Market Trends of Hardware-as-a-Service (HaaS) Industry
Retail/Wholesale Sector Holds Largest Share in the Market
- The adoption of HaaS varies from industry to industry. Among all organizations, retail/wholesale organizations are found to have adopted the HaaS model to a more significant extent, followed by Education and Financial services sector. Retail/wholesale organizations have hundreds or thousands of stores spread worldwide, making it difficult for internal IT teams to service more remote areas.
- Spiceworks surveyed more than 1,100 IT decision-makers in organizations across North America and Europe to understand the penetration of the hardware-as-service model in the workplace. The survey showed that around 31% of retail/wholesale organizations already use the HaaS model (one or more types of devices). An additional 7% of the remaining retail businesses plan to adopt HaaS within the next two years. Part replacement, hardware support, and troubleshooting are some of this model's most commonly used services.
- During the pandemic, the retail sector was one of the deemed essential businesses in many countries that were allowed to stay open when other industries had to shut their doors. Due to the growing need for numerous hardware systems among retailers, wholesalers, supermarkets, and department stores, this industry is predicted to hold a significant position.
- The retail sector has seen a lot of investments and developments recently. Retail tech companies supporting the retail industry with services such as digital ledgers, inventory management, payments solutions, and logistics and fulfillment tools enhance the need for HaaS services.
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Demand from Asia-Pacific is expected to Drive the Growth
- Asia is home to some of the fastest-growing economies, such as India and China. A large IT and Telecommunication industry workforce and many enterprises are expected to boost the demand for the hardware-as-a-service model.
- Furthermore, several life sciences and retail organizations, the rising number of small and medium-sized enterprises, and the increasing awareness of HaaS are expected to drive the market over the forecast period.
- With many small or mid-sized businesses in China, Taiwan, South Korea, India, and Japan, the Asia-Pacific region is expected to experience the highest growth rate during the forecast period since the HaaS model is a cost-effective method for optimal utilization of information technology hardware. Moreover, the region enjoys the presence of several significant vendors in the hardware market, thus driving the demand for HaaS.
- Hardware-as-a-service enables timely upgrade and maintenance of hardware and software, allowing companies to reduce IT burdens; moreover, it helps avoid technological obsolescence, ultimately enhancing productivity.
- Implementing hardware-as-a-service in the IT and telecommunication industries helps companies reduce IT budgets by providing reasonable rates for renting hardware, decreasing downtime, and adequately managing devices by giving security and software services.
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