IT Asset Disposition (ITAD) Market is poised to reach USD 29.21 Bn, growing at an 8.20% CAGR by 2030 – Report by Market Research Future (MRFR)
Increasing Demand for Clients’ Comprehensive ITAD Services Boosts the IT Asset Disposition Market
Tokyo, Japan, June 02, 2023 (GLOBE NEWSWIRE) — The global IT asset disposition market is likely to garner substantial traction, witnessing the growing demand from organizations of all sizes to deliver enhanced tools & deployment. According to Market Research Future (MRFR), the global IT Asset Disposition (ITAD) Market is poised to escalate from USD 16.83 BN in 2022 to USD 29.21 BN by 2030, growing at an 8.20% CAGR during the review period (2022-2030).
IT asset disposition (ITAD) refers to solutions and services that help businesses seeking a secure solution to recycle IT hardware. ITAD involves repairing or disposing of outdated IT equipment safely and environmentally friendly manner to reuse, recycle, and repurpose them. Companies and consumers work with ITAD partners to create a circular future, making significant investments in deploying sophisticated ITAD tools.
Enterprises usually have a systematic system for replacing worn-out hardware and electronic equipment, handled by IT asset management and procurement or risk management teams. However, these organizations can also work with external businesses focusing on ITAD to refurbish, resell, recycle, or dispose of their business equipment.
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IT asset disposition companies help organizations eliminate excess IT equipment by recovering and repurposing them to recoup their value. IT asset disposition focuses on securing data, repairing hardware, and recycling & reusing devices. These companies typically provide the secure destruction of data and environmentally friendly e-waste recycling.
Recycling and reusing numerous types of used hardware, such as desktops, laptops, servers, phones & tablets, and RAM sticks/ video cards in other products, helps organizations minimize costs and potentially reclaim equipment value. ITAD services may also offer repair options for hardware so organizations can harvest, repurpose, reuse, or recycle their equipment.
- BM Corporations (US)
- Tes-Amm India Private Limited (India)
- EOL IT Services (UK)
- Sims Recycling Solutions. Inc (India)
- ITRenew (US)
- Dell (US)
- HP (US)
- Arrow Electronics (US)
- TBS Industries Inc. (US)
- Exit Technologies (France)
- Maxicom Network Inc (India)
- GreenTek Teman Pvt Ltd (India)
Scope of the Report-IT Asset Disposition Market:
|Market Size by 2030||USD 29.21 billion|
|CAGR during 2022-2030||8.20%|
|Key Market Opportunities||Supportive government initiatives for electric vehicles|
|Key Market Dynamics||Rising demand for vehicles in developing economies Growing awareness regarding automotive HUD among consumers|
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Rising demand for ITAD solutions influences the market share. Rising requirements for old assets’ data and information security, the evolution of technologies, consolidation of the BYOD trends, and the shift toward energy-efficient products boost the market growth. Besides, growing demand for circularity design, products with recycled content, and sound recycling programs for material recovery are key IT asset disposition market trends.
The rising uptake of data destruction, technology reuse, and manufacturing services to provide innovative cloud storage solutions are IT asset disposition (ITAD) market trends. Moreover, increasing numbers of cutting-edge research and development projects substantiate the ITAD market shares.
The increasing demand for cloud-based IT asset disposition would create opportunities throughout the assessment period. Conversely, data privacy and security concerns are major factors impeding the ITAD market size. With rising investments by various enterprises in deploying sophisticated ITAD tools, the market is projected to witness a significant revenue rise over the next few years.
Browse In-depth Market Research Report (110 Pages, Charts, Tables, Figures) on IT Asset Disposition Market: https://www.marketresearchfuture.com/reports/it-asset-disposition-market-1002
The IT asset disposition market report is segmented into services, size of the organizations, industry verticals, and region. The services segment is sub-segmented into data destruction, reverse logistics, remarketing, value recovery, de-manufacturing, recycling, logistics management, and others. The organization size segment is sub-segmented into SMEs and large-sized enterprises.
The industry vertical segment is sub-segmented into IT & telecom, aerospace & defense, BFSI, manufacturing & entertainment, education, and others. By regions, the report is sub-segmented into the Middle East & Africa, Americas, Asia-Pacific, Europe, and rest-of-the-world.
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Highly competitive, the ITAD market appears fragmented due to the presence of several notable players. Leading players adopt strategies like collaboration, mergers & acquisitions, expansion, and technology launch to gain a larger competitive share. Market players strive to maintain the highest ITAD standards and attainable certifications.
These players are committed to delivering excellent IT asset disposition (ITAD) processing capabilities and security. They also make substantial R&D investments in developing adept technologies. Considerable investments go into expansion plans to increase global reach and gain diverse expertise.
For instance, on Mar. 14, 2023, TES, a leading global provider of sustainable IT asset disposition and IT lifecycle management services, announced the opening a new facility in Las Vegas to expand IT asset disposition services in North America. The new facility spans over a 40,000-square-foot area, and it expands TES’s processing capacity, offering a full suite of ITAD services to support technology companies on the West Coast.
TES’s infrastructure comprises over 43 facilities across 22 countries. Over the previous five years, TES has invested more than USD 10 million in ITAD infrastructure across its North American facilities. The latest facility will complement TES’s ITAD infrastructure, reducing costs and carbon emissions from excess transportation
North America dominates the global IT asset disposition market. The largest market share is attributed to increasing workforces that result in the widespread adoption of IT assets across enterprises requiring timely ITAD services. Besides, the early adoption of innovative advanced technologies in sharing solutions increases the IT asset disposition (ITAD) market size.
High R&D investments in developing other related technologies, penetration of cloud solutions, and high economic growth across the region foster the IT asset disposition (ITAD) market share. The North American IT asset disposition market is poised to dominate throughout the forecast period.
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