Selbyville, Delaware, Nov. 01, 2023 (GLOBE NEWSWIRE) --
The IT asset disposition market valuation is estimated to reach USD 31 billion by 2032, as reported in a research study by Global Market Insights Inc.
The ongoing implementation of stringent environmental regulations and e-waste management laws and the surging focus of companies on responsibly disposing the IT assets will drive the market demand. Lately, several industry participants are working to establish programs to enable ITAD pioneers to provide more sustainable services while meeting the growing demand for sustainable technology, further strengthening the market outlook. For instance, in February 2022, well-known remanufactured IT expert Circular Computing introduced its new worldwide IT Asset Disposition (ITAD) program to assist ITAD thought leaders in providing planet-friendly solutions to minimize e-waste.
IT asset disposition market from the smartphones and tablets asset type segment is set to exhibit robust growth between 2023 and 2032. The growth is driven by serious data security concerns due to the ever-increasing volume of sensitive data stored on smartphones and tablets. With more internet-connected gadgets utilized across workspaces, employees now have more access to corporate data via mobile platforms. Furthermore, the resale and refurbishment of used smartphones and tablets are gaining traction, allowing organizations to recover value from retired assets while reducing the overall cost of ownership, further supporting the industry growth.
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The SMEs segment accounted for considerable share of the ITAD market in 2022, propelled by the increasing investments for technology improvements to sustain the rising industry competition. The ongoing upgradation of IT assets and expansion of operations across SMEs has surged the need for secure and efficient disposal of outdated equipment. Furthermore, the dearth of in-house expertise and resources for ITAD by SMEs will fuel the demand for specialized ITAD service providers, adding to the segment growth. For instance, in June 2021, Apto Solutions launched its new Environmental Impact Reporting Tool in an ongoing effort to foster innovation in the industry while- offering real time data to companies.
IT asset disposition market from the IT and communication industry vertical segment is set to experience robust growth through 2032, driven by the rapid technological advancements and the dire need for secure and responsible disposal of IT assets. The paramount concerns within the IT and communication industry, such as data privacy and security have necessitated the proper handling of data-containing devices, such as servers, networking equipment, and mobile devices to prevent data breaches. Furthermore, the global shift toward sustainability and responsible e-waste management has prompted IT and communication companies to prioritize ITAD practices, in turn providing potential growth opportunities to the market players. For instance, In June 2021, Stone Group, a circular IT service provider, established its Europe business in collaboration with global supply chain administration provider, Ingram Micro Commerce & Lifecycle Services, to extend its IT asset disposal expertise to Germany, France, Spain, and Holland.
Asia Pacific IT asset disposition market is set to cross USD 8.7 billion by 2032. The rapid economic development and digital transformation in China and India has led to the surge in IT infrastructure deployment, consequently boosting the need to ensure secure, compliant, and environmentally responsible disposal. Moreover, the growing focus on sustainability has resulted in the greater emphasis on responsible e-waste management. The strong presence of dynamic tech consumer base and the ongoing upgradations in smartphones, tablets, and other devices is creating steady supply of used IT assets, further boosting the regional market growth.
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Some of the major companies operating in the IT asset disposition market include Iron Mountain Incorporated, Sims Recycling Ltd., Technimove, Dell Inc., IBM Corporation, Hewlett Packard Enterprise Development LP, Exit Technologies, Arrow Electronics, LifeSpan International, and TES-AMM Pte Ltd. These players are adhering to compliance standards and working on different growth-driven initiatives to promote recycling and provide transparent reporting to meet the evolving needs of clients and succeed in the competitive market space. For instance, in April 2022, Dell began delivering its ITAD services in an additional 35 countries outside of the U.S.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 IT Asset Disposition (ITAD) market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Asset type trends
2.5 Enterprise size trends
2.6 Services trends
2.7 Industry vertical trends
Chapter 3 IT Asset Disposition Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Increasing data security & privacy concerns
3.10.1.2 Rising e-waste volumes
3.10.1.3 Increasing awareness of environmental issues
3.10.2 Industry pitfalls & challenges
3.10.2.1 Poor resources
3.10.2.2 E-waste disposal challenges
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
