Digital Circular Economy Market Overview, Outlook, Size, Share, Demand 2024-2033 |

"The Business Research Company recently released a comprehensive report on the Global Digital Circular Economy Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The digital circular economy market size has grown exponentially in recent years. It will grow from $2.27 billion in 2023 to $2.9 billion in 2024 at a compound annual growth rate (CAGR) of 27.9%. The growth in the historic period can be attributed to increase in consumer demand for transparency, growth in availability of green finance, increase in demand for sustainable packaging solutions, growth in corporate demand for metrics, and increase in emphasis on circular design principles.

The digital circular economy market size is expected to see exponential growth in the next few years. It will grow to $7.81 billion in 2028 at a compound annual growth rate (CAGR) of 28.1%. The growth in the forecast period can be attributed to cost reduction, shift towards circular supply chains, rising investments in startups, growing emphasis on resource efficiency, and expansion of the sharing economy. Major trends in the forecast period include integration of AI and IoT technologies, development of digital twins, advancement in predictive maintenance, smart grid technologies, and robotics technologies.

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Market Drivers and Trends:

The surge in e-waste awareness is expected to propel the growth of the digital circular economy market going forward. E-waste refers to discarded electrical or electronic devices, such as computers, smartphones, and appliances, that are no longer in use or have reached the end of their lifecycle. The awareness of e-waste regarding is growing due to environmental concerns and increased public education efforts highlighting the harmful effects of improper electronic waste disposal. The digital circular economy aims to mitigate e-waste by promoting the repair, reuse, and recycling of electronics, thereby minimizing waste and conserving resources. For instance, in March 2024, according to the Global E-Waste Monitor 2024 from the United Nations Institute for Training and Research, a Switzerland-based United Nations agency, the report emphasizes that if countries could raise their e-waste collection and recycling rates to 60% by 2030, the resulting benefits-such as reducing human health risks-would surpass costs by over US $38 billion. Therefore, the surge in E-waste awareness is driving the growth of the digital circular economy market.

Major companies operating in the digital circular economy market are adopting a strategic partnership approach to accelerate the transition to a circular economy. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in June 2023, SAP SE, a Germany-based software company, partnered with Versuni, the Netherlands-based company that designs and sells domestic appliances to focus on sustainability and a circular economy. With the SAP sustainability control tower software, a digital tool for ESG management based on real-time data, the company will be able to promote holistic management by setting goals, monitoring progress, and gaining insights from data, generating robust and auditable ESG reports, as well as improvement actions.

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Major Key Players of the Market:

Apple Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Dell Technologies Inc., Bosch GmbH, Hitachi Ltd., Siemens AG, Sony Group Corporation, Lenovo Group Limited, General Electric Company, International Business Machines Corporation, Panasonic Holdings Corporation, LG Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., Fujitsu Limited, SAP SE, Mitsubishi Electric Corporation, ABB Ltd., Hewlett Packard Enterprise Company, Nokia Corporation, Capgemini SE, Koninklijke Philips N.V., STMicroelectronics NV, Infineon Technologies AG

Digital Circular Economy Market 2024 Key Insights:

• The digital circular economy market size is expected to see exponential growth in the next few years. It will grow to $7.81 billion in 2028 at a compound annual growth rate (CAGR) of 28.1%.
• E-Waste Awareness Surge Accelerating Growth in the Digital Circular Economy Market
• Strategic Partnership Drive Circular Economy With Sustainability Control Tower
• Europe was the largest region in the digital circular economy market in 2023

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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company

The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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