Hardware as a Service Market — Expanding at a CAGR of Above 24.6% due to Advance

Posted by RASHMI on May 29th, 2019

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 According to the service level agreement, if the hardware breaks down or becomes outdated, the MSP is responsible for decommissioning it and replacing it by wiping proprietary data or physically destroying hard drives.

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.

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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.