by Hardware support services help ensure smooth functioning of the hardware infrastructure of organizations through onsite repairs, replacements, upgradation, and preventive maintenance. These services help save firms substantial repair and downtime costs associated with hardware failures. With growing digital transformation and advanced technologies like cloud computing, IoT, and big data becoming integral part of business operations worldwide, dependency on hardware infrastructure has increased manifold. This has fueled demand for capable hardware support services that can support modern technological needs of organizations seamlessly.
The global Hardware Support Services Market is estimated to be valued at US$ 1,158.85 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Growing adoption of advanced technologies is a major trend fueling the growth of the hardware support services market. Organizations globally are increasingly adopting newer technologies like cloud, IoT, AI etc. to improve efficiencies and remain competitive. However, the maintenance and support of advanced hardware required to deploy these technologies is challenging. This has necessitated hardware OEMs and support service providers to upgrade their service offerings to address complex needs of modern IT infrastructure. They are focusing on developing capabilities around emerging technologies through a skilled workforce, centralized monitoring & management tools, and customized support packages.
This is helping hardware support players capitalize on the increasing demand for managing complex hardware landscapes that power digital transformation initiatives of global firms. Growing demand for managed services is another key trend, as organizations prefer outsourcing non-core operations to optimize costs and focus on core business activities.
SWOT Analysis
Strength: Hardware support services help reduce downtime and improve productivity. They offer round-the-clock technical assistance to resolve hardware issues quickly.
Weakness: Small hardware service providers may lack resources and expertise compared to large vendors. Troubleshooting complex hardware problems remotely can be challenging.
Opportunity: Growing digitization and adoption of IoT devices is increasing the need for reliable hardware support. The shift to hybrid work models also creates demand for supporting a variety of user devices remotely.
Threats: Low switching costs encourage customers to choose support based on price over quality of service. Free online support forums pose competition to paid service contracts.
Key Takeaways
The global Hardware Support Services Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The increasing usage of smart devices, systems and equipment across industries is driving the demand for support services to resolve operational issues. The growing digitization trends and transition to hybrid work environments are also creating more opportunities for remote device support.
Regional analysis: North America currently dominates the market due to high technology adoption rates and presence of leading vendors in the region. Asia Pacific is expected to grow at the fastest rate owing to rising investments in emerging technologies, expanding e-commerce industries and a growing tech-savvy population. Countries like China, India and Japan are emerging as major markets for hardware support services.
Key players: Key players operating in the Hardware Support Services market are Dell, IBM, Hewlett Packard Enterprise, Fujitsu, Lenovo, Hitachi, Toshiba, Apple, Samsung, Microsoft, Cisco, HCL Technologies, Wipro, Infosys, Tata Consultancy Services, Tech Mahindra, Unisys. These players are focusing on partnerships, acquisitions and new service launches to expand their geographic footprint and service portfolios. For example, Dell acquired Perot Systems in 2009 and Enstratius in 2019 to enhance its managed services capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
