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IT Asset Disposition Market Trends, Growth & Future Insights 2024
IT Asset Disposition Market Trends
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According to The Business Research Company's, The it asset disposition market size has grown strongly in recent years. It will grow from $17.94 billion in 2023 to $19.58 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to asset value recovery, emerging market demand, obsolete equipment handling, consumer electronics turnover, globalization and supply chain management.
The it asset disposition market size is expected to see strong growth in the next few years. It will grow to $28.36 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to data center decommissioning, asset recovery and value maximization, consumer awareness and e-waste management, end-of-life it hardware upgrades, globalization of itad services. Major trends in the forecast period include environmental regulations, circular economy initiatives, remote workforce trends, it hardware upgrades.
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Market Drivers and Trends:
Increasing adoption of cloud-based solutions is expected to propel the growth of the IT asset disposition market going forward. Cloud adoption refers to the strategic process of utilizing cloud technologies to enhance business operations, improve scalability, reduce costs, and mitigate risks. It involves transitioning from on-premises infrastructure to the cloud or integrating cloud solutions with existing infrastructure. Cloud-based IT asset disposition (ITAD) refers to the practice of securely retiring IT assets from active service through decommissioning and subsequent disposal, with the process being managed through cloud-based platforms. These solutions offer several benefits, including centralized management of IT assets, real-time tracking of disposition activities, and secure data destruction. For instance, in December 2021, according to Eurostat, a Luxembourg-based intergovernmental organization, 41% of EU enterprises used cloud computing in 2021, primarily for hosting their e-mail systems and storing files in electronic form, an increase of 5 percentage points compared to 2020. In the EU, large businesses adopted cloud computing at a rate of 72% in 2021, an increase of 7 percentage points from 2020. Therefore, increasing adoption of cloud-based solutions is driving the growth of the IT asset disposition market.
Strategic partnership is a key trend in the IT asset disposition market. Major players are enting into partnership to sustain in the market. Strategic partnership is a key trend in the IT asset disposition market. Major players are enting into a partnership to sustain in the market. For instance, in July 2021, ERI, a US-based IT asset disposition provider, partnered with Closed Loop Partners. Through this partnership, ERI will enhance circular supply chains that benefit people, the environment, and business. Closed Loop Partners is a US-based investment firm.
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Major Key Players of the Market:
Dell Technologies Inc., Hewlett Packard Enterprise Company, International Business Machines Corporation, Sims Limited, Iron Mountain Incorporated, Tes-Amm India Private Limited, Apto Solutions Inc., LifeSpan International Inc., Arrow Electronics Inc., EOL IT Services LLC, Exit Technologies Inc., GreenTek Teman Pvt Ltd, Maxicom Network Inc., TBS Industries Inc., CloudBlue Technologies Inc., CompuCycle USA LLC, EPC Inc., Electronic Recyclers International Inc., Excess Logic LLC, Insight Enterprises Inc., IT Liquidators LLC, IT Renew Inc., ITAD Solutions LLC, Liquid Technology Inc., NextUse LLC, PlanITROI Inc., Procurri LLC, Redemtech Inc., Stone Environmental Inc.
IT Asset Disposition Market 2024 Key Insights:
• The it asset disposition market size is expected to see strong growth in the next few years. It will grow to $28.36 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Growing Usage Of Electronic Devices Propels It Asset Disposition Market
• Eri Partners With Closed Loop Partners For Circular Supply Chains In It Asset Disposition
• Asia-Pacific was the largest region in the IT asset disposition market in 2023
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