The adoption of IT asset disposition (ITAD) services is fueled by the steadily increasing demand for consumer electronics and increased consumer awareness.
PORTLAND, PORTLAND, OR, UNITED STATE, December 7, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The USD 57.4 Billion IT Asset Deposition Market Reach by 2032 at 11.5% CAGR | Top Players such as – CDW, TES and UNDUIT.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global IT asset disposition market size was valued at USD 19.9 billion in 2022, and is projected to reach USD 57.4 billion by 2032, growing at a CAGR of 11.5% from 2023 to 2032.
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The global IT asset disposition market is driven by factors such as growing awareness of the advantages of cloud-based computing, continued migration from on-premise to cloud-based services, and upsurge in awareness of environmental protection. However, lack of awareness about ITAD solutions and comprehensive IT asset disposition policies and unauthorized standards limit the expansion of the market. Moreover, Importance of green IT initiatives is expected to create lucrative opportunities in the industry.
The IT asset disposition market is segmented on the basis of service, asset type, enterprise size, industry vertical, and region. By service, the market is classified into de-manufacturing & recycling, remarketing & value recovery, data destruction/data sanitation, logistics management & reverse logistics, and others. By asset type, it is categorized into computers/laptops, servers, mobile devices, storage devices, and peripherals. By enterprise size, it is bifurcated into large enterprises and small & medium-sized enterprises. On the basis of industry vertical, it is divided into BFSI, IT & telecom, education, healthcare, manufacturing, media & entertainment, government, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on application, the large enterprises segment held the highest market share in 2022, accounting for nearly two-thirds of the global IT asset disposition market revenue, as large enterprises around the world are placing an increasing emphasis on protecting sensitive data and ensuring compliance with data protection regulations. This has led to a growing demand for ITAD service providers that can offer secure data destruction services, such as physical destruction or data wiping, and help large enterprises navigate complex regulatory environments. However, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 14.0% from 2023 to 2032.
Based on asset type, the computers and laptops segment held the highest market share in 2022, accounting for nearly two-fifths of the global IT asset disposition market revenue, as more organizations seek to dispose of their IT assets in an environmentally responsible way, the demand for ITAD services is growing. The computers/laptops segment is a key part of this, as these devices are some of the most commonly retired assets in many organizations. However, the mobile devices segment is projected to manifest the highest CAGR of 15.4% from 2023 to 2032.
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Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global IT asset disposition market revenue, due to the presence of a booming IT market and the rising number of cloud data centers within the region is expected to fuel the North American IT asset disposition market during the forecast period. In addition, the IT asset disposition market is placing a growing emphasis on secure and compliant data destruction as companies become more aware of the risks associated with data breaches. Thus, such trends are expected to continue shaping the IT asset disposition market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 14.8% from 2023 to 2032, and is likely to dominate the market during the forecast period, as the Asia-Pacific region generates the largest amount of e-waste in the world, with China being the biggest contributor. The increasing amount of e-waste is driving the ITAD market growth in the region.
The key players profiled in the IT asset disposition market analysis are Apto Solutions Inc., CompuCom Systems, Inc., CDW, Hewlett Packard Enterprise Development LP, Ingram Micro Services, Iron Mountain Incorporated, LifeSpan International Inc., Sims Lifecycle Services, TES and UNDUIT LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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● The COVID-19 pandemic brought about significant changes in consumer trends for the IT asset disposition market. With more people working remotely and using personal devices for work, there had a greater risk of sensitive data being compromised. This had led to an increased demand for ITAD services that offer secured data destruction to ensure confidential information is not accessible to unauthorized individuals.
● Despite the challenges posed by the COVID-19 pandemic, the pandemic had also highlighted the importance of supply chain resilience and the need for businesses to have a reliable and secure process for managing their IT assets. This had led to an increased interest in ITAD providers who can provide secure logistics, tracking, and reporting for IT assets throughout the entire lifecycle.
● Overall, the ITAD market presents several opportunities for ITAD providers to capitalize on emerging trends, adopt new technologies, and improve their sustainability practices.
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