According to a new market report published by Transparency Market Research entitled “IT Asset Disposition Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024,” the ITAD market is expected to reach a value of US$ US$ 18.18 Bn by 2024, rising from US$ 9.89 Bn in 2015. The market is estimated to expand at a CAGR of 7.1% during the forecast period from 2016 to 2024.
Rapid changes in technology have resulted in the reduction of the life cycle of IT equipment. Organizations need to upgrade equipment to remain competitive in the market, resulting in the generation of a large amount of discarded IT assets, worldwide. ITAD ensures safe disposal of these assets. This is one of the key factors driving the ITAD market around the globe. Another important factor fueling the market’s growth is the growing demand for used computers, mobile devices, and other electronic equipment from educational institutions, small-scale enterprises, and individual customers, as this equipment is readily available at low prices.
ITAD service providers are seeking to expand globally and hence are entering into various partnerships to execute IT asset disposal efficiently. The introduction of automation in ITAD helps service providers keep a record of every asset in an enterprise and helps asset managers to plan strategy for asset disposition. This is another factor likely to boost the market’s growth in the near future. Asia Pacific is expected to observe the fastest growth during the forecast period, followed by Middle East and Africa and Latin America.
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Among the asset types in ITAD market, the computers/laptops segment had largest market share, with around 30% of the overall market in 2015. Until now, computers have formed a major chunk of IT equipment being recycled and refurbished. Among the end-use segments, telecom and IT occupied around 42% of the global ITAD market in 2015.
Key service providers of ITAD globally include TBS Industries, ITRenew Inc., Arrow Electronics, Inc., CloudBlue Technologies, Inc., Sims Recycling Ltd., Iron Mountain Incorporated, Dataserv Group, Apto Solutions, Inc., TES-AMM Pte Ltd., LifeSpan International, Inc., Dell, Inc., and Hewlett Packard Enterprise Development LP.