The State of Hardware-as-a-Service 2024

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Key takeaways

Several macro trends — such as onshoring, clean energy investment and greater defense spending — are boosting demand for hardware, and venture capital (VC) investors are responding with renewed interest. Particularly appealing are hardware-as-a-service (HaaS) companies, which are raising more money — and at higher valuations — than other frontier tech companies. Our latest report assesses the state of this growing business model with updated metrics most relevant to success in the current economy and funding environment.


Of HaaS companies are in the industrial space

With falling prices for robots, industrial robotics may be the sweet spot.


Higher median valuation multiples than other frontier tech business models

Recurring revenue is appealing to investors.

15 months

Median payback period for a HaaS system

The median payback period is longer for more expensive machines.