IT Asset Disposition Market

Evolution of technologies and consolidation of BYOD trend to boost market growth Organizations use new technologies to enhance the effectiveness and efficiency of different work processes. However, a lot of technology-based services and products are replaced with the latest models before ever achieving their full potential. Additionally, unwanted IT equipment needs to be disposed of as a result of data centre consolidation, virtualization, and expanding cloud adoption. The majority of companies are also adopting bring your own device (BYOD) in the office as working remotely has become the trend.

Thus, the rising adoption of bring your own device in organizations is anticipated to support the market growth during forecast period. In Jan. 2022, Apple has announced some impressive and sweeping changes to how it will manage Apple devices in the coming years. BYOD is improved with Workspace ONE 2111 and iOS 15 due to enhancements to User Enrollment and Needed Apps. This new procedure in iOS 15 is easier to use and moves more rapidly than its predecessor, which will enhance user experience and encourage increased rates of BYOD usage for organizations.

The increase in the need for data security in old assets performs as one of the major drivers of IT asset disposition market. The market expansion is accelerated by the execution of regulatory compliances and environmental safety, which is made possible by the prevalence of legislation that require secure and environmentally responsible disposal of e-waste. Small and medium-sized companies growing demand for IT asset disposal and their increased propensity to develop energy-efficient products both have an impact on the industry.

Moreover, there has been a rise in investments, a growth in end-use industries, the acceptance of cloud-based technologies, and the application of new technologies. Additionally, profitable options for market participants are expanded through strategic alliances and acquisitions, as well as a rise in sales of used equipment on online auction platforms or to employees.

The surge in data security threats is a crucial driver for the Global IT Asset Disposition Market ITAD Market Industry. Cybersecurity incidents are becoming more prevalent, prompting organizations to prioritize secure data destruction during asset disposal. High-profile data breaches have underscored the importance of safeguarding sensitive information, leading to increased investments in ITAD services. Companies are seeking certified ITAD providers to ensure compliance with data protection regulations and mitigate risks associated with data leaks. This heightened focus on data security is likely to bolster the market, as organizations recognize the necessity of secure IT asset disposal.

Environmental sustainability is a pivotal driver in the Global IT Asset Disposition Market ITAD Market Industry. With increasing awareness of electronic waste and its detrimental effects on the environment, organizations are compelled to adopt responsible disposal practices. Governments are promoting recycling initiatives and encouraging businesses to minimize their carbon footprint. For example, the U.S. Environmental Protection Agency (EPA) emphasizes the importance of e-waste recycling. This growing environmental consciousness is likely to propel the market, as companies seek ITAD solutions that align with sustainability goals. The Global IT Asset Disposition Market ITAD Market Industry is expected to grow significantly, potentially reaching 50.7 USD Billion by 2035.

The Global IT Asset Disposition Market ITAD Market Industry is experiencing heightened demand due to increasing regulatory compliance requirements. Governments worldwide are implementing stringent regulations regarding data protection and environmental sustainability. For instance, the General Data Protection Regulation (GDPR) in Europe mandates strict data handling practices, compelling organizations to ensure secure disposal of IT assets. This regulatory landscape drives companies to seek reliable ITAD services, thereby expanding the market. As organizations prioritize compliance, the Global IT Asset Disposition Market ITAD Market Industry is projected to reach 21.3 USD Billion in 2024, reflecting the urgency for secure and compliant asset disposal.

Technological advancements are reshaping the Global IT Asset Disposition Market ITAD Market Industry. The rapid pace of innovation leads to frequent upgrades of IT equipment, resulting in a growing volume of obsolete assets. Organizations are increasingly aware of the need to dispose of outdated technology securely and responsibly. As new technologies emerge, such as cloud computing and artificial intelligence, the demand for efficient ITAD solutions intensifies. This trend indicates a robust growth trajectory for the market, with a projected compound annual growth rate of 8.2% from 2025 to 2035. Consequently, businesses are investing in ITAD services to manage their asset lifecycle effectively.

The Global IT Asset Disposition Market ITAD Market Industry is witnessing a shift towards circular economy practices. Organizations are increasingly adopting strategies that emphasize the reuse and recycling of IT assets to minimize waste and maximize resource efficiency. This trend aligns with global sustainability goals and is supported by government initiatives promoting circular economy principles. As businesses strive to reduce their environmental impact, the demand for ITAD services that facilitate asset recovery and responsible recycling is likely to grow. This shift not only enhances corporate social responsibility but also contributes to the overall expansion of the Global IT Asset Disposition Market ITAD Market Industry.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America IT Asset Disposition Market (ITAD) market dominates the market accounted 43.20% share. The booming IT market and expanding number of cloud data center services in the region are credited with the region's growth. Additionally, it is anticipated that the existence of various ITAD service providers and the widespread acceptance of cloud-based technologies will accelerate market expansion.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  IT ASSET DISPOSITION (ITAD) MARKET SHARE BY REGION 2021 (%)

Europe IT asset disposition (ITAD) market accounts for the second-largest market share due to rising demand for data and information security in obsolete assets. The market expansion is accelerated by the implementation of regulatory compliances and environmental safety, which is made possible by the prevalence of regulations that require secure and ecologically responsible disposal of e-waste. Further, the Germany IT asset disposition (ITAD) market held the largest market share, and the UK IT asset disposition (ITAD) market was the fastest-growing market in the European region.

The Asia-Pacific IT Asset Disposition Market (ITAD) Market is expected to grow at the fastest CAGR from 2022 to 2030. This is owing to the emergence of digitization and technological advancements, that has led to the substitution of older infrastructure. Considering its booming IT markets, nations like Japan, China, and India are among the top providers of ITAD services. According to the United Nations University, India produces over 2 million metric tons of electronic trash each year, of which 82% comes from personal electronics.

In India, demand for ITAD services has increased significantly over the past several years in order to guarantee and manage the safe disposal of the generated e-waste. Moreover, China's IT asset disposition (ITAD) market held the largest market share, and the India IT asset disposition (ITAD) market was the fastest-growing market in the Asia-Pacific region.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the IT asset disposition (ITAD) market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the IT asset disposition (ITAD) industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the ITAD industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, IT asset disposition industry has provided ITAD solution and services with some of the most significant benefits. The IT asset disposition (ITAD) market major player such as Dell (US), IBM Corporations (US), Tes-Amm India Private Limited (India), and others are working to expand the market demand by investing in research and development activities.

Feb. 2020, Dell Technologies (US) signed a deal with Symphony Technology Group (STG), Ontario Teachers’ Pension Plan Board, and AlpInvest Partners to acquire RSA. RSA gives risk, security, and fraudulent teams the tools they need to manage digital risk holistically. These tools include omnichannel fraud prevention, integrated risk management, threat detection and response, and identity and access management.

In July 2019, TES (Singapore) owned Integrations et Services (I&S) (France), a leading supplier of configuration to order, orchestrating, and IT deployment services all over France and mainland Europe, to fabricated structural end-to-end IT lifecycle remedies while also helping its customers manage the complex nature and risks that are inherent in them.

Also, in Feb. 2022, an agreement was entered into by IBM, Worley, and ABB on behalf of energy firms to construct and run green hydrogen facilities. ABB will provide electrical infrastructure, Worley will give engineering and construction experience, and IBM will provide system integration services.