CHICAGO, Aug. 2, 2022 /PRNewswire/ -- IT Asset Disposition Market size is projected to grow from USD 15.5 billion in 2022 to USD 23.5 billion by 2027; it is expected to grow at a CAGR of 8.7% from 2022 to 2027, according to a new report by MarketsandMarkets™. The key factors contributing to the growth IT asset disposition market include need for data and information security in old assets, shift towards energy efficient products and need to comply with regulatory compliances meant for environmental safety. However, low awareness and high service cost is hindering the growth of IT asset disposition market. Unauthorized service providers and unsustainable practices possesses a huge challenge to the industry. However, growing focus on partnerships and acquisitions is the biggest opportunity in the market space during the forecast period.
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Browse in-depth TOC on "IT Asset Disposition Market" 188 – Tables
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Reselling end-of-life IT assets enables recovering operating capital and reducing electronic waste
Remarketing & Value Recovery refers to the concept of reusing and remarketing the used and retired assets back into the market to generate some recovery value or revenue out of it. Before disposing off any hardware, an IT asset disposition service provider will explore all options for reuse. Once IT assets reach the end of their lifespan, through a comprehensive IT asset remarketing program, it is possible to realize a number of significant benefits, including lowering the total cost of ownership for IT assets by capturing the remaining value.
Data sanitation majorly performed on storage devices to prevent data leakage
NIST 800-88 is a standard known for its data sanitization categories of Clear, Purge, and Destroy. The principles can apply to magnetic, flash-based, and other storage technologies—from USB drives to servers. The goal is to effectively sanitize media so that any and all data is irretrievable once the data or data storage device reaches the end-of-life stage. Devices such as tapes, disk drives, cartridges, and other storage devices are sanitized by NIST specifications using their principles. Any drive that cannot be cleared/purged using a 1-pass overwrite are physically destroyed to ensure that data cannot be recovered.
Large Enterprises adopt IT asset disposition to reduce impact of e-waste
Large enterprises are generally well-established companies with a developed infrastructure and regional, national, or global operations. Such enterprises operate from multiple locations and have more than 1,000 employees. Large enterprises include private and public sector firms. Companies in this segment have the budget, expertise, and policies to overcome any issues related to safety, policy, and environment in the competitive world. The main concern for large enterprises is to extract the maximum value from the assets and other resources available with the organization to gain a competitive advantage.
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North America to hold largest market share during the forecast period
The constant advancements taking place in asset disposition technology, such as developments in data security technology and the recycling process, are expected to boost the growth of the IT asset disposition market in North America. Furthermore, there is an increasing awareness of data security in the region, which is indirectly affecting the IT asset disposition market. Additionally, the augmented reliance on outsourced data hosting and processing, propelled by the increasing number of multi-tenant data centers (MTDC) in this region, is projected to boost the adoption of IT asset disposition solutions significantly over the next few years.
The key players operating in the IT Asset Disposition market are Dell Technologies (US), Hewlett Packard Enterprise (US), IBM (US), Sims Limited (Australia), Iron Mountain (US), 3Step IT(Finland), TES (Singapore), and Apto Solutions (US). The players in this market have adopted various strategies to expand their global presence and increase their market shares.
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