Submarine Cable System Market worth $22.0 billion by 2025

 

The report "Submarine Cable System Market by Application (Communication (Component, Offering (Installation & Commissioning, Upgrades)), Power (Type, Voltage, End User (Offshore Wind Power Generation, Offshore Oil & Gas), and Region - Global Forecast to 2025", is expected to grow from USD 13.0 billion in 2020 to USD 22.0 billion by 2025 at a CAGR of 11.1%. The growth of the submarine cable system industry can be attributed to the growing number of internet connections worldwide, a surge in bandwidth globally, an increasing number of new offshore wind capacity additions, and growing demand for inter-country & island connections.  Moreover, an increase in the investments for the deployment of high-capacity communication systems by over-the-top (OTT) players and increasing demand for high-voltage direct current (HVDC) submarine power cable are expected to create considerable growth opportunities for the development of the global submarine cable system sector.

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The wet plant products segment held a larger share of the submarine communication cable market during the forecast period.

The growth of the wet plant products segment can be attributed to an increase in the demand for cables, repeaters, and branching units for laying them on the ocean beds, unlike dry plant products such as SLTE, which can be upgraded according to the bandwidth requirements.

Offshore wind power generation to hold the largest size of the submarine power cable market during the forecast period

According to the Global Wind Energy Council (GWEC), the UK is the world’s largest offshore wind market and accounted for a share of ~34% of the global installed wind energy capacity in 2019. It was followed by Germany, which accounted for a share of ~28% of the total installed capacity in the same year. China accounted for a share of ~20% of the global offshore installed capacity of wind energy in 2019. Moreover, countries such as the UK, Germany, China, Japan, and Taiwan plan to invest significantly to expand and develop their regional offshore wind energy industry. These factors are expected to fuel the demand for submarine power cables for offshore wind power generation during the forecast period.

The single-core segment is projected to lead the submarine power cable market from 2020 to 2025

The growth of this segment can be attributed to the increased use of single-core cables as they are easy to deploy and are suitable for covering longer lengths than multicore cables. Moreover, upcoming extra-high voltage projects in APAC, Europe, and North America are expected to drive the growth of the single-core segment of the submarine power cable market during the forecast period.

Trans-Pacific submarine communication cable market to grow rapidly in the coming years

Submarine communication cable systems deployed in the Trans-Pacific region aim at not only enhancing the submarine system capacity along their respective routes but also focus on edging out the competition in terms of communication latency. These new systems provide increased route diversity— especially along the southern part of the region. According to the Information Technology and Innovation Foundation (ITIF) 2019 report, ~30% of the expected deployments of submarine communication cables in the Trans-Pacific region aim at increasing capacity and reducing latency among Asia, Australia, and the US from 2019 to 2021.

Major players in the submarine power cable market include Prysmian (Italy), Nexans (France), and NKT (Denmark), and key players in the submarine communication cable market are Alcatel-Lucent (France), SubCom (Switzerland), and NEC Corporation (Japan), among others.

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Industrial PC Market expected to reach $5.7 billion by 2025

 

According to the new market research report "Industrial PC Market by Type (Panel, Rack Mount, Box, Embedded, and DIN Rail), Data Storage (HDD, SSD), Sales Channel (Direct, Indirect), Maximum RAM Capacity, Industry (Process, Discrete), and Region - Global Forecast to 2025", is estimated to reach USD 5.7 billion by 2025 from USD 4.4 billion in 2020, growing at a CAGR of 5.4%. The market growth is fueled by increasing demand for industrial IoT, a steady shift towards digitalized manufacturing from traditional methods, growing awareness for resource optimization in manufacturing industries, and stringent regulatory compliances.  

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“Panel IPC to hold the largest size of the industrial PC market from 2020 to 2025.”

Panel industrial PCs are the most commonly used industrial PCs in the process and discrete industries for data acquisition and process control operations. These PCs are designed to operate in rugged industrial environments to meet the requirements of visualization applications in the manufacturing industries. The distinctive features of panel industrial PCs include compact chassis, high performance, enhanced flexibility, improved safety control, and user-friendly touchscreens.

