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Global Data Center IT Asset Disposition Market Overview 2033 : Forecasted Market Size And Growth Rate
Data Center IT Asset Disposition Global Market Report 2024
According to The Business Research Company's, The data center IT asset disposition market size has grown strongly in recent years. It will grow from $12.42 billion in 2023 to $13.49 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to regulatory compliance, technology obsolescence, data security concerns, cost reduction initiatives, and environmental sustainability.
The data center IT asset disposition market size is expected to see strong growth in the next few years. It will grow to $18.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to growing demand for electronic waste management, increasing emphasis on data security and regulatory compliance, rising adoption of circular economy practices, and expanding data center infrastructure worldwide. Major trends in the forecast period include secure data erasure solutions, growth of asset tracking and management technologies, emergence of specialized IT asset disposal firms, expansion of regulatory compliance requirements.
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Market Drivers and Trends:
The growing prevalence of cyberattacks is expected to propel the growth of the data center IT asset disposition market going forward. Cyberattacks refer to deliberate and malicious attempts by individuals, groups, or organizations to breach the security measures of computer systems or digital devices. The prevalence of cyberattacks is growing due to advancing technology, vulnerabilities in systems, and a lack of cybersecurity awareness among individuals. Data center IT asset disposition is vital for cybersecurity as it prevents data breaches, mitigates insider threats, protects against supply chain attacks, and ensures compliance. It ensures the secure and compliant disposal of end-of-life IT assets, protects sensitive data, and mitigates risks associated with data breaches, regulatory non-compliance, and environmental hazards. For instance, in April 2023, according to the blog reported by Check Point Software Technologies, an Israel-based software company, global weekly cyberattacks increased by 7% in Q1 2023, compared to the same quarter of the previous year, with each organization encountering an average of 1,248 attacks per week. Therefore, the growing prevalence of cyberattacks is driving the growth of the data center IT asset disposition market.
Major companies operating in the data center IT asset disposition market are focusing on developing innovative solutions, such as IT asset repurposing and disposal facilities, to optimize resource utilization and minimize environmental impact. IT asset repurposing and disposal involves the practice of securely retiring IT assets from active service through decommissioning, destruction, and environmentally responsible recycling. For instance, in March 2024, TES, a Singapore-based provider of information technology life-cycle services, launched an IT asset repurposing and disposal facility to refurbish and recycle technology assets and data center equipment, with a focus on preventing rare metals from being sent to landfills. The facility is fully certified and equipped with advanced technical tools to ensure the secure removal of data from technological devices. The goal is to prevent valuable organizational data from being compromised, protect the environment by avoiding harmful disposal practices, and potentially recover value from retired IT assets.
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Major Key Players of the Market:
Dell Inc., International Business Machines Corporation, Arrow Electronics Inc., Hewlett Packard Enterprise (HPE), Iron Mountain Incorporated, EPC Inc., Sims Recycling Solutions, Procurri Corporation, CentricsIT, ITRenew Inc., Atlantix Global Systems, Cxtec Inc., Quantum Lifecycle Partners, Wisetek, Apto Solutions Inc., HOBI International Inc., Dataserv, Re-Teck, CloudBlue, TES-AMM Pte Ltd., Midwest CompuTech, TechWaste Recycling, Maxxum, TBS Industries, CentraComm Communications, Exit Technologies
Data Center IT Asset Disposition Market 2024 Key Insights:
• The data center IT asset disposition market size is expected to see strong growth in the next few years. It will grow to $18.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Impact Of Cyberattacks On The Data Center IT Asset Disposition Market
• Innovative Solutions In Data Center IT Asset Disposition
• North America was the largest region in the data center IT asset disposition market in 2023
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