According to the new market research report "IT Asset Disposition Market with COVID-19 impact Analysis By Service Type, Asset Type, Organization Size, End User (Banking, Financial Services, and Insurance (BFSI), IT and Telecom, Healthcare), And Region -Global Forecast to 2026" published by MarketsandMarkets, the IT asset Disposition market is expected to grow from USD 14.5 billion in 2020 to USD 21.2 billion by 2026; it is expected to grow at a CAGR of 7.9% from 2021 to 2026. The IT asset disposition market has been witnessing significant growth over the past years, mainly owing to regulatory compliances, awareness of conserving the environment, and the growing need to prevent data breaches. The market is further driven by the vast amounts of e-waste, the need for safe methods of disposing of e-waste, and environmental policies which are followed by industries. The surging adoption of new technologies and BYOD trend is also expected to considerably boost the IT asset disposition market in the coming years. However, the COVID-19 outbreak is likely to result in a decline in the growth rate of the IT asset disposition market, especially in 2020 and 2021. This is because organizations in most of the major demand-generating verticals are currently, or were, non-operational in various countries, thereby negatively impacting the demand for IT asset disposition services. The COVID-19 pandemic has also disrupted the supply chain of the IT asset disposition market, thus hindering the implementation of IT asset disposition solutions.
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Data Destruction/ Data Sanitization service type to hold the largest share of the IT asset disposition market, by service, in 2020
Data destruction/ data sanitization will lead the IT asset disposition market, by service, in terms of size, in 2020. The security of data and information is crucial for any company. Hence, before the physical destruction of the asset or before it is sent to another phase of asset disposition, all the data or information from the asset has to be destroyed completely to minimize the risk of data breach, financial risks, and threat to brand image. The IT asset disposition service providers use advanced software/solutions for the complete sanitization of any device with data to ensure the complete destruction of data.
The market for IT asset disposition of servers to grow at the highest CAGR during the forecast period
On the basis of asset type, the IT asset disposition market has been broadly classified into computers/laptops, servers, mobile devices, storage devices, and peripherals. Among these, the market for servers is expected to record the highest CAGR between 2021 and 2026. Many companies refresh their data centers with networking or server upgrades every 3 to 4 years. Additionally, the surge in data breaches has forced data center providers to dispose of data and equipment before decommissioning them.
Large enterprises to hold the largest share of the IT asset disposition market, by organization size, in 2020
Large enterprises will lead the IT asset disposition market, by organization size, in terms of size, in 2020. Large enterprises has a strong budget, expertise, and policies to overcome any issues related to safety, policy, and environment in the competitive world. The main concern for large enterprises is to extract the maximum value from the assets and other resources available with the organization to gain a competitive advantage. Additionally, the increasing demand for regulatory compliance and concerns regarding the impact of e-waste on the environment are 2 major factors for the adoption of IT asset disposition services in large enterprises.
The IT asset disposition market for media and entertainment industry to grow at the highest CAGR during the forecast period
On the basis of end-user, the IT asset disposition market has been broadly classified into banking, financial services, and insurance (BFSI), IT and telecom, educational institutions, healthcare, aerospace and defense, public sectors and government offices, manufacturing, media, and entertainment, and others. Among these, the market for media and entertainment is expected to record the highest CAGR between 2021 and 2026. Data destruction services are widely being used for the media and entertainment industry because of the nature of the industry, where online and web penetration would drive the need for high-end servers and storage capacity. With increasing emphasis on building a culture of submissive environmental strategies, these conditions create a high demand for competent e-waste disposal and data sanitation. Moreover, advancements in technology have generated high demand in media and entertainment services.
North America to hold the largest share of IT asset disposition market during the forecast period
North America is expected to hold the largest share of the IT asset disposition market during the forecast period. The US leads the market in North America owing to its well-established economy and vendors in the US which are entering partnerships with regional and local players to develop new tools and techniques to increase data security and provide safe and secure asset disposition to clients. Europe is expected to account for the second-largest share of the IT asset disposition market during the forecast period. The UK and Germany are significant demand-generating countries for IT asset disposition services in this region.
A few key players operating in the IT asset disposition market are Hewlett Packard Enterprise (HPE) (US), Dell Technologies (US), IBM (US), Sims Limited (US), Iron Mountain (US), CompuCom(US), 3stepIT (Finland), TES (Singapore), Apto Solutions (US), and LifeSpan International (US).
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