Major companies in the hardware support services market include HP; IBM and Computer Sciences Corporation (CSC). The global hardware support services market is expected to grow from $728. 85 billion in 2020 to $779.
New York, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hardware Support Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009775/?utm_source=GNW
03 billion in 2021 at a compound annual growth rate (CAGR) of 6.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1098.15 billion in 2025 at a CAGR of 9%.
The hardware support services market consists of sales of hardware support services and related goods by entities (organizations, sole traders and partnerships) that provide hardware support services including computer and peripherals support services, storage and servers support services, networking support services and others. Hardware support services may be either a reactive support, preventive-based support, or proactive support. The hardware support services market is segmented into computer and peripherals support services; storage and servers support services; networking support services and other hardware support services.
Western Europe was the largest region in the global hardware support services market, accounting for 49% of the market in 2020. North America was the second largest region accounting for 28% of the global hardware support services market. Africa was the smallest region in the global hardware support services market.
Cloud software solutions have been gaining acceptance from companies across all industries as it eliminated the need for physical storage space required to deploy the software. The cloud is a software delivery method where a vendor hosts a software application in a remote server and customers can access it through the internet. As cloud computing services continue to grow, the demand for cloud data recovery solutions is gathering pace. Disaster recovery tools are particularly needed because the cloud stores data which is prone to cyber and malware attacks. For instance, Kroll Ontrack offers SharePoint and SQL server cloud data recovery solutions.
The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the hardware support services market in 2020 as supply chains were disrupted due to trade restrictions and employees working for these establishments faced difficulties related to infrastructure and communication owing to lockdowns imposed by governments globally, forcing them to work from home. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the hardware support services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.?
Governments around the world are investing in the creation of smart cities; this is expected to drive the demand for computer hardware products and subsequently hardware support services market during the forecast period. The European Union is actively promoting smart-city initiatives, with funds for research and sustainability targets for member states. The concept of smart cities is becoming more popular in developing nations too. For instance, more than 1,000 smart city pilot projects are either ready for or are under construction globally and around 500 of these projects are in China. The overall smart-city experience involves systems and objects interconnected through various technologies like local, wired and wireless networks. The establishment of smart cities in turn increases the demand for the hardware support services.
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