IT Asset Disposition Market to Witness Strong Growth Rate of 8% - 10%
The global IT asset disposition (ITAD) market is set to witness high growth during 2021-2031. Demand for disposition if IT equipment will witness steady recovery in short-term, with noteworthy growth outlook in the long-run. The increasing consumer awareness concerning the need for proficient disposition of IT assets, coupled with ever-growing demand for consumer electronics, is boosting the adoption of ITAD services.
What is Driving Demand for IT Asset Disposition?
The IT asset disposition demand has been observing noteworthy growth through the past few years, primarily owing to rising concerns about conserving the environment, prevention of data breaches, and regulatory compliances. The sales is further driven by the need for appropriate e-waste disposition methods, environmental policies to be followed by industries, and the huge amount of e-waste generated. Moreover, the increasing adoption of BYOD trend backed by innovative technologies is anticipated to significantly flourish the IT asset disposition demand in the near future.
The manufacturers focus is on launching products that are efficient in terms of energy. Their strategies include driving factors like product launch and development. In this way, they are catering to the needs of the customers, as well as, providing a good competitive edge in the sales. Furthermore, they are also playing a major part in spreading the required awareness and information amongst the businesses and customers about the need to dispose off the computer equipment post use.
Rising Environmental Safety Concerns and Implementation of Regulatory Compliances
Due to various regulatory compliances such as HIPAA/HITECH and NIST, companies are obliged to continuously re-evaluate their procedures for management of expired IT equipment. Most of the potential players do not have the robust position necessary to comply with the implementation of these regulations. In addition, lack of a secure and well-organized plan for disposing off worned-out IT equipment can create several issues, such as identification of fraud and theft. Hence, a variety of state and federal environmental and privacy regulations govern the appropriate disposition of computers and electronics, and failure to do so can result in major fines or penalties and audits.
Moreover, the rising awareness among people for environmental safety across the globe has led to increasing acceptance of suitable methods and processes for the disposal of IT waste
US IT Asset Disposition Growth Outlook
US IT asset disposition sales is estimated to register a high growth rate backed by the introduction of technological advancements and digitalization, leading to the replacement of old equipment. Additionally, in order to manage and ensure the safe disposition of the e-waste generated, demand for ITAD has propelled in the US, over the last few years.
US to account for the largest share of the ITAD usage during the forecast period. The adoption of new technologies, product innovation, high regulatory standards, and awareness of the conservation of the environment are the factors driving the growth of the US IT asset disposition market
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High Demand of IT Asset Disposition across Europe
In Europe, companies are spending more time on IT asset disposition strategies in compliance with the legislations like the data security legislation, Waste Electrical and Electronic Equipment Directive (WEEE), and the General Data Protection Regulation (GDPR). Further, organizations are constantly investing in new technologies in order to keep up with dynamic technological advancements. These strategies help organizations identify cost saving methods while remaining current. In addition, many states are implementing regulations on how to dispose of IT hardware and related equipment.
Thus, Europe is projected to account for the second-largest share of the IT asset disposition services during the forecast period after North America. Germany and UK are major demand-generating countries for IT asset disposition services in this region.
Who are the Key Players in IT Asset Disposition Market?
The vendors offer numerous services such as decommissioning, data destruction, remarketing, recycling, and redeployment of retired IT hardware and equipment. Major players involved in the global IT asset disposition scenario include Dell, Inc., TES-AMM Singapore Pte Ltd., Lifespan International Inc., ICT Reverse, 3stepIT, Apto Solutions, Brocent Asia Cloud Service Pte. Ltd., Atlantix Global Systems, ITRenew Inc., among others.
Most of the vendors are aiming to obtaining various certifications related to IT asset disposition such as Responsible Recycling (R2) among other higher certifications in order to establish themselves and get recognition in the market. Some businesses opt for services from IT asset disposition vendors while others have chosen to create their own service lines to deal with the used equipment.
An Adaptive Approach to Modern-day Research Needs
IT Asset Disposition Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By Asset Type
- Smartphones and Tablets
- Storage Devices
- De-Manufacturing and Recycling
- Remarketing and Value Recovery
- Data Destruction/Data Sanitization
- Logistics Management and Reverse Logistics
By Organization Size
- Small and Medium-sized Enterprises
- Large Enterprises
By End-use Industry
- IT & Telecom
- Energy and Utilities
- Media and Entertainment
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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