July 16, 2024
global Hardware Support Services Market
Ict

Hardware Support Services Market is Estimated To Witness High Growth Owing To Increasing Demand for IT Infrastructure

The global Hardware Support Services Market is estimated to be valued at US$1,158.85 billion in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Hardware Support Services Market refers to services provided to maintain and support the hardware infrastructure of an organization. These services include installation, maintenance, repair, and troubleshooting of computer hardware, servers, storage devices, and other peripherals. Hardware support services are essential for ensuring the smooth functioning of IT infrastructure and minimizing downtime. They help organizations optimize their hardware investments, enhance operational efficiency, and mitigate the risk of system failures. With the increasing adoption of technology across various industries, the demand for hardware support services is expected to grow significantly.

Market key trends:
One of the key trends driving the Hardware Support Services Market Share is the increasing demand for IT infrastructure. With the digital transformation of businesses and the growing reliance on technological solutions, organizations are investing heavily in IT infrastructure. This includes hardware components such as servers, storage devices, networking equipment, and other peripherals. As the complexity and scale of IT infrastructure increase, the need for efficient and reliable hardware support services also grows. Organizations are seeking comprehensive support solutions that can address their evolving hardware needs and ensure uninterrupted operations. Service providers in the market are focusing on offering proactive maintenance, remote troubleshooting, and rapid on-site support to meet the demands of customers.

PEST Analysis:

Political: The political factors influencing the hardware support services market include government regulations and policies related to technology and trade. Government initiatives to support the digitization of industries can create opportunities for market growth.

Economic: Economic factors such as GDP growth rates, inflation rates, and disposable income levels impact the demand for hardware support services. Increasing investment in IT infrastructure and rising adoption of advanced technologies drive the growth of the market.

Social: Social factors like changing consumer preferences, increasing awareness about the benefits of IT services, and the need for efficient hardware support solutions contribute to market growth. The growing trend of remote work and the need for reliable IT support drives the demand for hardware support services.

Technological: The technological factors influencing the hardware support services market include advancements in cloud computing, artificial intelligence, and automation. These technologies create opportunities for the development of innovative hardware support solutions and drive market growth.

Key Takeaways:

The global hardware support services market is expected to witness high growth, exhibiting a CAGR of 9.3% over the forecast period from 2023 to 2030. This growth can be attributed to increasing investment in IT infrastructure and the rising adoption of advanced technologies by various industries. The demand for hardware support services is expected to surge as organizations prioritize the maintenance and optimization of their IT hardware to ensure uninterrupted operations.

In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the hardware support services market. This can be attributed to the presence of major IT companies and a strong focus on technological advancements in countries like the United States and Canada. The increasing adoption of cloud computing and data analytics in the region also contributes to market growth.

Key players operating in the hardware support services market include 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. These key players offer a wide range of hardware support services and have a strong market presence, contributing to the growth and competitiveness of the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it