According to a new market report published by Transparency Market Research the global IT Asset Disposition (ITAD) market was valued at US$ 10,741.8 Mn in 2016 and is expected to expand at a CAGR of 7.3% from 2019 to 2027, reaching US$ 23,184.9 Mn by the end of the forecast period. According to the report, the global IT Asset Disposition (ITAD) market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at a CAGR of about 8.7% throughout the forecast period.
Significant Growth in IT Industry Driving the Market
The frequency of introduction of new products and categorical innovations in the IT industry indicates the industry’s constantly evolving landscape. The IT industry has touched a point where Big Data analytics, cognitive computing, cloud computing, and the fastest-growing Internet of Things (IoT) are changing businesses worldwide. Increasing usage of information and communication technology (ICT) devices, coupled with decreasing lifecycle of IT products, generates the need for companies to dispose electronic waste safely. For example, according to the global e-waste monitor 2017 report by The International Telecommunication Union (ITU), e-waste generation is expected to rise significantly from 44.7 metric tons in 2014 and reach 52.2 metric tons in 2024. Thus, significant rise in e-waste generation is affecting the environment. In order to dispose of this waste and minimize its side effects, companies are recycling, recovering, and safely disposing their electronic waste. This is expected to drive the global IT asset disposition market significantly.
IT Asset Disposition (ITAD) Market: Scope of the Report
The IT Asset Disposition (ITAD) market is segmented based on asset type, service, enterprise size, and end-use industry. By asset type, the market has been segmented into computers/laptops, mobile devices, peripherals, storages, servers, and others (network equipment). On the basis of service, the market has been segmented into data sanitation/ destruction, recycling, remarketing, asset recovery, and reverse logistics.
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The IT Asset Disposition (ITAD) market based on enterprise size has been segmented into small enterprises, medium size enterprises, and large enterprises. In terms of end-use industry, the market has been bifurcated into Banking, Financial Services and Insurance (BFSI); telecom & IT; government and public; aerospace & defense; energy & utilities; healthcare; media & entertainment; datacenters; and others. Others segment includes manufacturing and education sectors.
The global ITAD market was led by North America in 2016 due to the significant growth in the IT industry; the region is anticipated to remain the largest market for ITAD in the coming years. Another reason is the existence of government regulations encouraging organizations to adopt the means for safe and proper disposal of their assets. Europe was the second largest market in 2016. Data security and environmental safety regulations are aiding the growth of the ITAD market in this region. Countries such as the U.K., Germany, Italy, and France have shown significant demand for ITAD services.
Global IT Asset Disposition (ITAD) Market: Competitive Dynamics
Key service providers of ITAD globally include TBS Industries, ITRenew Inc., Arrow Electronics, Inc., CloudBlue Technologies, Inc., Sims Recycling Ltd., Iron Mountain Incorporated, Dataserv Group, Apto Solutions, Inc., TES-AMM Pte Ltd., LifeSpan International, Inc., Dell, Inc., and Hewlett Packard Enterprise Development LP.