Published Date : 04 Sep 2023
The global hardware support services market size is anticipated to reach around USD 2,514.42 billion by 2032 up from USD 1,060.25 billion in 2022 with a CAGR of 9.02% Between 2023 and 2032. Increased sale of electronic devices is growing the demand for hardware support services.
Hardware support service is a term used to refer to proper hardware maintenance performed for repairing or replacing the hardware, technical assistance or consulting services and other services provided for hardware to enhance the lifecycle and performance of a device. Small, medium and large-sized businesses purchase hardware support services for their infrastructure to enhance productivity on a contract basis.
As the Information & Technology (IT) industry becomes ubiquitous, the demand for hardware support services will likely increase. The hardware support services are available in both online and offline modes. Every device requires a routine clean-up, repair and replacement of hardware. The hardware services consist of preventive and remedial services that offer physical repair for the hardware in devices. The global hardware support services market is expected to grow during the forecast period owing to the surged economic growth across the globe. Several key players that provide hardware support services are focused on adopting new technologies to enhance the speed of hardware maintenance. Advanced technologies such as augmented and virtual reality are likely to enhance the efficiency of hardware services processes.
Hardware Support Services Market Report Scope:
|Market Revenue in 2023||USD 1,155.88 Billion|
|Projected Forecast Revenue in 2032||USD 2,514.42 Billion|
|Growth Rate from 2023 to 2032||CAGR of 9.02%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
North America acquires the largest revenue share of the global hardware support services market. Especially, the networking support service segment shows potential growth in the region. The U.S. and Canada are major contributors to the region owing to the developed IT infrastructure in the countries. Along with this, North America has major key players in the global hardware support services and other IT solutions market. Acquisition AVAX Manufacturing Corporation, ASCOP Technology Limited, Accenture, Limestone Digital, Computer Sciences Corporation, IBM.
The overall hardware support services market is expected to grow in Europe. The market growth is attributed to the region's increased spending on IT infrastructure. Along with this, market growth is expected to be aided by the increased investments in smart city development in Europe. Germany is a home for IT companies in Europe. This factor makes Germany the most significant contributor to hardware support services owing to the growing number of contracts for hardware services by companies. Major key players such as T-Systems, GLOBOS Logistics and Andersen Germany GmbH are contributing to the growth of the European hardware support services market.
Boosted sales of electronic devices in recent years make Asia Pacific the fastest-growing region in the global hardware support services market. The presence of top network hardware services companies in Asia Pacific, such as Shenzhen Saintway Technology, Faytech Tech, CCL Tech, HCL Infosystems, network, Net build and Hatechno. Most of these companies are involved in providing networking support services, which is considered as one of the fastest-growing segments in the global hardware support services market. Considering the growth of networking support services, companies in Asia Pacific hold the potential to grow during the forecast period.
The hardware support services market in the Middle East and Africa is growing. Sariya Company Limited, Team Yamama and Rachip are significant hardware providers services in the Middle East. Several governments of gulf countries in the Middle East are focused on creating hubs for technological companies, which subsequently grows the demand for hardware services during the forecast period.
Increasing focus on the creation of smart cities by several governments
Governments across the globe have started focusing on creating smart cities for improved infrastructure and promoting a quality lifestyle for the population. The increased focus on innovative city development in countries such as China, India, Germany and gulf countries in the Middle East is seen as a significant driver for the global hardware support services market. The demand for advanced hardware products is expected to grow with increasing activities for smart city creation.
The connected Internet of Things (IoT) is vital to a smart city. Products such as smart streetlights, parking lots sensors, waste management systems, emergency detection systems, digital mapping systems on streets and other products that support smart infrastructure are required to create a smart city. All these products require timely hardware support services for work continuity and enhanced lifespan of products. The concept of a smart city is becoming popular in many developing countries. For example, China has more than 1000 pilot projects for smart city creation, and these projects will soon be imposed in the nation. Growing focus on smart city development and boosted demand for smart products/devices will fuel the global market for hardware support services.
Lack of skilled professionals in the market
The lack of a skilled workforce for providing hardware support services is considered a major restraining factor for the growth of the global hardware support services market. Hardware support service includes complex work structures, which surges the demand for advanced skilled professionals in maintenance. Devices that require regular hardware support service, such as phones, laptops, computers, printers and scanners, diversify in design and technology, which require trained personnel with adequate knowledge of advanced hardware in every device. Thus, a shortage or lack of skilled professionals for services is likely to hamper the growth of the global hardware support services market.
Rising adoption of cloud computing across the globe
Companies and organizations are focusing on adopting cloud computing to save their IT expenses/expenditures. The safe and convenient use has boosted the demand for cloud computing globally. Other benefits of cloud computing are ample storage space, more scalability, enhanced computing power, access to data remotely and availability of virtual resources. The cloud computing network is made with numerous software and hardware. Some hardware used in cloud computing are switches, firewalls, routers, storage arrays and servers. Hardware support services are required to maintain or even boost the efficiency of this hardware involved in cloud computing.
The rising adoption of cloud computing in companies worldwide demands timely hardware services and maintenance to keep up with productivity. Additionally, the demand for hardware recovery tools has increased in recent years. This factor opens lucrative opportunities for manufacturers, investors and other companies involved in the global hardware support services market.
High cost associated with the hardware support services
The cost of replacing and repairing the hardware for electronic devices such as displays, keyboards, touchpads, motherboards or speakers is high. Expensive necessary equipment, complex procedures and the requirement of expertise or skilled professionals collectively make the hardware support services costly. The cost factor makes it difficult for small companies or organizations to adopt or purchase hardware support services. The excessive prices associated with hardware maintenance create obstacles for the hardware support services market growth and a significant challenge for the market.
Major Key Players:
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