by Hardware support services involve installation, repair, and maintenance services provided to various electronic equipment. With the advent of technologies like augmented reality (AR) and virtual reality (VR), demand for hardware support services has surged significantly. AR and VR solutions require complex hardware setups comprising a variety of electronic components such as sensors, processors, and displays. Widespread integration of AR/VR technologies across industries like healthcare, education, retail, and entertainment has led to a substantial increase in the number of hardware installations. Furthermore, constant technological upgrades mean AR/VR hardware requires frequent maintenance and repairs to ensure optimal performance.
The Global Hardware Support Services Market is estimated to be valued at US$ 1335 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Hardware Support Services are ICU Medical, BD, 3M, Merit Medical Systems, Omnia Health, B. Braun SE, Agilent Technologies Inc., Biocrates Lifescience AG, Bio-Rad Laboratories Inc., Pursuit Vscular Inc., JCM Med. The major players are focusing on leveraging new technologies like AI and IoT to improve service delivery.
The rising demand for AR/VR solutions across industries is opening up new growth opportunities for Hardware Support Service Market Size providers. Widespread deployment of AR headsets, VR controllers, sensor systems, and other peripherals will fuel the need for installation, maintenance, and repair services.
Advancements in AR/VR technologies such as use of nanotechnology in displays, development of haptic feedback systems, and integration of 5G are making hardware more complex to maintain. This is prompting hardware OEMs to outsource support activities to specialized service providers.
Market drivers
Growing AR/VR adoption across industrial, commercial, and consumer segments is a key growth driver for the hardware support services market. AR/VR implementation is gaining traction in industries like manufacturing, healthcare, education for purposes like visualizing complex data, remote collaboration, and skills training. Increasing dependency of businesses and individuals on electronic devices will further create demand for maintenance and repair services.
Current challenges in Hardware Support Services Market
The Hardware Support Services market is facing various challenges currently due to the global pandemic as well as supply chain issues. With lockdowns imposed and restrictions on travel, onsite hardware maintenance and support has become quite difficult. Finding replacement parts has also emerged as a hurdle due to shipping delays and closed factories globally. Rising costs of spare parts and components is another concern for players in this market. Growing security risks associated with remote access tools is also a challenge that needs to be addressed effectively.
SWOT Analysis
Strength: Well-established players with strong technical expertise and global network for fast onsite support.
Weakness: High operating costs and dependency on skilled workforce.
Opportunity: Growth of remote monitoring tools and IoT based predictive maintenance provides new opportunities. Rapid digitalization during the pandemic also boosts demand for cloud-based support services.
Threats: Increasing local and regional vendors offering low-cost services. Rising infrastructure costs and supply chain issues affect project timelines.
In terms of value, North America accounts for a significant share in the hardware support services market currently led by the US. Asia Pacific is also a major regional market with growing demand from China, India and other Southeast Asian countries. Europe holds the third largest share globally though growth has slowed down in recent years. The Middle East and Africa region is poised to witness the fastest growth during the forecast period supported by infrastructure investments and expanding healthcare sector across major countries. Latin America offers promising opportunities owing to initiative towards industrial automation.
The Asia Pacific region is expected to emerge as the fastest growing geographical region for the hardware support services market between 2024-2031. This can be attributed to rapid digitization, industrialization and development of modern healthcare infrastructure in major economies of China and India. Growing adoption of advanced medical devices, automation solutions and expansion of data centers will drive the need for reliable hardware support services across industry verticals.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
