IT Hardware Market Size (2024 - 2029)

The market size of the IT hardware industry, which includes the production, distribution, and sale of computer hardware components and devices, is expected to grow significantly in the coming years. This growth is driven by several factors, including the increasing popularity of laptops and tablets due to their mobility and versatility, the rapid expansion of the IT industry, and the digitization of the public sector. However, the rising concern over e-waste poses a restraint on the market. Despite this challenge, the COVID-19 pandemic has led to a surge in demand for IT hardware devices as organizations and educational institutions have adopted remote work and distance learning models.

Market Size of IT Hardware Industry

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IT Hardware Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 130.86 Billion
Market Size (2029) USD 191.03 Billion
CAGR (2024 - 2029) 7.86 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

IT Hardware Market Major Players

*Disclaimer: Major Players sorted in no particular order

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IT Hardware Market Analysis

The IT Hardware Market size is estimated at USD 130.86 billion in 2024, and is expected to reach USD 191.03 billion by 2029, growing at a CAGR of 7.86% during the forecast period (2024-2029).

The IT hardware market refers to the global industry encompassing the production, distribution, and sale of computer hardware components and devices. IT hardware includes a wide range of products, such as personal computers, laptops, servers, storage devices, networking equipment, peripherals (such as keyboards and printers), and other electronic devices used for computing.

  • Laptops and tablets have gained popularity due to their mobility and versatility. These devices are widely used for work, education, entertainment, and personal use. Manufacturers continually introduce new models with improved features like faster processors, better displays, longer battery life, and enhanced connectivity options.
  • The rapid growth of the IT industry has been a significant driver for the IT hardware market. IT is crucial in various sectors, including business, healthcare, education, finance, entertainment, and government. As the industry continues to expand and evolve, the demand for IT hardware increases correspondingly.
  • The increasing digitization of the public sector is a significant driver for the IT hardware market. Governments worldwide recognize the benefits of digital technologies and are implementing various initiatives to enhance their service delivery, improve efficiency, and provide better citizen-centric solutions.
  • The rising concern regarding e-waste poses a restraint on the IT hardware market. E-waste refers to electronic waste generated from discarded or obsolete electronic devices, including IT hardware components. As technology evolves rapidly, the lifespan of IT hardware devices has become shorter, leading to a significant increase in e-waste volumes.
  • The COVID-19 pandemic forced many organizations and educational institutions to adopt remote work and distance learning models. This led to a surge in demand for IT hardware devices like laptops, desktops, webcams, and accessories as individuals and businesses needed to equip themselves for remote work and learning environments.

IT Hardware Industry Segmentation

Hardware (H/W), in the context of technology, refers to the physical elements that make up a computer or electronic system and everything else involved that is physically tangible.

The IT Hardware Market is Segmented By Type (PC & Workstations, Networking Hardware - Routers, Hubs, Switches, Server, Storage Devices), by Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value in USD billion for all the above segments.

By Type
PC & Workstation
Networking Hardware - Routers, Hubs, Switches
Server Market
Storage Devices
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East and Africa

IT Hardware Market Size Summary

The IT hardware market, which includes products such as personal computers, laptops, servers, storage devices, networking equipment, and peripherals, is experiencing significant growth. This growth is driven by the increasing popularity of laptops and tablets, the rapid expansion of the IT industry, and the digitization of the public sector. However, the market faces challenges such as the rising concern over e-waste and the short lifespan of IT hardware devices. Despite these challenges, the demand for IT hardware has surged due to the adoption of remote work and distance learning models during the COVID-19 pandemic. Market trends indicate that the rapid growth of the IT industry, particularly in areas such as cloud computing, big data analytics, artificial intelligence (AI), machine learning (ML), and Internet of Things (IoT), is expected to continue driving the IT hardware market. The ongoing advancements in IT hardware and the need for upgraded hardware to support emerging technologies like 5G networks, edge computing, and quantum computing also contribute to market growth. The IT hardware market is highly competitive, with major players like HP Inc., Samsung Electronics Co. Ltd., Intel Corporation, Dell Technologies Inc., and Acer Inc. adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain a competitive advantage.

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IT Hardware Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Threat of New Entrants

      2. 1.2.2 Bargaining Power of Buyers/Consumers

      3. 1.2.3 Bargaining Power of Suppliers

      4. 1.2.4 Threat of Substitute Products

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Assessment Of the Impact of COVID-19 on the Industry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 PC & Workstation

      2. 2.1.2 Networking Hardware - Routers, Hubs, Switches

      3. 2.1.3 Server Market

      4. 2.1.4 Storage Devices

    2. 2.2 By Geography

      1. 2.2.1 North America

      2. 2.2.2 Europe

      3. 2.2.3 Asia Pacific

      4. 2.2.4 Latin America

      5. 2.2.5 Middle East and Africa

IT Hardware Market Size FAQs

The Global IT Hardware Market size is expected to reach USD 130.86 billion in 2024 and grow at a CAGR of 7.86% to reach USD 191.03 billion by 2029.

In 2024, the Global IT Hardware Market size is expected to reach USD 130.86 billion.

IT Hardware Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)