Computer Market Growth Forecast 2024-2028 : Trends, Drivers, and Key Players Shaping the Industry

The Global computer market is on a robust growth trajectory, with a forecasted increase of USD 57.85 billion at a compound annual growth rate (CAGR) of 17.4% between 2023 and 2028. This growth is largely driven by the increasing adoption of computers in household settings, the rise in online learning and digital content creation, and the expansion of the gaming community. Digital services, including streaming and cloud computing, are accelerating the demand for computers, and the growing penetration of internet-enabled consumer electronics is further contributing to the market's positive outlook. Despite challenges like the trend toward low-configuration devices, the market is poised for substantial innovation, providing promising opportunities across various sectors.

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Market Segmentation:

• Product:

  • Laptop
  • Desktop

Regional Market

North America:

• The US and Canada remain dominant in the computer market. The US market, in particular, benefits from the growing demand for personal and commercial PCs, driven by increasing internet usage and the shift toward remote work and education.
• Companies like HP, Dell Technologies, and Lenovo are key players in this region, meeting the needs of businesses, schools, and consumers alike.

APAC:

• APAC is estimated to contribute 37% to the global market's growth during the forecast period. Countries like China, India, Japan, and South Korea are pivotal in driving this growth, with the increasing demand for both personal and commercial computing solutions.
• Companies like Acer are catering to small and medium-sized enterprises (SMEs) in India and are focusing on gaming devices, tapping into the growing demand from casual gamers.

Europe:

• Germany, the UK, France, and Italy are leading the European market, with high adoption rates of personal computers for both commercial and educational purposes.
• The region is experiencing strong growth in the e-commerce and online education sectors, boosting the demand for laptops and other computing devices.

South America and MEA:

• Although smaller in comparison to other regions, South America and the Middle East and Africa (MEA) are seeing growing demands in healthcare, education, and entertainment sectors. As e-commerce platforms and internet usage rise, these regions are gradually contributing to the overall market growth.

Market Dynamics

Drivers:

1. Increased Use of Laptops in Educational Institutions: Laptops are becoming essential tools in education, supporting remote learning, note-taking, and collaborative projects. Educational platforms like Coursera and edX are also driving the demand for portable computing devices.

2. The Shift to Hybrid Work Models: The ongoing shift towards hybrid work models post-pandemic is increasing the demand for reliable, high-performance PCs and laptops for both personal and business use.

3. Rising Demand for High-Performance PCs: Gaming, multimedia content creation, and business operations are driving the demand for high-performance desktops, laptops, and workstations.

Trends:

1. Rapid Penetration of Internet-Enabled Devices: The increasing prevalence of internet-connected devices, especially smartphones and laptops, is driving the growth of digital content creation and consumption.

2. Expansion of Digital Services: As consumers and businesses increasingly turn to digital services like streaming, cloud computing, and online education, the demand for computing devices is rising.

Challenges:

1. Demand for Low-Configuration Devices: One key challenge is the market's tendency to lean towards low-configuration devices, which can become obsolete quickly as software demands evolve. This impacts long-term market growth, as lower-end devices may not support future advancements in software functionalities.

2. Complexity in Adapting to New Software: Advancements in education software and other digital tools are becoming more complex, requiring up-to-date hardware to operate effectively. However, many consumers continue to opt for low-powered devices, leading to a cycle of obsolescence.

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Key Companies in the Computer Market

Some of the key companies of the Computer Market are as follows:

• Acer Inc.
• Apple Inc.
• ASUSTeK Computer Inc.
• Dell Technologies Inc.
• Fujitsu Ltd.
• HP Inc.
• Lenovo Group Ltd.
• LG Corp.
• Micro Star International Co. Ltd.
• Microsoft Corp.
• Nokia Corp.
• Panasonic Holdings Corp.
• Razer Inc.
• Samsung Electronics Co. Ltd.
• Toshiba Corp.
• Xiaomi Inc.

Recent Market Developments

• October 2023: Acer entered a strategic collaboration with Tally to cater to the GST-compliant computing needs of small and medium-sized enterprises (SMEs) in India, marking a significant step in expanding its market footprint.
• December 2023: Lenovo expanded its gaming laptop portfolio in China, tapping into the rapidly growing market for gaming and esports.