A new market research study that has been recently presented by Transparency Market Research states that the global IT asset disposition market is expected to witness a high level of competition among the key players throughout the forecast period. The entry of new players and the increasing focus on technological advancements are projected to support the development of the market in the near future. In addition to this, the rising investments by the key players on the research and development activities and the rise in the mergers and acquisitions are projected to enhance the overall development of the global IT asset disposition market throughout the forecast period. The key players operating in the IT asset disposition market across the globe are Hewlett Packard Enterprise Development LP, Sims Recycling Ltd., Dell, Inc., TBS Industries, Apto Solutions, Inc., Dataserv Group, Iron Mountain Incorporated, ITRenew Inc., Arrow Electronics, Inc., LifeSpan International, Inc., CloudBlue Technologies, Inc., and TES-AMM Pte Ltd.
As per the market research study by TMR, in 2015, the global market for IT asset disposition was worth US$9.89 bn. The market is estimated to reach a value of US$18.18 bn by the end of 2024 and register a healthy 7.10% CAGR between 2016 and 2024.
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Rising Adoption of Cloud Computing to Support IT Asset Disposition Market
The North America market for IT asset disposition is anticipated to hold a large share and remain in the leading position in the next few years. A significant rise in the adoption of cloud services is estimated to ensure the growth of this region in the coming years. In addition to this, the use of cloud computing is considered an important part of the IT ecosystem, which is further predicted to shorten the lifespan of the IT assets, thus supplementing the market growth in the next few years. The Middle East and Africa and Asia Pacific are projected to witness a promising growth in the next few years, owing to the rising contribution from India, China, and Australia.
The global IT asset disposition market has been categorized on the basis of end use into energy and utilities, aerospace, BFSI, telecom and IT, media and entertainment, government, education, and healthcare. Among the mentioned segments, the media and entertainment segment is estimated to hold a major share of the global IT asset disposition market in the next few years. The rising demand for the high-definition visual content is likely to supplement the development of the market in the coming few years. In addition to this, the rise in the use of customized disposable services is estimated to propel the market in the forecast period.
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Advent of New Technology to Support IT Asset Disposition Market
The rising demand for data and information security for the old assets and the rising need for environment safety and regulatory compliances are projected to accelerate the growth of the global IT asset disposition market in the next few years. In addition to this, the rising trend of bring your own devices and the rising adoption of new technology are estimates to support the growth of overall market in the next few years.
On the flip side, the absence of inclusive policy for IT asset disposition and the high cost of services are estimated to curb the growth of the IT asset disposition market throughout the forecast period. Moreover, the unsustainable practices and the unauthorized standards are further expected to act as major challenges for the market players, thus restricting the market growth in the near future. Nonetheless, the value recovery from the obsolete assets is predicted to offer growth opportunities for the global market in the next few years.
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Key Takeaways:
- North America and Europe markets for IT asset disposition are projected to witness high growth in the next few years.
- The rise in the trend of bring your own device and the increasing use of cloud computing are likely to support the market growth in the near future.
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