-- The global E-waste and Information Technology Asset Disposition (ITAD) market size is expected to reach USD 115.06 Billion at a steady revenue CAGR of 8.6% in 2028, according to latest analysis by Emergen Research.
As technology develops at a rapid rate, electronic garbage, or e-waste, is becoming a bigger problem in today's society. Electronic waste (or "e-waste") is the term used to describe abandoned electronic equipment such computers, smartphones, televisions, and other gadgets. Due to the frequent presence of toxic compounds like lead, mercury, and cadmium in electronic devices, incorrect disposal of e-waste can have a negative impact on the environment.
A smaller segment of the larger e-waste market is the information technology asset disposal (ITAD) sector. ITAD is the term for the process of properly and sustainably discarding electronic equipment. Since more people are becoming aware of the negative impacts of e-waste and the necessity of secure data destruction, the ITAD market has been expanding.
The rise in e-waste production is one of the key factors driving the ITAD market. Only 17.4% of the world's 53.6 million metric tonnes of e-waste that was generated in 2019 was formally recorded as being collected and recycled, according to the United Nations University. The need for ITAD services will increase as more electronic devices are made and discarded.
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The rising focus on data security is another factor driving the ITAD industry. The destruction of sensitive data before disposing of electronic equipment is now required by law for many corporations and organisations. Data destruction-focused ITAD services are now more in demand as a result of this.
The ITAD market, however, also faces a number of obstacles and limitations. The absence of regulations and standards in the sector is one of the biggest problems. Many nations lack explicit laws or regulations for the disposal of electronic trash, which can result in the handling of electronic devices improperly and the discharge of hazardous elements into the environment.
The high expense of proper e-waste disposal is another barrier to the growth of the ITAD business. Due to the cost of recycling electronic devices in an eco-friendly way, some people and companies choose not to properly dispose of their electronic waste.
E-waste and Information Technology Asset Disposition (ITAD) Market Segmentation:
The IT asset disposition market is segmented based on type, source, and end-use outlook. In terms of type outlook, the market is segmented into home appliances, medical equipment, laboratory devices, IT devices, computers/laptops, servers, mobile devices, storage devices, peripherals, and others. Among these segments, the IT devices segment accounted for the largest revenue share in 2020, as new technologies are being launched every year, and GenX and millennials are gadget-obsessed due to their growing reliance on technology for work, communication, entertainment, and daily life activities.
In terms of source outlook, the market is segmented into household, consumer, industrial, and others. Among these, the household segment is expected to grow at a significant rate in the coming years due to the rising trend of replacing old and outdated electronic devices with newer ones.
In terms of end-use outlook, the market is segmented into IT and Telecom, Banking, Financial Services, and Insurance (BFSI), healthcare industry, media and entertainment, aerospace and defense, educational institutions, public sector and government offices, manufacturing, and others. The BFSI segment accounted for a significantly large revenue share in 2020 as the industry has highly confidential and secure data such as personal information and account details of customers and corporates due to the nature of its operations.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for the largest revenue share in 2020 as the region shows a trend of high demand for the latest technologies and product innovation due to its developed economy, high disposable income, and tech-savvy population. North America also has well-established regulations and guidelines for e-waste disposal, which have led to the growth of the IT asset disposition market in the region.
The ITAD industry is anticipated to expand in the years ahead despite these obstacles. The rising demand for refurbished electronics is one major driver. Refurbished products are growing in popularity as more people and companies search for less expensive alternatives to brand-new products. Due to this, demand for ITAD services that specialise in repairing and reselling electronic gadgets has increased.
Additionally, governments and international organisations are addressing the e-waste issue and fostering the expansion of the ITAD sector. For instance, the United Nations introduced the Sustainable Development Goals to encourage responsible consumption and production, while the European Union set criteria for the disposal and recycling of e-waste.
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Some Key Highlights from the Report
In July 2021, S2S Group, which is an ITAD company that specializes in the secure and responsible disposal of electronic devices, announced that it had achieved certification to the ISO 27001 standard for information security management. This certification demonstrates S2S Group's commitment to maintaining the highest levels of security and data protection in its ITAD services.
IT devices segment accounted for largest revenue share in 2020 as new technologies are being launched every year and GenX and millennials are gadget-obsessed due to their growing reliance on technology for work, communication, entertainment, and daily life activities. The IT devices segment includes a wide range of electronic devices such as desktops, laptops, smartphones, tablets, and other digital devices.
BFSI segment accounted for a significantly large revenue share in 2020 as the industry has highly confidential and secure data such as personal information and account details of customers and corporates due to the nature of its operations. The BFSI (Banking, Financial Services, and Insurance) segment is a major contributor to the IT asset disposition market as it generates a large volume of electronic devices such as servers, computers, and storage devices. The BFSI sector is subject to strict regulatory requirements, which necessitate the secure disposal of electronic devices. These regulations aim to protect customer data, prevent identity theft, and ensure compliance with industry standards.
North America accounted for largest revenue share in 2020 as the region shows a trend of high demand for latest technologies and product innovation due to its developed economy, high disposable income, and tech-savvy population. North America is a key contributor to the IT asset disposition market due to its large number of businesses, organizations, and consumers that generate electronic waste.
Key players in the market include Dell Technologies, Electronic Recyclers International, Inc., Hewlett Packard Enterprise, LifeSpan International, Umicore S.A., Aurubis AG, Tetronics (International) Ltd., IBM Corporation, Boliden AB, and Iron Mountain.
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