New York, US, July 21, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global IT Asset Disposition Market information by Asset Type, Service, by Organization Size, by Industry Vertical and Region - Forecast till 2027” the market is anticipated to touch USD 27 billion at a 12% CAGR by 2025.
ITAD Market Scope:
IT asset disposition or ITAD is the process to re-use or recycle of IT equipment. Enterprises are constantly buying new assets like laptops, mobile devices, and different office equipment. The improper recycling or disposal of which would develop a huge amount of e-waste which could lead to loss for the company. This process includes repair of equipment, reusable parts harvesting, and data destruction. The ITAD market takes into consideration logistics, environmental hazards, and confidential device data, all of which need a well-planned strategy.
Leading Players Profiled in ITAD Market Report Include:
Iron Mountain Incorporated (US)
Exit Technologies (France)
Maxicom Network, Inc (India)
GreenTek Reman Pvt. Ltd (India)
EOL IT Services (UK)
Tes-Amm India Pvt. Ltd (India)
TBS Industries Inc. (US)
Apto Solutions, Inc. (US)
Sims Recycling Solutions, Inc. (India)
Arrow Electronics (US)
IBM Corporation (US)
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ITAD Market Drivers
According to the MRFR report, there are numerous factors that are propelling the IT asset disposition growth. Some of these entail the trend of BYOD, the need for storing assets in inventory for remarketing, stringent data security compliance with environmental regulations and necessitate to exploit asset value recovery, growing use of electronic devices like tablets, mobiles, and laptops for enterprise usage, regulatory compliances, and growing awareness of conserving the environment. The additional factors adding market growth include the growing need to prevent data breaches, vast amounts of e-waste, environmental policies, the surging adoption of new technologies, and the need for safe methods to dispose e-waste.
On the contrary, high service costs, lack of awareness, and lack of comprehensive IT asset disposition policy may limit the global IT asset disposition market growth over the forecast period.
Browse In-depth Market Research Report (110 Pages) on ITAD Market:
The MRFR report highlights on an inclusive analysis of the global IT asset disposition market based on the organization size, industry vertical, asset type, and service.
By asset type, the IT asset disposition market is classified into peripherals, servers, storage devices, computers, and mobile devices. Among these, the mobile devices segment will command the market in the forecast period and at a healthy CAGR. The growing number of tablets and smartphones for work under the growing popularity of BYOD are adding to the segmental growth.
By service, the IT asset disposition market is segmented into remarking, remarketing and value recovery, logistics management, reverse logistics, de-manufacturing, data destruction, and recycling. Of these, the remarketing and value recovery segment will dominate the market over the forecast period.
By organization size, the IT asset disposition market is classified into large enterprises, medium enterprises, and small enterprises. Among these, the small and medium enterprises will spearhead the market over the forecast period at a high CAGR. The growing trend of BYOD at workplaces is adding to the segmental growth.
By industry vertical, the IT asset disposition market is classified into manufacturing, media and entertainment, education, aerospace and defense, BFSI, IT and telecom, and others. Among these, the media and entertainment industry will have the lions share in the market over the forecast period.
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North America to Spearhead IT Asset Disposition Market
Geographically, the global IT asset disposition market is bifurcated into Europe, the Asia Pacific (APAC), South America, North America, and the Middle East and Africa (MEA). Of these, North America will spearhead the market over the forecast period. The existence of early adopters of latest technologies, the presence of giant companies, product innovation, high regulatory standards, awareness of the conservation of the environment, the presence of developing IT market, growing number of cloud data centers, the presence of several ITAD service providers, and widespread adoption of cloud-based technologies are adding to the global IT asset disposition market growth in the region.
Europe to Hold Second-Largest Share in IT Asset Disposition Market
The global IT asset disposition market in Europe is predicted to hold the second-largest share over the forecast period. Germany and the UK have the utmost market share.
Asia Pacific to Have Promising Growth in IT Asset Disposition Market
The global IT asset disposition market in the APAC region is predicted to have promising growth over the forecast period. The existence of tech giants in the region, early adoption of technology, mounting shift to BYOD, the expanding need for data security, augmented investments in R&D by countries of India, China, and Japan, development of China’s business sector, advent of digitization, and technological advances are adding to the global IT asset disposition market growth in the region. India, Japan, and China have the utmost share in the market.
April- Broadvoice has joined hands with human-I-T to offer sustainable asset disposition for businesses while promoting digital inclusion for all.
The COVID-19 pandemic has affected most countries across the globe. The whole world is fighting against the outbreak and the economic slowdown. A good number of countries are again under lockdown due to the rapidly spreading virus. The lockdown has led to the shutdown of companies. To curb the spread of the deadly virus, people are maintaining physical distancing and are forced to stay at home. Employees that are working from home are using their handheld devices or laptops offered by the company that in turn is driving the use of ITAD services. The rise in BYOD trend is also likely to boost the market growth. The perks offered by the bring your own devices policy comprise higher productivity, seamless transition to remote work, reduced hardware acquisition costs, and lower employee attrition rate.
Impact of COVID-19 on the ITAD Market:
The global IT asset disposition market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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