IT Asset Disposition (ITAD) Market Size to Reach USD 15920 Million by 2027 at a CAGR of 9.6% | Valuates Reports

BANGALORE, India, Sept. 8, 2021 /PRNewswire/ -- The ITAD Market is Segmented by Type (De-Manufacturing and Recycling, Remarketing and Value Recovery, Data Destruction/Data Sanitization), by Application (BFSI, Government & Public, IT & Telecom, Healthcare, Aerospace & Defense, Media and Media and Entertainment): Global Opportunity Analysis and Industry Forecast, 2021–2027. It is published in Valuates Reports under the Software Category.

The global IT Asset Disposition (ITAD) market size is projected to reach USD 15920 Million by 2027, from USD 8391 Million in 2020, at a CAGR of 9.6% during 2021-2027.

IT asset disposition (ITAD) is a business that focuses on safely and environmentally responsible disposal of obsolete or unneeded equipment. Companies in the ITAD market specialize in expediting the disposition of IT assets while reducing costs and maximizing loss recoupment. 

Major factors driving the growth of the IT asset disposition market:

• The IT asset disposition market has seen tremendous expansion in recent years, owing mostly to regulatory compliance, and the increased need to prevent data breaches.
• The ITAD market is also fueled by the massive volumes of e-waste generated, the necessity for safe e-waste disposal solutions, and industry-wide environmental policies.

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TRENDS INFLUENCING THE GROWTH OF IT ASSET DISPOSITION MARKET

The risk of data breaches has been one of the major drivers for the IT Asset Disposition market. Companies have been looking for effective solutions to combat piracy and data-based attacks, which have reached all-time highs. Unfortunately, many people are unaware that many data breaches occur as a result of allegedly useless devices being discarded. In the process of disposing of IT assets, organizations overlook data security. Secure data ends up sitting someplace in a warehouse, where anyone can pick it up and use it for harmful purposes. Hard drives aren't deleted, computers aren't erased, and secure data ends up sitting somewhere in a warehouse where anybody can pick it up and use it for malicious purposes. ITAD services can help avert such situations and lower risk by deleting data from any discarded devices completely.

The growing implementation of regulatory compliances and environment safety is expected to drive the growth of the IT Asset Disposition (ITAD) market. Due to regulatory compliances such as NIST and HIPAA/HITECH, companies must re-evaluate their practices for end-of-life management of IT equipment. Many market operators lack the necessary market clout to deal with the implementation of these policies. In addition, failing to have a well-organized and secure plan in place for disposing of old IT equipment can lead to issues like identity theft and fraud. As a result, a number of federal and state environmental and privacy regulations govern the proper disposal of computers and electronics, and failure to do so can result in audits and significant fines or penalties.

According to the UN Environment Programme (UNEP), electronic garbage, or e-waste, generates between 20 and 50 million metric tonnes of hazardous waste each year, and the need for new technology is only growing. These estimates put pressure on users and producers to develop solutions that will help reduce the amount of e-waste that is being generated in developing countries around the world. ITAD firms offer the easy service of purchasing and removing your excess IT equipment for safe disposal, recycling, or resale. They may also be in charge of safely decommissioning your data center.

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IT ASSET DISPOSITION MARKET SHARE ANALYSIS

Based on type, the remarketing and value segment is expected to be one of the most lucrative segments in the IT Asset disposition market. End-of-life IT assets can be resold to recover operational money while also reducing electronic waste. Various safe IT asset disposition programs combine refurbishment and remarketing efforts to extract value from discarded devices and components that are still usable, allowing businesses to get the most out of an asset's life cycle.

Based on application, the BFSI industry is expected to be one of the largest contributors to the IT asset disposition market share. Personal information and account details of corporate and customers are held in the BFSI industry, which is very secure and sensitive. The greatest threat to this industry is a data breach, as the devices may include both sensitive consumer data such as social security numbers, banking account information, and pay stubs, as well as company proprietary data such as revenue estimates, payrolls, and other information. As a result, appropriate data destruction via the sanitization method—which includes degaussing, overwriting, or physical destruction—is an essential component of data protection.

The global ITAD market is predicted to be led by North America, followed by Europe and Asia-Pacific. This dominance of North America is attributed to government rules that encourage businesses to implement methods for disposing of their IT assets safely and correctly. Europe is the world's second-largest ITAD market. The ITAD market in Europe is growing thanks to data security and legislation. ITAD services are already in high demand in countries like Germany, France, and the United Kingdom.

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TOP COMPANIES IN THE IT ASSET DISPOSITION MARKET

The IT asset disposition market is highly fragmented, global vendors often collaborate with regional/local players for more opportunities, a better reach, and a large customer base. This proves beneficial for both entities in the long run.

Some of the top companies in the IT asset disposition market include

• Arrow Electronics, Inc.,
• Sims Recycling Ltd.,
• IBM,
• HPE,
• Atlantix Global Systems,
• Iron Mountain Incorporated.,
• GEEP, Dell Inc.,
• ITRenew Inc.,
• Apto Solutions, Inc.,
• CloudBlue,
• Dataserv.

ITAD MARKET SEGMENTATION

 By Type

• De-Manufacturing and Recycling
• Remarketing and Value Recovery
• Data Destruction/Data Sanitization

By Application

• BFSI
• Government & Public
• IT & Telecom
• Aerospace & Defense
• Healthcare
• Media and Media and Entertainment
• Other

By Region

• North America
• US.
• Canada
• Europe
• Germany
• France
• UK.
• Italy
• Russia
• Nordic
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA.

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