Portland, OR, May 15, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “IT asset disposition Market by Services (De-Manufacturing and Recycling, Remarketing and Value Recovery, Data Destruction/Data Sanitation, Logistics Management and Reverse Logistics and Others) Asset Type (Computers/Laptops, Servers, Mobile Devices, Storage Devices and Peripherals) Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises) Industry Vertical (BFSI, IT and Telecom, Education, Healthcare, Manufacturing, Media and Entertainment, Government and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the global IT asset disposition industry generated $19.9 billion in 2022, and is anticipated to generate $57.4 billion by 2032, witnessing a CAGR of 11.5% from 2023 to 2032.
Prime determinants of growth
The global IT asset disposition market is driven by factors such as growing awareness of the advantages of cloud-based computing, continued migration from on-premise to cloud-based services, and upsurge in awareness of environmental protection. However, lack of awareness about ITAD solutions and comprehensive IT asset disposition policies and unauthorized standards limit the expansion of the market. Moreover, Importance of green IT initiatives is expected to create lucrative opportunities in the industry.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $19.9 billion |
| Market Size in 2032 | $ 57.4 billion |
| CAGR | 11.5% |
| No. of Pages in Report | 285 |
| Segments covered | Service, Asset type, Enterprize size, Industry vertical, and Region |
| Drivers | Growing awareness of the advantages of cloud-based computing Upsurge in awareness of environmental protection Growing usage of cloud-based technologies |
| Opportunities | Importance of green IT initiatives |
| Restraints | Lack of awareness about ITAD solutions The lack of comprehensive IT asset disposition policies and unauthorized standards |
Covid-19 Scenario
- The COVID-19 pandemic brought about significant changes in consumer trends for the IT asset disposition market. With more people working remotely and using personal devices for work, there had a greater risk of sensitive data being compromised. This had led to an increased demand for ITAD services that offer secured data destruction to ensure confidential information is not accessible to unauthorized individuals.
- Despite the challenges posed by the COVID-19 pandemic, the pandemic had also highlighted the importance of supply chain resilience and the need for businesses to have a reliable and secure process for managing their IT assets. This had led to an increased interest in ITAD providers who can provide secure logistics, tracking, and reporting for IT assets throughout the entire lifecycle.
- Overall, the ITAD market presents several opportunities for ITAD providers to capitalize on emerging trends, adopt new technologies, and improve their sustainability practices.
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The data destruction/data sanitation segment to maintain its leadership status throughout the forecast period
Based on service, the data destruction/data sanitation segment held the highest market share in 2022, accounting for around one-third of the global IT asset disposition market revenue, and is estimated to maintain its leadership status throughout the forecast period, as the threat of data breaches continues to grow, businesses are placing an increased emphasis on data security. This is driving demand for secure data destruction and data sanitation services, as businesses seek to ensure that their sensitive data is not compromised during the IT asset disposition process. However, the remarketing and value recovery segment is projected to manifest the highest CAGR of 15.7% from 2023 to 2032, as the remarketing and value recovery segment grows, competition among service providers is increasing. This is driving innovation and investment in new technologies and processes, as companies seek to differentiate themselves and offer the most competitive solutions for maximizing the value of used electronic equipment.
The computers and laptops segment to maintain its leadership status throughout the forecast period
Based on asset type, the computers and laptops segment held the highest market share in 2022, accounting for nearly two-fifths of the global IT asset disposition market revenue, as more organizations seek to dispose of their IT assets in an environmentally responsible way, the demand for ITAD services is growing. The computers/laptops segment is a key part of this, as these devices are some of the most commonly retired assets in many organizations. However, the mobile devices segment is projected to manifest the highest CAGR of 15.4% from 2023 to 2032. Mobile devices, such as smartphones and tablets, are evolving rapidly, and new models are being introduced frequently. This trend is leading to a higher rate of device retirement and the need for proper disposal and ITAD services. Hence, this leads to driving the growth and competitiveness in the IT asset disposition industry.
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The large enterprises segment to maintain its leadership status throughout the forecast period
Based on application, the large enterprises segment held the highest market share in 2022, accounting for nearly two-thirds of the global IT asset disposition market revenue, as large enterprises around the world are placing an increasing emphasis on protecting sensitive data and ensuring compliance with data protection regulations. This has led to a growing demand for ITAD service providers that can offer secure data destruction services, such as physical destruction or data wiping, and help large enterprises navigate complex regulatory environments. However, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 14.0% from 2023 to 2032. This is because the small and medium-sized businesses have tight budgets for their resource-constrained operations. This leads to higher adoption of data destruction and remarketing services compared to other IT asset disposition services to recover consumed asset costs.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global IT asset disposition market revenue, due to the presence of a booming IT market and the rising number of cloud data centers within the region is expected to fuel the North American IT asset disposition market during the forecast period. In addition, the IT asset disposition market is placing a growing emphasis on secure and compliant data destruction as companies become more aware of the risks associated with data breaches. Thus, such trends are expected to continue shaping the IT asset disposition market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 14.8% from 2023 to 2032, and is likely to dominate the market during the forecast period, as the Asia-Pacific region generates the largest amount of e-waste in the world, with China being the biggest contributor. The increasing amount of e-waste is driving the ITAD market growth in the region.
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Leading Market Players: -
- Apto Solutions Inc.
- CompuCom Systems, Inc.
- CDW
- Hewlett Packard Enterprise Development LP
- Ingram Micro Services
- Iron Mountain Incorporated
- LifeSpan International Inc.
- Sims Lifecycle Services
- TES
- UNDUIT LLC
The report provides a detailed analysis of these key players of the global IT asset disposition market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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