“SSD market to grow at higher CAGR during the forecast period”

The solid-state drive (SDD) data storage medium is made from silicon microchips used in industrial PCs. One of the most significant attributes of SSD is that it is devoid of mechanical parts, which allows swift and smooth data transfer to and from the storage medium. Due to this, the data transfer occurs at a considerably higher speed, thereby enhancing the expectable lifespan of this storage medium. This data storage medium offers several advantages over conventional rotating data storage medium.

The distinguishing features of SSD include its quick operation, lighter weight, high reliability, and enhanced energy efficiency. These characteristics are expected to propel the demand for industrial PCs incorporated with SSD across a wide range of industries. Also, the declining ASP of SSD devices is boosting their adoption in an extensive range of industrial practices.

“Direct sales market for industrial PC to grow at higher CAGR during the forecast period”

The direct sales channel offer various advantages to the industrial PC manufacturers; they cater to the customization requirements of the end-user industries and eliminate resellers’ markup and the costs and risks associated with carrying large finished goods inventories. Due to these factors, the market for direct sales channels is expected to grow at the highest rate during the forecast period.

 “Industrial PC market for discrete industries to grow at higher CAGR from 2020 to 2025”

The discrete industries are often characterized by the production of individual or separate units; wherein units can be produced in low volume with high complexity or high volumes with low complexity. The increasing demand for improved process flexibility and enhanced efficiency, comprehensive integration of quality and regulatory requirements, harmonized production processes for optimum supply chain management, and the constant pressure of reducing maintenance and operation costs in the discrete industries are expected to propel the adoption of industrial PCs in these industries in the near future. In addition, the advent of novel technologies and materials, an increasing number of market players venturing in the markets, and rising necessity of sustained plant productivity and efficiency, among others, are expected to fuel the growth of the industrial PC market for the discrete industries.

“APAC to be the fastest-growing market for industrial PCs during forecast period”

The industrial PC market in APAC is expected to grow at the highest CAGR during 2020—2025. Rapid industrialization, increasing infrastructural investments in the energy & power sector, and favorable government policies encouraging foreign players to enter the industrial PC market in APAC are expected to augment the growth of the market during the forecast period. The high-tech medical devices manufacturing companies are actively focusing on geographical expansions due to the growing demand for healthcare services, increasing concern pertaining to health, and rising investments in R&D. This is likely to fuel the growth of the industrial PC market in APAC during the forecast period.

Major players involved in the global industrial PC market include Advantech (Taiwan), Beckhoff International (Germany), Siemens (Germany), IEI Integration Corporation (Taiwan), Kontron S&T (Germany), Nexcom International (Taiwan), ABB (Switzerland), Avalue Technology (Taiwan), DFI (Taiwan), and American Portwell Technology (US).

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Metal-air Battery Market expected to reach $842 million by 2025

 

According to the research report "Metal-air Battery Market with COVID-19 Update by Metal (Zinc, Aluminum, Lithium, Iron), Voltage (Low, Medium, High), Application (Electric Vehicles, Military Electronics, Electronic Devices, Stationary Power), Type, and Region - Global Forecast to 2025", the global metal-air battery market size is estimated to grow from USD 438 million in 2020 to USD 842 million by 2025; it is expected to grow at a CAGR of 14.0%. Growing demand for high-capacity, safe, cost-effective, and eco-friendly energy storage solutions is one of the factors fueling the growth of this market.

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“Zinc-air batteries accounted for largest share of metal-air battery market in 2019.”

Zinc-air batteries accounted for the largest share of the metal-air battery market in 2019. The lightweight of zinc-air batteries and the ease of use in devices such as hearing aids and watches are likely to drive their demand. High energy storage density and the flat drain curve of these batteries make them an ideal power supply solution for such electronic devices. Zinc-air batteries are also used in navigation aid systems and remote railway signaling.

