According to the new market research report “IT Asset Disposition Market with COVID-19 impact Analysis By Service Type, Asset Type, Organization Size, End User (Banking, Financial Services, and Insurance (BFSI), IT and Telecom, Healthcare), And Region -Global Forecast to 2026″ published by MarketsandMarkets, the IT asset disposition market is expected to grow from USD 14.5 billion in 2021 to USD 21.2 billion by 2026; it is expected to grow at a CAGR of 7.9% during the forecast period. 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.
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The market for remarketing and value recovery services is expected to witness the highest growth during the forecast period. Various secure IT asset disposition programs integrate refurbishing and remarketing efforts to capture value from disposed devices and components that are still useful, which ultimately helps businesses gain economic value from an asset’s lifecycle. Also, Most small and medium-sized enterprises are expected to resort to remarketing and recovery of used IT assets through external IT asset disposition service providers. Thus, remarketing and value recovery services are growing rapidly.
The market for IT asset disposition of servers to grow at the highest CAGR during the forecast period
The IT asset disposition market for servers is expected to witness significant growth during the forecast period. Several factors, such as technological developments and an increasing number of businesses transitioning to the cloud, have resulted in the growing number of advanced servers. Additionally, 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.
Large enterprises to hold the largest share of the IT asset disposition market, by organization size, in 2020
Large enterprises will lead the IT asset disposition market for small and medium-sized enterprises to witness significant growth during the forecast period. 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. Various large enterprises from a wide range of industry sectors, including manufacturing, IT and telecom, financial services, and healthcare, have dedicated teams working toward the IT asset disposition of old assets and also have separate funding to fulfill these services.
The IT asset disposition market for media and entertainment industry to grow at the highest CAGR during the forecast period
On the basis of end-user, the IT asset disposition market has been broadly classified into banking, financial services, and insurance (BFSI), IT and telecom, educational institutions, healthcare, aerospace and defense, public sectors and government offices, manufacturing, media, and entertainment, and others. Among these, the market for media and entertainment is expected to record the highest CAGR between 2021 and 2026. Data destruction services are widely being used for the media and entertainment industry because of the nature of the industry, where online and web penetration would drive the need for high-end servers and storage capacity. With increasing emphasis on building a culture of submissive environmental strategies, these conditions create a high demand for competent e-waste disposal and data sanitation. Moreover, advancements in technology have generated high demand in media and entertainment services.
North America to hold the largest share of IT asset disposition market during the forecast period
North America is expected to hold the largest share of the IT asset disposition market during the forecast period. IT asset disposition market in APAC is expected to grow at the highest CAGR during the forecast period. China, Japan, South Korea, and India are some of the major countries driving the growth of the IT asset disposition market in APAC. increasing awareness about environmental safety and regulatory compliances for asset disposition drive the growth of the IT asset disposition market in Asia Pacific.
A few key players operating in the IT asset disposition market 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). Key players in the IT asset disposition market are grabbing opportunities by expanding their geographical reach. Besides expansion, partnerships, agreements, and collaborations were a few of the other strategies adopted by companies in this market to strengthen their market position.
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