April 20, 2024
Hardware Support Services Market

Hardware Support Services is Driving Growth through improving uptime

Hardware support services are playing a key role in achieving higher equipment uptime by providing timely maintenance and repair, which has become an important trend in recent times.
Hardware support services offer maintenance, repair and technical support services to various types of hardware equipment including medical devices, industrial machinery, networking hardware and others. These services help in smooth functioning of hardware by reducing breakdowns and ensuring quick resolution of technical issues. Hardware support technicians perform preventive maintenance checks, diagnose and troubleshoot problems, replace worn out parts and update system software. This enhances the performance and lifespan of hardware assets. The services are vital for industries requiring constant uptime of machinery for critical operations.

The Global Hardware Support Services Market is estimated to be valued at US$ 1335 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2031.

Key Takeaways
Key players operating in the Hardware Support Services are ICU Medical, BD, 3M, Merit Medical Systems, Omnia Health, B. Braun SE, Agilent Technologies Inc., Biocrates Lifescience AG, Bio-Rad Laboratories Inc., Pursuit Vascular Inc., JCM Med.

The demand for hardware support services is growing rapidly due to increasing complexity and frequent technological advancements in hardware equipment. Continuous upgradation of systems has made preventive maintenance and quick breakdown resolution more important.

The Hardware Support Services Market Size is expanding globally due to growing hardware installation base across industries and geographies. Market leaders are focusing on partnerships to enhance service reach in emerging markets and better support multinational customers.

Market key trends
Remote monitoring and predictive maintenance capabilities are a major trend in the hardware support services market. Hardware OEMs are offering digital service solutions involving sensor-based condition monitoring of devices and data analytics to predict failures. This allows fixing issues proactively before any downtime occurs. Remote diagnostic services have grown in prominence due to work from home shifts during the COVID-19 pandemic.

Porter’s Analysis
Threat of new entrants: Low startup costs and no major intellectual property barriers allow for new entrants in the market.
Bargaining power of buyers: Large buyers such as hospitals can negotiate lower prices due to their high purchase volumes.
Bargaining power of suppliers: A few large suppliers like ICU Medical dominate the market, giving them strong negotiating power over prices and product offerings.
Threat of new substitutes: Technological advancements may lead to new substitutes that could disrupt the market.
Competitive rivalry: The market is highly competitive due to presence of many global as well as regional players competing on product features and pricing.

Geographical Regions
North America accounts for the largest share of the global hardware support services market, valued at around US$ 500 Bn in 2024. This is due to the region’s highly developed healthcare infrastructure and adoption of advanced medical technologies.

Asia Pacific region is expected to register the fastest growth during the forecast period, with a CAGR of over 12%. Factors such as increasing healthcare spending, rising geriatric population, and growing medical tourism are driving the demand for hardware support services in Asia Pacific countries like China and India.

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