The IT asset Disposition market is expected to grow from USD 14.5 billion in 2020 to USD 21.2 billion by 2026; it is expected to grow at a CAGR of 7.9% from 2021 to 2026. The IT asset disposition market has been witnessing significant growth over the past years, mainly owing to regulatory compliances, awareness of conserving the environment, and the growing need to prevent data breaches. The market is further driven by the vast amounts of e-waste, the need for safe methods of disposing of e-waste, and environmental policies which are followed by industries. The surging adoption of new technologies and BYOD trend is also expected to considerably boost the IT asset disposition market in the coming years.
Data Destruction / Data Sanitization service type to hold the largest share of the IT asset disposition market from 2021 to 2026 In terms of market size, the data destruction/ data sanitization service type is expected to dominate the IT asset disposition market during the forecast period .Before the physical destruction of the asset or before it is sent to another phase of asset disposition, all the data or information from the asset has to be destroyed completely to minimize the risk of data breach, financial risks, and threat to brand image.
The IT asset disposition service providers use advanced software/solutions for the complete sanitization of any device with data to ensure the complete destruction of data. The specialized software and appliances required for this process are used by an experienced IT asset disposition service provider, which provide certification that the data was sanitized to common industry standards.
The IT asset disposition market for servers to register highest CAGR from 2021 to 2026 The IT asset disposition market for servers is expected to grow at highest CAGR during the forecast period.The widespread use of internet and social media applications, as well as the introduction of new technologies such as software-defined networking and virtualization, give rise to the increased usage of servers and data centers worldwide.
The surge in data breaches has forced data center providers to dispose of data and equipment before decommissioning them. Thus, a data center disposes of servers that are no longer in use with the help of IT asset disposition service providers.
High adoption of IT asset disposition services by large enterprises drives the market growth Large enterprises has a strong budget, expertise, and policies to overcome any issues related to safety, policy, and environment in the competitive world.Companies are increasingly adopting IT asset disposition to deal with retired IT assets.
The increasing demand for regulatory compliance and concerns regarding the impact of e-waste on the environment are 2 major factors for the adoption of IT asset disposition services in large enterprises.
Banking, financial services, and insurance (BFSI) end-user industry to dominate IT asset disposition market, in terms of size, during the forecast period The IT asset disposition market for banking, financial services, and insurance (BFSI) end-user industry is expected to hold a dominant position during the forecast period.The BFSI industry holds highly secure and confidential data such as the personal information and account details of corporates and customers.
The primary risk faced by this sector is that of data breach as the devices could contain both sensitive customer data, such as social security numbers, banking account information, and pay stubs, and companies’ proprietary information, such as revenue projections, payrolls, and more.Any kind of data leakage would affect customers and companies’ brand image and reputation and threaten its compliance status with industry regulations.
Thus, proper disposition of IT asset is necessary in the BFSI industry.
APAC to witness the highest growth in the market during the forecast period APAC is expected to witness the highest growth in the IT asset disposition market during the forecast period due to because of the formulation of regulatory compliances for the proper disposal of IT assets and to safeguard the environment from the hazardous components of retired IT assets by restricting them from being disposed of in landfills. Increasing awareness about environmental safety and regulatory compliances for asset disposition drive the growth of the IT asset disposition market in Asia Pacific. In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the IT asset disposition market. Following is the breakup of the profiles of primary participants for the report. • By Company Type: Tier 1 – 35 %, Tier 2 – 45%, and Tier 3 – 20% • By Designation: C-Level Executives – 35%, Managers – 25%, and Others – 40% • By Region: Americas – 45%, Europe – 20%, APAC – 30%, and RoW – 5% The report profiles key players in the IT asset disposition market and analyzes their market shares. Players profiled in this report are Hewlett Packard Enterprise (HPE) (US), Dell Technologies (US), IBM (US), Sims Limited (US), Iron Mountain (US), CompuCom(US), 3stepIT (Finland), TES (Singapore), Apto Solutions (US), and LifeSpan International (US), Total IT Global (India), OceanTech (US), BRP Infotech (India), Curvature (US), TBS Industries (US), Ingram Micro (US), Inrego (Sweden), Atea (Norway), Renewtech (Netherlands), Blancco Technology (US), Prolimax(Netherlands), EOL IT Services (UK), Flex IT Distribution (Netherlands), CSI Leasing (US), and CHG Meridian Group (Germany).
Research Coverage This report segments the IT asset disposition market by service, asset type, organization size, end-user, and geography. It also describes major drivers, restraints, challenges, and opportunities about this market, as well as includes market share analysis, value chain analysis, porter’s five forces analysis, trade analysis, ecosystem, technological trends, key patents, standards and frameworks, and case studies/use cases.
Reasons to Buy This Report
The report will help leaders/new entrants in the IT asset disposition market in the following ways: 1. The report segments the IT asset disposition market comprehensively and provides the closest market size estimation for all subsegments across regions. 2. The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities about the IT asset disposition market. 3. The report will help stakeholders understand their competitors better and gain insights to improve their position in the IT asset disposition market. The competitive landscape section describes the competitor ecosystem.
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