New York, US, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “IT Asset Reuse Market: by Product Type, Organization Size, Vertical, and Region—Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 11,397.5 Million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 14.7% during the assessment timeframe.
IT Asset Reuse Market Key Players
Eminent players profiled in the global IT asset reuse market report include
- CDW (US)
- TBS Industries Inc (US)
- Ingram Micro (US), ERI (US)
- SIMS Lifecycle Services (US)
- Dataserv.LLC (US)
- Iron Mountain Incorporated (US)
- Apto Solutions Inc. (US)
- Dell Inc. (US)
- Hewlett Packard Enterprise Development LP (US)
- IBM Corporation (US)
- Lifespan International Inc. (US)
- TES-AMM PTE LTD (Japan)
- Compucom (US)
- 3STEPIT (Finland).
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IT Asset Reuse Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 11,397.5 Million |
| Growth Rate | CAGR of 14.7% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Rising trend of BYOD Security considerations are being overlooked |
| Key Market Drivers | Growing trend of IT asset reuse among various industry. Imposition of environmental regulation by the government on handling of redundant assets. |
IT Asset Reuse Market Drivers
Increasing Adoption of BYOD to Boost Market Growth
The increasing adoption of BYOD will boost market growth over the forecast period. BYOD usage is widespread in both developed and underdeveloped countries. Companies gain from BYOD by increasing productivity, employee happiness, and cost efficiency. Employees can utilize a single device for both business and personal purposes, and they can easily communicate & share files in real time, even after work hours, regardless of where they are, increasing productivity. Because BYOD has been related to increased productivity and efficiency, its use will skyrocket throughout the predicted period. Thus, the fast adoption of new technologies, as well as the BYOD trend is expected to greatly boost the IT asset reuse market, particularly among budget-conscious enterprises and people.
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IT Asset Reuse Market Opportunities
Rising Trend of IT Asset Reuse to offer Robust Opportunities
The rising trend of IT asset reuse amid different industries coupled with the imposition of the environmental regulations via governments to handle redundant assets will offer robust opportunities for the market over the forecast period.
Restraints and Challenges
Low Initial ROI to act as Market Restraint
The low initial ROI and high service cost may act as market restraints over the forecast period.
IT Asset Reuse Market Segmentation
The global IT asset reuse market has been bifurcated based on vertical, organization size, and product type.
By product type, computer/laptop/notebooks will lead the market over the forecast period.
By organization size, the IT asset reuse market is segmented into SMEs and large enterprises.
By vertical, the IT asset reuse market is segmented into BFSI, Telecom and IT, Healthcare, Aerospace, Energy and Utilities, Government, Education, and Others.
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COVID-19 Analysis
IT asset reuse has also seen demand from SMEs, as the majority of them have opted for work from home, and idle and old IT assets, particularly laptops, were repaired/refurbished and provided to employees to work remotely, thereby assisting enterprises to reduce their IT expenses, particularly for IT hardware infrastructure. Third-party IT asset repair services provide for smooth IT infrastructure operational activities. It improves employees' entire working experience, allowing management to focus on devising methods to increase sales and profitability. Among all IT hardware equipment, laptop refurbishment experienced a spike during the COVID-19 lockout period. Furthermore, the demand from businesses for laptops and other IT hardware was so rapid that there is a market scarcity due to supply concerns. Many IT hardware device manufacturers are situated in China, with the majority of factories in Wuhan. Despite the fact that China is the world's largest producer of PCs and laptops, supply chains in China have been badly damaged due to Wuhan being the place of emergence for the COVID-19 pandemic. As a result of supply chain disruption, new IT assets were not available in the market, driving the demand for IT asset reuse.
IT Asset Reuse Market Regional Analysis
Europe to Head IT Asset Reuse Market
Due to the government's application of environmental rules on the handling of obsolete assets, Europe accounted for the greatest market share of 52% in 2021. Germany is one of the top countries in terms of innovation and technology, with key companies in semiconductors, power electronics, and information and communication technology (ICT). Furthermore, some of the other drivers driving market expansion in the rest of Europe include expanding technology literacy and rising adoption of next-generation technologies in the BFSI & healthcare industries, which are boosting domestic IT asset reuse vendors. In 2021, Europe grabbed the biggest market share. The presence of firms such as SIMS Recycling LTD and others, as well as the rapid growth of the aerospace and BFSI industries, are some of the drivers driving the worldwide IT asset reuse market. Increased government funding and the introduction of new technologies in the United Kingdom are major drivers driving the growth of the worldwide IT asset reuse industry.
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North America to Grab Second-Largest Share in IT Asset Reuse Market
In 2021, North America is predicted to be the second-largest market. This region's market has been subdivided into the United States, Canada, and Mexico. The United States will dominate the IT asset reuse industry in 2021, followed by Canada and Mexico. The North American IT asset reuse market is growing due to increased use of new technologies, stringent regulatory standards, product innovation, and environmental consciousness. Furthermore, the presence of several industry titans such as Iron Mountain Incorporated, Dell Inc., Hewlett Packard Enterprise Development LP, Apto Solutions Inc., and IBM Corporation is one of the driving factors for the IT asset reuse market's growth. The United States is an eminent contributor to the fuel card market. Dataserv Group, Apto Solutions Inc., Iron Mountain Incorporated, and Dell Inc. are among the market's leaders. Increased asset reuse adoption in the telecommunications and information technology, banking and finance, and government industries in the United States and Canada are among the drivers driving the IT asset reuse industry.
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