Is it necessary to upgrade my existing hardware for better performance?

It depends on what hardware you currently have and what performance improvements you would like to see. In general, upgrading your existing hardware can go a long way towards improving performance, but it is not always necessary. Generally speaking, if your current hardware is several years old, it may be worth considering an upgrade to take advantage of modern technologies. Additionally, if your existing hardware is underpowered for your intended tasks, an upgrade may be necessary.