“Market for high-voltage (above 36 V) metal-air batteries is expected to grow at highest CAGR during forecast period”

The market for high-voltage metal-air batteries is expected to grow at the highest CAGR from 2020 to 2025. The growth is anticipated due to several advantages offered by high-voltage metal-air batteries that include longer operational life, higher power, and more safety than lead-acid batteries. High-voltage metal-air batteries feature built-in stationary power storage and grid storage applications that keep the batteries running at peak performance while preventing overheating and maximizing cell cycle life.

“Electronic devices accounted for largest share of metal-air battery market in 2019”

The electronic devices application held the largest share of the metal-air battery market in 2019. The miniaturization of electronic devices and the growing demand for high-energy-density, clean, and low-cost batteries are a few of the factors driving the demand for metal-air batteries for electronic devices. Presently, lithium-ion batteries are used in most of the electronic devices as a portable power source. However, in the next 10 years, metal-air batteries are more likely to be preferred because of their features, such as high-energy-density, low-cost, safe, and non-flammable operation. Metal-air batteries are also eco-friendly, which makes them widely acceptable to electronic device manufacturers.

“Market in Europe is expected to grow at highest CAGR during forecast period”

The metal-air battery market in Europe is expected to grow at the highest CAGR during the forecast period. The presence of a tech-savvy population with high disposable income and a huge demand for electric vehicles and consumer electronics are leading to advancements in metal-air batteries, which are expected to fuel the market growth in Europe. Several initiatives taken by the governments and authorities in the region to develop metal-air batteries include ZAESS project, Development of electrically rechargeable zinc-air batteries (European Commission), ZAS project, and Powair project. All these initiatives have collectively helped in creating significant growth in the regional metal-air battery industry.

NantEnergy Inc. (US), Phinergy (Israel), Log 9 Materials (India), Arotech Corporation (US), PolyPlus Battery Company (US), Fuji Pigment Co., Ltd. (Japan), GP Batteries International Limited. (Hong Kong), Zinc8 Energy Solutions Inc. (Canada), and Energizer Holdings, Inc. (US) are a few of the key players in the metal-air battery market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Artificial Intelligence in Healthcare Market worth $45.2 billion by 2026

 

According to the new market research report on the "Artificial Intelligence in Healthcare Market with Covid-19 Impact Analysis by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-Aware Computing, Computer Vision), End-Use Application, End User and Region - Global Forecast to 2026", The global AI in healthcare market is expected to grow from USD 4.9 billion in 2020 and reach USD 45.2 billion by 2026; it is projected to grow at a CAGR of 44.9% during the forecast period. The major factors driving the growth of the market are the increasing volume of healthcare data and growing complexities of datasets, the intensifying need to reduce towering healthcare costs, improving computing power and declining hardware costs, growing number of cross-industry partnerships and collaborations, and rising imbalance between health workforce and patients driving the need for improvised healthcare services. Another major fueling the market growth currently is the adoption of this technology by multiple pharmaceutical and biotechnology companies across the world to expedite vaccine or drug development processes for COVID-19.

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Browse 105 market data Tables and 59 Figures spread through 255 Pages and in-depth TOC on "Artificial Intelligence in Healthcare Market with Covid-19 Impact Analysis - Global Forecast to 2026"Software segment in AI healthcare market projected to grow at highest CAGR during forecast period.

Many companies are developing software solutions for various healthcare applications; this is the key factor complementing the growth of the software segment. Growing adoption of AI-driven healthcare informatics solutions and healthcare operational support by hospitals and other healthcare service providers is expected to boost the demand for services in the later part of the forecast period.

Machine learning in AI healthcare market projected to grow at highest CAGR during forecast period.

Growing adoption of deep learning in various healthcare applications, especially in the areas of medical imaging, disease diagnostics, and drug discovery, and the use of different sensors and devices to derive a patient’s health status in real time are supplementing the growth of the market.

