Amid rising competition from new vendors, companies operating in the global IT asset disposition market are shifting their focus on emerging regional markets and are actively seeking collaboration opportunities, observes Transparency Market Research in a recent report. However, the market is presently largely consolidated, with the leading five companies, namely Dell Inc., Sims Recycling, HP Ltd., CloudBlue Technologies, Inc. and Arrow Electronics, Inc., collectively accounting for a massive share in the overall market. These leading vendors are seeking ways of entering vertical markets for sustainable returns as new companies continue to enter the market and add to the level of competition.
Companies are also diverting funds towards R&D practices, strategic mergers and acquisitions with the aim of expanding their product and service portfolios and knowledge base, and geographical outreach in emerging markets. Other leading companies in the market include Iron Mountain Incorporated, Dataserv Group, ITRenew Inc., CloudBlue Technologies, Inc., and TBS Industries.
The report states that the global IT asset disposition market will register a promising 7.1% CAGR over the period between 2016 and 2024, rising from a valuation of US$9.89 bn in 2015 to a revenue opportunity of US$18.18 bn by 2024. Of the key end users of IT asset disposition solutions, the telecom and IT sectors accounted for the dominant share in the overall market and is likely to account for a substantial share in the overall market. However, the segment of media and entertainment will emerge as the most promising one, exhibiting an 8.9% CAGR over 2016-2024. Geographically, the market in North America is likely to account for the dominant share in the overall market over the forecast period.
Changing IT Infrastructure of Enterprise Sector to Drive Market
One of the leading factors to have driven the global market for IT asset disposition is the transformation bought in consumer behavior, business operations, IT infrastructure in the enterprise sector by the massive rise in penetration of cognitive computing, cloud computing, IoT, and big data analytics. The steadily changing IT landscape has also been a leading driver of the market as the industry presents the need for reliable and safe methods of disposing off e-waste to lower down the impact of non-degradable and hazardous materials on the environment.
The market is also expected to benefit from encouraging regulatory scenario across a number of countries that enabled the safe disposal of e-waste. In the near future, the demand for IT asset disposition tools and services will majorly be high across small- and medium-sized enterprises, especially in emerging countries across regions such as Latin America and Asia Pacific. Vendors could benefit from catering to the definite needs of end users. The reducing lifespan of electronics and a variety of IT equipment, by leading to a vast rise in the global production of e-waste, is also likely to emerge as a leading growth factor for the market.
High Initial Investment to Establish ITAD Facilities to Discourage Consumers
While the market features promising growth prospects, it is likely to be challenged by the need for high initial investment for establishing ITAD facilities. The capital intensive nature of a variety of ITAD tools and solutions will limit their rate of adoption, thus hampering the growth prospects of the market to a certain degree. Low level of awareness regarding the need for the proper disposal of IT assets across a number of countries and regions could also hamper the growth prospects of the market to a certain extent.
This analysis of the global IT asset disposition market is based on a recent market research report by Transparency Market Research, titled "IT Asset Disposition (ITAD) Market (Asset Type - Computers/laptops, Mobile Devices, Peripherals, Storages, Servers, and Network Equipment; Service - Data Sanitization/Data Destruction, Recovery, and Recycling; End Use - BFSI, Telecom and IT, Healthcare, Aerospace, Energy and Utilities, Government, and Education) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024."
Asset Management IT Solution Market (Component - Application (Portfolio Management, Risk Management, Client Reporting, Trade Order Management, Workflow Automation, Benchmarking, and Cash Flow & Accounting) and Service (Enterprise Data Management, Data Integration, Reporting Solutions & Services, Operation Support & Monitoring, Application Development and Resource Management); Deployment Model - Cloud-based, On-premise, and Hybrid):https://www.transparencymarketresearch.com/us-asset-management-it-solution-market.html
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