Hardware support services include technical support, hardware maintenance, repairing, and troubleshooting for computing devices as well as networking and storage systems. Different hardware support services include software support, cloud services, managed services, data recovery, and data migration. There is a rising demand for hardware support services across various industries due to increasing deployment of networking equipment, servers and data storage systems.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: Remote services provide a huge opportunity for growth in the hardware support services market. Traditional on-site hardware support services require trained technician to physically troubleshoot and repair devices. This makes support expensive and time consuming. Remote services allow technicians to access devices remotely over the internet to diagnose issues and provide support without the need for an on-site visit. This significantly reduces downtime for customers. Remote services also allow hardware support firms to support more customers with less technicians. Growing internet connectivity is making remote hardware support services more viable. Additionally, customers also prefer remote services due to its convenience and cost benefits. Increased adoption of remote services is expected to drive significant growth in the hardware support services market over the forecast period. Porter’s Analysis Threat of new entrants: The hardware support services market has moderate threat of new entrants owing to high industry standards and regulations, requirement of strong technical expertise and certifications. Established players dominate the market due to their technical expertise and strong brand recognition. Bargaining power of buyers: Buyers have moderate to high bargaining power owing to availability of several hardware support service providers allowing them to compare offerings and prices. However, switching costs from one provider to another keeps the buyers' bargaining power in check. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of several hardware component manufacturers and service providers acting as substitutes. Suppliers depend on vendors for bulk orders and contracts. Threat of new substitutes: The threat from substitutes is moderate as cloud services provide an alternative. However, hardware components still require on-site support which provides limited threat from substitutes. Competitive rivalry: The competition is high among the established players to gain market share. Players differentiate based on service offerings, technical expertise, pricing and customer experience. SWOT Analysis Strength: Presence of technical expertise, global service network, strong brand recognition among established hardware support service providers. Weakness: High fixed costs associated with maintaining technical staff and infrastructure, pressure on margins from low cost substitutes. Opportunity: Growing requirement of 24/7 support for enterprise hardware as systems become complex, demand for proactive monitoring and analytics-driven support. Threats: Introduction of pay-per-use cloud models reducing hardware investments, commoditization of hardware components increasing price pressures. Key Takeaways The global Hardware Support Services Market Share is expected to witness high growth supported by increasing complexities in hardware infrastructure across industries requiring seamless support services. The market in North America dominates currently owing to high technology adoption and presence of leading hardware vendors in the region. However, Asia Pacific is expected to offer lucrative opportunities with rapid digital transformation of industries in countries like China, India. Regional analysis North America led by US will continue dominating the market holding around 40% share through 2030 supported by high technology adoption across industries. Asia Pacific hardware support services market will witness fastest growth of around 11.5% CAGR during the forecast period led by India and China. Rapid infrastructure development programs along with government initiatives to digitize industries will boost demand. Adoption of advanced technologies across sectors in Europe makes it another major regional market. 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, Dimension Data, Getronics, CompuCom. Major players are focusing on strategic collaborations and partnerships to expand service offerings and leverage technical expertise of each other. Get More Insights On This Topic: https://www.newsanalyticspro.com/hardware-support-services-market-demand-analysis/
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