$1.5+ Billion Worldwide Hardware Support Services Industry to 2031 - North America was the Largest Market in 2021 - ResearchAndMarkets.com

The "Hardware Support Services Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists; marketers and senior management with the critical information they need to assess the global hardware support services market as it emerges from the COVID-19 shut down.

The global hardware support services market reached a value of nearly $912.82 million in 2021, having increased at a compound annual growth rate (CAGR) of 6.35% since 2016. The market is expected to grow from $912.82 million in 2021 to $1,514.85 million in 2026 at a rate of 10.66%. The market is then expected to grow at a CAGR of 9.56% from 2026 and reach $2,391.54 million in 2031.

Companies Mentioned

• Intel Corporation
• Dxc Technology
• Dell Technologies Inc.
• Cisco Systems, Inc.
• Telefonaktiebolaget lm Ericsson

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Growth in the historic period in the hardware support services market resulted from the strong economic growth in emerging markets and the low-cost talent pool in emerging markets. Factors that negatively affected growth in the historic period were growth in shortage in components supply and high cost of hardware components.

Going forward, rising demand for cloud-based hardware support services in developing regions, rapid changes in the IT infrastructure and increasing usage of existing products will drive market growth. Factors that could hinder the growth of the hardware support services market in the future include lack of skilled workforce and high cost involved in training service technicians.

The hardware support services market is segmented by type into networking support services, storage and servers support services, computer and peripherals support services, other hardware support services. The networking support services segment was the largest segment of the hardware support services market in 2021 at 85.8% or $783.52 billion. The networking support services segment is expected to be the fastest-growing segment going forward at a CAGR of 11.3% during 2021-2026.

The hardware support services market is also segmented by mode into offline and online. The offline segment was the largest segment of the hardware support services market in 2021 at 94.7% or $864.51 billion. The commercial hardware support services segment is expected to be the fastest-growing segment going forward at a CAGR of 4.2% during 2021-2026.

North America was the largest region in the global hardware support services market, accounting for 42.3% of the total in 2021. It was followed by the North America, Asia Pacific and then the other regions. Going forward, Africa and Middle East will be the fastest growing regions in the hardware support services market, where growth will be at CAGRs of 15.2% and 14.8% respectively. These will be followed by Eastern Europe and South America where the markets are expected to grow at CAGRs of 14.6% and 13.5% respectively.

The hardware support services market is highly fragmented, with a large number of regional and small players. The top ten competitors in the market made up to 6.83% of the total market in 2021. Major players in the market are Intel Corporation, Dxc Technology, Dell Technologies Inc, Cisco Systems, Inc., and telefonaktiebolaget lm ericsson.

The top opportunities in the global hardware support service market segmented by type will arise in the Networking Support Services segment, which will gain $552.2 billion of global annual sales by 2026. The top opportunities in the hardware support services market segmented by mode will arise in the offline segment, which will gain $532.7 billion of global annual sales by 2026. The top opportunities in the hardware support services market segmented by warranty type will arise in the in warranty segment, which will gain $308.0 billion of global annual sales by 2026. The hardware support services market size will gain the most in the USA at $134.6 billion.

Market-trend-based strategies for the hardware support services market include strategic mergers and acquisitions, adoption of cloud computing, implementation of predictive maintenance, adoption of green IT, new technological developments.

Player-adopted strategies in the hardware support services market include focus on improving cloud and data center performance through strategic acquisitions, expanding network capabilities across geographies, expanding telecom solutions portfolio to simplify and accelerate open network deployments, delivering enhanced network insights and enabling smarter automation and expanding network services portfolio though introducing new solutions.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20221202005375/en/