The global IT Asset Disposition (ITAD) market is projected to reach $31.8 billion by 2032, up from $15.6 billion in 2022, expanding at a high CAGR of 7.4 per cent, according to a report by Future Market Insight. The study attributes this growth to the increasing awareness of environmental preservation, regulatory compliances, and the need to prevent data breaches.
“Factors such as strict data security compliance with environmental regulations, the need to store assets in inventory for remarketing, the need to maximise asset value recovery, and the growing usage of electronic devices such as mobiles, laptops, and tablets for enterprise usage are expected to accelerate market growth,” said Nikhil Kaitwade, chief consultant at Future Market Insight.
IT Asset Disposition Market Growth Factors
The research emphasised that the market is also pushed by the huge quantities of e-waste, the necessity for safe methods of e-waste disposal, and the environmental rules that enterprises adhere to. In addition, the report notes that the rising use of new technologies and the BYOD trend are anticipated to significantly enhance the IT asset disposition market over the next few years.
The United States is estimated to reach a market value of $11.4 billion by 2032, with a CAGR of 7.1 per cent. China’s market is anticipated to reach $2.2 billion by 2032, exhibiting a CAGR of 7.2 per cent over the projected period.
Japan and the United Kingdom are anticipated to achieve respective market sizes of $1.7 billion and $1.3 billion in 2032, representing respective growth estimates of 5.9 per cent and 6.4 per cent. In contrast, South Korea is anticipated to reach a market size of $1.1 billion by 2032, reflecting a CAGR of 5%.
The report said that North America will hold the highest share of the IT asset disposition market. In contrast, the Asia-Pacific region is anticipated to experience the greatest development due to the introduction of digitalization and technological advancements, as well as the replacement of the region’s ageing infrastructure.
Key Players in IT Asset Disposition Market
The leading players in the global IT Asset Disposition Market include Hewlett Packard Enterprise (HPE), Dell Technologies, IBM, Sims Limited, Iron Mountain, CompuCom, 3stepIT, TES, Apto Solutions, and LifeSpan International, among others.
With a substantial share of the ITAD, these leading companies are working on expanding their customer base into new regions. These companies are utilising strategic partnership activities in order to increase their market share and revenues, said FMI.
On the other hand, mid-sized and smaller enterprises are extending their market presence by acquiring new contracts and entering new markets as a result of technological advancements and product improvements.
CompuCom (US) and Office Depot (US) joined in August 2020 to deliver a portfolio of IT hardware and service products to support remote offices for small and medium-sized organisations.
|IT Asset Disposition Market CAGR (2022 – 2032)||7.4%|
|IT Asset Disposition Market (2022)||US$ 15.6 Billion|
|IT Asset Disposition Market (2032)||US$ 31.8 Billion|
Credit: Future Market Insights
IT Asset Disposition Market
|Attributes||IT Asset Disposition Market|
|CAGR (2022 – 2032)||7.4%|
|Market Value (2032)||US$ 31.8 Billion|
|Growth Factor||The major factor that is expected to augment the growth of the IT Asset Disposition Market includes the growing usage of electronic devices such as mobiles, laptops, and tablets for enterprise usage.|
|Opportunity||Increase in sales of old equipment on auction websites or to employees, extend profitable opportunities to the market players during the forecast period.|
|Key Trends||Need to store assets in inventory for remarketing is one of the major factors that is expected to fuel the market growth.|
Credit: Future Market Insights
RSA was acquired by Dell Technologies (US), Symphony Technology Group (STG), Ontario Teachers’ Pension Plan Board (Ontario Teachers’), and AlpInvest Partners (AlpInvest Partners) in February 2020. RSA enables risk, security, and fraud teams to manage digital risk comprehensively, including threat detection and response, identity and access management, integrated risk management, and omnichannel fraud prevention.
In July of 2019, TES (Singapore) acquired Integrations et Services (I&S) (France), a leading provider of configuration-to-order, staging, and IT deployment services across France and mainland Europe, in order to deliver integrated end-to-end IT lifecycle solutions and assist clients in managing the inherent complexities and risks.
Key challenges to IT Asset Disposition Market
According to the research, IT assets that have reached the end of their lives require adequate disposal procedures and protocols. However, limited awareness and high service charges are anticipated to restrain the growth of the IT Asset Disposition Market. In addition, the absence of comprehensive IT asset liquidation regulations, unauthorised norms, and unsustainable practices are anticipated to impede the market growth.