(EMAILWIRE.COM, December 10, 2018 ) The global computer hardware market size is expected to reach around $240 billion by 2021, growing at a compound annual growth rate (CAGR) of almost 7%. The computer hardware market is one of the major segments of the global information technology industry.
The creation of smart cities is one of the major factors driving the global computer hardware market in the forecast period. A smart city is defined as an urban area which uses different types of electronic data collection sensors to supply information that can be used to manage assets and resources efficiently. Governments around the world are investing heavily in the creation of smart cities thereby increasing the potential of the computer hardware industry. For instance, the European Union is actively promoting smart-city initiatives, with funds for research and sustainability targets for their member states. The concept of smart cities is becoming more popular among developing nations too. In China and India alone almost 300 smart-city pilots are currently planned. The creation of smart cities increases the requirement for advanced software and technology for effective functioning. The overall smart-city experience involves systems and objects interconnected through various technologies, like local, wide and wireless networks. The integration of software with hardware system, in turn increases the demand for computers, computer peripherals, and servers, thereby driving the computer hardware market globally.
However, changing customer demands can restrict the growth potential of the computer hardware market. Understanding and producing suitable applications and services in line with customer expectations is a major challenge for the information technology industry, thus restraining the overall computer hardware market. For example, customers are increasingly shifting their preferences from desktops and laptops to tablets and smartphones, thereby impacting the investment cycle, product release cycle and logistics of computer manufacturers.
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Companies operation in the information technology industry, are introducing large tablets to replace laptop computers. Users are also replacing their desktops, laptops and e-readers with tablets. Portability, ability to connect to 3G and 4G networks, and the light weight of these devices are the major reasons for individuals increasingly opting for tablets. According to a Nielsen study less than one-third of tablet owners surveyed indicated that their desktop usage will be limited or not at all.
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