ITAD becomes Integral to Customers with Regulatory Compulsions
The changing IT landscape with the evolution of various factors such as cognitive computing, cloud computing, big data analytics, and the all-pervasive Internet of Things (IoT) has created a mammoth problem of mounting e-waste. IT asset disposition (ITAD) is increasingly being adopted by companies across the globe to manage this waste disposal, minimize the risk of data loss, and the subsequent monetary loss. With a range of services such as recycling, recovery, data sanitization or data destruction amongst others, the ITAD market has carved a sizeable niche for itself.
A research report published by Transparency Market Research states the opportunity in the global ITAD market will be worth US$18.18 bn by 2024 from US$9.89 bn in 2015, as the market promises to surge at a CAGR of 7.1% between 2016 and 2024. The strict regulatory changes advised by governments across the world to minimize the possibilities environmental hazards created due to electronic waste is also expected to drive this market. This is especially pressurizing small and medium business in both developing and developed countries to adopted ITAD services and manage their waste in an effective manner.
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The media and entertainment segment will be the biggest end user of the ITAD products and services in the foreseeable future. This end-user segment will expand at a CAGR of 8.9% during the forecast period. An unprecedented growth in the demand for high-definition visual content has become the driving force behind the growing usage of ITAD in the media and entertainment industry. The maximum number of assets utilizing the customized disposal services were computers and laptops. As of 2015, this asset segment held about 30% share in the overall market.
Reducing Lifespan of IT Equipment Increases Dependence on ITAD
The report asserts that North America was one of the leading geographical segments due to a high adoption rate of cloud services. As cloud computing continues to be an integral part of the North America IT ecosystem, it will shorten the lifespan of IT assets thereby triggering a considerable demand for ITAD services. Furthermore, customers are preferring ITAD services in North America as vendors are seeking quality standards such as HIPPA/HITECH, PCI, and NAID amongst others. In the coming years,
Asia Pacific and the Middle East will also make sizeable contributions to the growth if ITAD market due to emerging economies and budding SMEs. Advancing technologies and changing specifications of IT equipment in countries such as China, India, and Australia are likely to have a positive impact on the overall market.
Some of the key players operating in the global ITAD market are TBS Industries, Arrow Electronics, Inc., Sims Recycling Ltd., Dataserv Group, Iron Mountain Incorporated, Apto Solutions, Inc., CloudBlue Technologies, Inc., ITRenew Inc., TES-AMM Pte Ltd., Dell, Inc., Hewlett Packard Enterprise Development LP, and LifeSpan International, Inc. Research indicates that strategic partnerships to expand product and services portfolio along with setting up of new facilities are likely to define the vendor landscape in the overall market. Furthermore, growing investments in research and development will also go a long way for companies to achieve their targets.