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% from 2021 to 2026.
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.
Data Destruction / Data Sanitization service type to hold the largest share of the IT asset disposition market from 2021 to 2026
In terms of market size, the data destruction/ data sanitization service type is expected to dominate the IT asset disposition market during the forecast period . Before the physical destruction of the asset or before it is sent to another phase of asset disposition, all the data or information from the asset has to be destroyed completely to minimize the risk of data breach, financial risks, and threat to brand image. The IT asset disposition service providers use advanced software/solutions for the complete sanitization of any device with data to ensure the complete destruction of data. The specialized software and appliances required for this process are used by an experienced IT asset disposition service provider, which provide certification that the data was sanitized to common industry standards.
The IT asset disposition market for servers to register highest CAGR from 2021 to 2026
The IT asset disposition market for servers is expected to grow at highest CAGR during the forecast period. The widespread use of internet and social media applications, as well as the introduction of new technologies such as software-defined networking and virtualization, give rise to the increased usage of servers and data centers worldwide. 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.
High adoption of IT asset disposition services by large enterprises drives the market growth
Large enterprises has a strong budget, expertise, and policies to overcome any issues related to safety, policy, and environment in the competitive world. Companies are increasingly adopting IT asset disposition to deal with retired IT assets. 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.
Banking, financial services, and insurance (BFSI) end-user industry to dominate IT asset disposition market, in terms of size, during the forecast period
The IT asset disposition market for banking, financial services, and insurance (BFSI) end-user industry is expected to hold a dominant position during the forecast period. The BFSI industry holds highly secure and confidential data such as the personal information and account details of corporates and customers. The primary risk faced by this sector is that of data breach as the devices could contain both sensitive customer data, such as social security numbers, banking account information, and pay stubs, and companies' proprietary information, such as revenue projections, payrolls, and more. Any kind of data leakage would affect customers and companies' brand image and reputation and threaten its compliance status with industry regulations. Thus, proper disposition of IT asset is necessary in the BFSI industry.
APAC to witness the highest growth in the market during the forecast period
APAC is expected to witness the highest growth in the IT asset disposition market during the forecast period due to because of the formulation of regulatory compliances for the proper disposal of IT assets and to safeguard the environment from the hazardous components of retired IT assets by restricting them from being disposed of in landfills. Increasing awareness about environmental safety and regulatory compliances for asset disposition drive the growth of the IT asset disposition market in Asia Pacific.
Key Topics Covered:
2 Research Methodology
3 Executive Summary 3.1 IT Asset Disposition Market: Post COVID-19 3.1.1 Realistic Scenario 3.1.2 Pessimistic Scenario 3.1.3 Optimistic Scenario
4 Premium Insights 4.1 Attractive Growth Opportunities in IT Asset Disposition Market 4.2 IT Asset Disposition Market, by Organization Size 4.3 IT Asset Disposition Market, by Asset Type 4.4 IT Asset Disposition Market in North America, by Country and End-user 4.5 IT Asset Disposition Market, by Services 4.6 IT Asset Disposition Market, by Country (2021)
