ITAD Market | Key Growth Drivers, Trends, Segments, Opportunity Forecast 2022-28

The global ITAD market is expected to be valued around USD 17.1 billion by 2022 and grow at a significant CAGR of 8.7% over the forecast period due to developments in the IT industry and in digital markets. One of the factors driving the market's expansion is the rising adoption of electronic devices including computers and laptops, office furniture, and portable gadgets. However, rising hacking and cybercrime activity, lack of knowledge, and high service costs could restrain the development of the ITAD market over the projection period.

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Increasing Demand of Global ITAD in various industries:
Several industries, including aerospace & defence, energy & power, BFSI, telecom & IT, media & entertainment, automotive, and others, are seeing an increase in demand for ITAD. The demand for electronic devices is rising across all industries due to the rise of IT-related businesses like Google, Facebook, Microsoft, and others as well as new start-ups like Uber, Amazon, Redbus, etc.

North America leads the Global ITAD Market:
PBI's global ITAD market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. According to regional analysis, North America has estimated to dominate in the revenue share since technology has advanced further in American and Canadian sectors. In the United States, major ITAD players including Hewlett Packard Enterprise, IBM, Dell Inc., Sims Lifecycle Services, Inc., and others are present.

Development of ITAD services and strategic collaborations are the key strategies adopted by market players:
The global ITAD market further reveals that the key player's increasingly adopting strategies such as development of ITAD services and strategic collaborations by the market players to enhance market revenue share and gaining significant geographic presence across the region. On April, 2019, HPE announced that circular economy helps IT build toward sustainability. It involves developing IT consumption processes that reflect on corporate responsibility and enable a more sustainable business environment.

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Key player's profiles in the report are Hewlett Packard Enterprise, IBM, Dell Inc., Sims Lifecycle Services, Inc., DXC Technology, Iron Mountain Incorporated, Apto Solutions Inc., ITRenew Inc., TES (Singapore) Pte Ltd., LifeSpan International Inc., and Arrow Electronics.

Detailed Segmentation:
By Asset Type
• Computer
• Laptops
• Servers
• Storage Devices
• Peripherals

By Service
• Data Destruction
• Recycling
• Reverse Logistics
• Remarketing & Value Recovery
• Logistics Management
• Others

By Industry Vertical
• Aerospace & Defense
• Energy &Power
• BFSI
• Telecom & IT
• Media & Entertainment
• Automotive
• Others

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This release was published on openPR.