- Rising practice of use of discarded electronic devices and development of e-waste management facilities to benefit market
- Demand from SMEs is likely to present attractive growth opportunities in the future
WILMINGTON, Del., Nov. 15, 2022 /PRNewswire/ — The global IT asset disposition (ITAD) market stood at US$ 14.4 Bn in 2021. Sales analysis of IT asset disposition [ITAD] market estimate the global market to rise at 8.3% CAGR during the forecast period, from 2022 to 2031. IT asset disposition (ITAD) is the practice of reusing, repairing, repurposing, recycling, or disposing of outdated IT hardware in a manner that is both secure and environmentally friendly. ITAD minimizes adverse environmental impact of products by prolonging the lifespan of existing IT assets and lowering the demand to develop new products.
Top IT asset disposition [ITAD] manufacturers are expanding their ITAD practices in response to mounting demand for carbon neutrality, data safety, and security. These factors are likely to drive the global IT asset disposition (ITAD) market. In addition, rising government rules and regulations and environmental safety requirements are also expected to drive demand for different types of IT asset disposition [ITAD]s and applications in the forthcoming years. Due to the emergence of novel products and major breakthroughs in the IT sector, a significant amount of e-waste is produced. In the upcoming years, this is anticipated to fuel demand for disposal services. The necessity to prevent data breaches is also predicted to increase, which is expected to drive the global IT asset disposition (ITAD) market.
The offering of better services to customers is made possible with the rapid evolution of technology, which is expected to come up as IT asset disposition [ITAD] market trends. As such, companies are producing a lot of discarded and outdated electronic parts, which is expected to raise demand for IT asset disposition [ITAD] market. In order to provide advanced services to their customers, some firms are making large investments in updating their infrastructure. Hence, the global IT asset disposition (ITAD) market is anticipated to grow in the years to come.
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Key Findings of Market Report
- Companies are becoming more concerned about data breaches caused by hackers. The IT infrastructure often collapses after loss of sensitive data. When outdated devices are replaced with new ones, data migration is essential. Data from the post-migration time is not entirely erased from the hardware parts. This calls for the requirement for its disposal. Hence, the need for IT asset disposition services is predicted to rise throughout the forecast timeline owing to increasing threats of data breaches.
- It is anticipated that regulatory pressure and growing understanding about the necessity to eliminate IT waste amongst SMEs will create growth prospects for the market players. Given the presence of numerous SMEs throughout the world, the market for IT asset disposition (ITAD) is anticipated to expand rapidly over the projected period. The quantity of IT trash produced by these SMEs is enormous, which is estimated to present considerable growth opportunities for the IT asset disposition vendors.
- In 2021, Europe accounted for a sizable portion of the global IT asset disposition (ITAD) market. Due to the existence of strict government laws and regulations to combat e-waste hazards, the region is expected to continue its dominant position over the forecast timeline. In addition, Europe IT asset disposition (ITAD) market is anticipated to be driven by a rise in the usage of cloud-based solutions.
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Global IT Asset Disposition [ITAD] Market: Growth Drivers
- Increasing demand for green disposal of IT assets, IT asset destruction, and enterprise IT asset disposition in developing economies to underscore growth
Global IT Asset Disposition [ITAD] Market: Key Competitors
- LifeSpan International Inc.
- Hewlett Packard Enterprise Company
- Sims Recycling Solutions, Inc.
- Apto Solutions, Inc.
- Iron Mountain, Inc.
- TES-AMM Pte Ltd
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Global IT Asset Disposition [ITAD] Market: Segmentation
- Mobile Devices
- Data Sanitization/Destruction
- Asset Recovery
- Reverse Logistics
- Telecom and IT
- Government and Public
- Aerospace and Defense
- Energy and Utility
- Media and Entertainment
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