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 220.127.116.11 Growing Implementation of Regulatory Compliances and Environment Safety 18.104.22.168 Rising Need for Data and Information Security in Old Assets 22.214.171.124 Surging Adoption of New Technologies and Byod Trend 126.96.36.199 Increasing Inclination Toward Development of Energy-Efficient Products 188.8.131.52 Emerging Adoption of Cloud-Based Technologies and Demand for Electronics Due to COVID-19 5.2.2 Restraints 184.108.40.206 Low Awareness and High Service Costs 220.127.116.11 Lack of Comprehensive IT Asset Disposition Policies 18.104.22.168 Negligible Recovery Value from E-Waste 5.2.3 Opportunities 22.214.171.124 Strategic Partnerships and Acquisitions 126.96.36.199 Rise in Demand for IT Asset Disposition from Small and Medium-Sized Enterprises 188.8.131.52 Growth of Sales of Old Equipment on Auction Websites or to Employees 5.2.4 Challenges 184.108.40.206 Unauthorized Standards and Unsustainable Practices 220.127.116.11 Lack of Special Budget Set Aside for Asset Disposition Due to Limited Funds 18.104.22.168 Significant Impact of COVID-19 on Technology Sector, Affecting Supply of Raw Material and Disrupting Value Chain 5.3 Value Chain Analysis 5.4 Porter's Five Forces Analysis 5.5 Trade Analysis 5.5.1 Trade Analysis for IT Asset Disposition Market 5.6 Ecosystem 5.7 Case Study Analysis 5.8 Patent Analysis 5.9 Technology Analysis 5.10 Market Regulations and Standards
6 IT Asset Disposition Market, by Service 6.1 Introduction 6.2 De-Manufacturing and Recycling 6.2.1 Improper Disposal of Scrap Assets Affects Environment and Poses Data Security Risk to Companies 6.3 Remarketing and Value Recovery 6.3.1 Reselling End-Of-Life IT Assets Enables Recovering Operating Capital and Reducing Electronic Waste 6.4 Data Destruction/Data Sanitization 6.4.1 On-Site Data Destruction 22.214.171.124 On-Site Data Destruction Being Mandated More Frequently Across Large and Small Companies 6.4.2 Off-Site Data Destruction 126.96.36.199 Off-Site Destruction - Better Option for Organizations That Need Ongoing, Verified Destruction of Sensitive Documents 6.4.3 IT Asset Disposition Market for Data Destruction/ Data Sanitization Services: COVID-19 Impact 6.5 Logistics Management and Reverse Logistics 6.5.1 Recovery of Value from Returned Assets and Improved Efficiency in Supply Chain Being Made Possible 6.6 Other Services 6.6.1 On-Site Equipment Audit Solution 188.8.131.52 Records Specifications of Assets and Each Data-Bearing Asset 6.6.2 Clients' Online Portal 184.108.40.206 Allows Monitoring of Asset Detail, Location, Status, and Final Disposition
7 IT Asset Disposition Market, by Asset Type 7.1 Introduction 7.2 Computers/Laptops 7.2.1 Recycling, Recovery, and Remarketing Services Widely Used for Disposition of Computers/Laptops 7.2.2 IT Asset Disposition Market for Computers/Laptops: COVID-19 Impact 7.3 Servers 7.3.1 Surge in Data Breaches Forced Data Center Providers to Dispose of Data and Equipment Before Decommissioning 7.4 Mobile Devices 7.4.1 Data Destruction/Data Sanitization Services Majorly Performed on Mobile Devices 7.5 Storage Devices 7.5.1 Data Sanitization Majorly Performed on Storage Devices to Prevent Data Leakage 7.6 Peripherals 7.6.1 Networking Devices 220.127.116.11 Various Erasure Methods Performed to Prevent Misuse of Data 7.6.2 I/O Devices 18.104.22.168 Recycling of I/O Devices Widely Performed
8 IT Asset Disposition Market, by Organization Size 8.1 Introduction 8.2 Small and Medium-Sized Enterprises 8.2.1 Small and Medium-Sized Companies Often Dispose of Assets Improperly to Reduce IT Spending 8.2.2 IT Asset Disposition Market for Small and Medium-Sized Enterprises: COVID-19 Impact 8.3 Large Enterprises 8.3.1 Increasing Need for Regulatory Compliance and Concerns Regarding Impact of E-Waste on Environment Driving Adoption of IT Asset Disposition Services in Large Enterprises
9 IT Asset Disposition Market, by End-user 9.1 Introduction 9.2 Banking, Financial Services, and Insurance (Bfsi) 9.3 IT and Telecom 9.4 Educational Institutions 9.5 Healthcare Industry 9.6 Aerospace and Defense 9.7 Public Sector and Government Offices 9.8 Manufacturing 9.9 Media and Entertainment 9.10 Other End-users 9.10.1 Energy and Utility 22.214.171.124 Energy and Utility Industry Can Extract Maximum Value from Old and Retired Assets to Invest in New Equipment 9.10.2 Construction and Real Estate 126.96.36.199 Construction and Real Estate Heavily Depends on Electronic Tools and IT Equipment 9.10.3 Logistics and Transportation 188.8.131.52 Data Security Becoming Increasingly Important for Logistics and Transportation
10 IT Asset Disposition Market, by Region 10.1 Introduction 10.2 North America 10.3 Europe 10.4 APAC 10.5 Rest of the World (Row)