can significantly hamper operations, hence hardware support services play a key role in minimizing downtime. Another major factor fueling the market is growing bring-your-own-device (BYOD) trends in workplaces. Many companies are allowing employees to use personal devices for work which increases need for technical assistance and support.
Segment Analysis
Content: The Global Hardware Support Services Market Size can be segmented into product support services and maintenance. Product support services is the dominating segment as it allows customers to receive technical assistance and repair services directly from original equipment manufacturers over phone, email or web. This provides customers direct support from manufacturers for their hardware products such as servers, PCs, laptops, mobile phones etc. helping them save costs of third party support vendors.
PEST Analysis
Content: Political: Trade policies and regulations supporting local manufacturing can boost hardware manufacturing and in turn hardware support services market. Economic: Rising global GDP and corporate IT budgets drive hardware procurement and subsequent increase in demand for support services. Social: Increasing digitization across industries andBring Your Own Device trend increases complexity of heterogeneous IT infrastructure requiring professional support services. Technological: Advancements in AI, IoT, 5G, machine learning etc. drive new hardware launches requiring latest support services and escalating market growth.
Key Takeaways
Content: The global Hardware Support Services Market is expected to witness high growth, exhibiting a CAGR of 9.3% over the forecast period due to increasing hardware procurement across industries for digital transformation initiatives. The market size is projected to reach US$ 1,158.85 Bn by 2030 from US$ 634.54 Bn in 2023.
Regionally, North America dominates the market currently due to high technology adoption. However, Asia Pacific region is expected to exhibit highest growth due to increasing investments in digital infrastructure from key economies like China and India. Countries like China, Japan and South Korea are rapidly investing inIoT, AI and cloud based solutions requiring professional support services.
Key players operating in the Hardware Support Services market are Dell, IBM, Hewlett Packard Enterprise, Fujitsu, Lenovo, Hitachi, Toshiba, Apple, Samsung, Microsoft, Cisco, HCL Technologies, Wipro, Infosys, Tata Consultancy Services, Tech Mahindra, Unisys, Dimension Data, Getronics, and CompuCom. Major players are focusing on partnerships, acquisitions and innovations in AI, analytics to provide predictive, preventive maintenance and optimize support services.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it