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| Hardware Support Services Market |
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 2023-2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview: Hardware support services involve the provision of technical
support and maintenance services for various hardware devices and components.
These services ensure the proper functioning and longevity of hardware
equipment such as servers, storage devices, networking devices, and
peripherals. Hardware support services provide advantages such as reduced
downtime, increased productivity, cost savings, and improved efficiency for
businesses. With the growing reliance on IT infrastructure and the need to
maintain uninterrupted operations, the demand for hardware support services is
expected to witness significant growth in the coming years.
Market Key Trends: One key trend in the Global
Hardware Support Services Market is the increasing adoption of managed
IT services. Managed IT services offer proactive monitoring, maintenance, and
support for hardware devices and infrastructure. This helps businesses to focus
on their core competencies while leaving the hardware management tasks to
experienced service providers. Managed IT services also provide cost-effective
solutions and ensure the availability of skilled professionals for hardware
troubleshooting and maintenance. The growing complexity of IT infrastructure
and the need for advanced hardware support solutions are driving the adoption
of managed IT services in the hardware support services market.
Porter’s Analysis
Threat of new entrants: The hardware support services market is characterized
by high barriers to entry due to the need for extensive technical knowledge,
strong brand recognition, and a large customer base. This limits the threat of
new entrants into the market.
Bargaining power of buyers: With a large number of key players operating in the
market, buyers have a relatively high bargaining power as they can easily
switch between providers to get the best deal and quality of service.
Bargaining power of suppliers: The hardware support services market relies
heavily on the availability of high-quality hardware components from suppliers.
As a result, suppliers have a moderate bargaining power as they are essential
to the industry, but there are also multiple suppliers available.
Threat of new substitutes: The threat of new substitutes in the hardware
support services market is relatively low as hardware components are essential
for businesses and individuals. There are limited alternatives to hardware
support services, making it difficult for substitutes to emerge.
Competitive rivalry: The hardware support services market is highly
competitive, with key players constantly competing for market share. This leads
to intense rivalry among companies, driving innovation and improvements in
service quality.
Key Takeaways
The global hardware support services market is expected to witness high growth,
exhibiting a CAGR of 9.3% over the
forecast period. This growth can be attributed to the increasing demand for
hardware support services from businesses and individuals. As technology
continues to advance, the need for reliable and efficient hardware support becomes
crucial.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the hardware support services market.
This can be attributed to the presence of major tech companies and the high
adoption rate of advanced hardware technologies in the region.
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 have a strong market presence and offer a wide range of hardware
support services to cater to the diverse needs of customers.
Overall, the hardware support services market is expected to witness
significant growth in the coming years, driven by technological advancements
and the increasing reliance on hardware components. As the market becomes more
competitive, key players will continue to innovate and improve their service
offerings to stay ahead in the market.