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What is Product-as-a-Service?

 , updated on January 14, 2023
Product-as-a-Service is a business model that provides a service in areas that were traditionally sold as products. A service model provides ongoing interaction with customers including support. Services may also offer the ability to exchange a product on a regular basis for a different or newer model.
The producer gets a regular income stream as services may include monthly subscription fees or usage based charges. Customers may be attracted to service models due to flexibility, enhanced support, lower upfront costs and reduced risk. For example, a customer who joins a car sharing service doesn't have to worry about maintenance and has reduced upfront costs as compared with buying a car.
Overview: Product-as-a-Service
Type
Product Strategy
Definition
A business model that sells items as a service that were traditionally sold as a product.
Example
Solar panels that are sold as a service to owners of a building or home.
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