Report predicts 7.1% CAGR growth to Global IT Asset Disposition Market during 2016-2024

SPOKANE (Scrap Monster): According to Transparency Market Research, the global IT Asset Disposition (ITAD) market is likely to grow at a compounded annual growth rate (CAGR) of 7.1% during the period from 2016 to 2024 to touch US$18.2 billion. The report states that the market was valued at US$9.89 billion in 2015.

The global IT asset disposition market is primarily driven by the increasing migration to cloud computing in the corporate sector. Adoption of cloud computing makes older IT assets obsolete. The migration process is risky due to the fact that a minor error could lead to large volumes of data becoming available without authorization.

The global ITAD market is also driven by the rising demand for used computing hardware. Consumers around the world have shown preference to used hardware due to their cheaper cost when compared with new equipment. In order to keep investment expenses at lower levels, small businesses and educational institutes usually opt for used IT equipment.

The strict government regulations governing the disposition of IT assets is another major driving factor for the projected growth in ITAD market. Various governments have come out with stringent rules on e-waste disposal as improper disposal of the same could result in serious environmental and health hazards. The hefty penalties imposed on improper disposal will force companies to opt for resale of IT assets, which in turn could drive the demand for IT disposition services.

According to the report, the global ITAD market is currently dominated by major players-Dell and HP. These companies have already managed to achieve strong global presence and are in efforts to boost their global presence. Both companies are currently trying to expand operations in regions such as Southeast Asia and Latin America, which offers immense growth opportunities for ITAD market. The other key market players include TBS Industries, CloudBlue Technologies Inc., Iron Mountain Incorporated, Arrow Electronics Inc., LifeSpan International, Inc., Sims Recycling Ltd., and Dataserv Group.

Among various IT assets, computers and laptops held 30% share in global ITAD market during 2015. Going forward, these two IT assets are expected to remain as the largest product categories for global asset disposition market. Other major assets that are likely to register significant presence in the market include mobile devices, servers, peripherals, and storages. The telecom and IT industry accounted for 42% of the global IT asset disposition market in 2015. Other key end-users of global IT asset disposition market were BFSI, education, energy and utilities, government, media and entertainment, manufacturing, aerospace, healthcare etc.,

Region-wise, North America emerged as the largest market for IT disposition services in 2015. The report predicts colossal growth in Asia Pacific region, which will make it the leading regional market by 2024.

The report segments global IT disposition market by Asset Type, Service, End use and Geography.

Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.