Medical imaging & diagnostics segment in AI healthcare market projected to grow at highest CAGR during forecast period.

The high growth of the medical imaging and diagnostics segment can be attributed to factors such as the presence of a large volume of imaging data, advantages offered by AI systems to radiologists in diagnosis and treatment management, and the influx of a large number of startups in this segment.

Patients segment in AI healthcare market projected to grow at highest CAGR during forecast period.

Increasing demand for personalized care, the need to reduce hospital readmissions, and the convenience offered by AI products and solutions are the key factors driving the growth of the patients segment in the AI in healthcare market.

AI in healthcare market in APAC projected to grow at highest CAGR during forecast period.

China is the highest healthcare spender among APAC countries and has charted out official plans to digitize medical records. In addition, the Chinese government is undertaking initiatives to encourage the adoption of AI technologies in healthcare. These will drive the market for AI in healthcare in China. Japan is likely to hold the second-largest market share during the forecast period.

Major players in the AI in healthcare market are NVIDIA Corporation (NVIDIA) (US), Intel Corporation (Intel) (US), International Business Machines Corporation (IBM) (US), Google Inc. (Google) (US), Microsoft Corporation (Microsoft) (US), Amazon Web Services (an Amazon.com, Inc. subsidiary) (AWS) (US), General Vision, Inc. (US), General Electric (GE) Healthcare (US), Siemens Healthineers (Germany), Medtronic plc (US), Johnson & Johnson Services, Inc. (Johnson & Johnson) (US), and Koninklijke Philips N.V. (Netherlands).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Supercapacitor Market expected to reach $720 million by 2025

 

According to the new market research report "Supercapacitor Market with COVID-19 Impact Analysis by Type (Electric Double-layered Capacitors, Pseudocapacitors, Hybrid Capacitors), Electrode Material, Application (Automotive, Energy, Consumer Electronics, Industrial, Medical, Aerospace & Defense), Region - Global Forecast to 2025", the supercapacitor market is projected to grow from USD 409 million in 2020 to USD 720 million by 2025; it is expected to grow at a CAGR of 12.0% from 2020 to 2025. The key factors fueling the growth of the market include their increased use in renewable energy generation plants and smart wearables. Additionally, increased global demand for electric vehicles and supercapacitors with higher storage capabilities than conventional capacitors and batteries is also augmenting the growth of the supercapacitor market.

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The electric double-layered capacitors segment to hold the largest size of the supercapacitor market by 2025

Electric double-layered capacitors are being used as an alternative to conventional batteries. They work excellently in all those applications wherein a stable supply of energy is required over a short period of time. Several industrial units across the world have suspended their operations owing to the outbreak of the COVID-19. This is expected to create a temporary slag in the growth of the supercapacitor market in 2020.

The automotive segment is projected to account for the largest size of the supercapacitor market by 2025.

Supercapacitors are well suited for electric vehicles (EVs) and hybrid electric vehicles (HEVs), as they can compensate for the shortcomings of batteries. Unlike batteries, supercapacitors operate over a broader temperature range and eliminate the requirement of charge equalization management. The automotive sector is one of the key sectors incurring significant losses owing to the COVID-19 pandemic situation. The global demand for vehicles has reduced significantly owing to lockdowns imposed in different countries of the world. This, in turn, is impacting vehicle production, as well as the demand for supercapacitors globally.

Asia Pacific (APAC) projected to be the largest market for supercapacitors from 2020 to 2025.

The growth of the supercapacitor market in APAC can be attributed to rapid industrialization and infrastructure development in the region. China is expected to continue to account for the largest share of the supercapacitor market in APAC during the forecast period. Supply chains in and around APAC have been disrupted owing to the outbreak of the COVID-19 pandemic, which has resulted in limited permissible transportation. The Asian countries under lockdowns have suffered tremendous loss of business and revenue due to the shutdown of a number of manufacturing units in the region. This, in turn, is impacting the demand for supercapacitors.

The key players operating in the supercapacitor market include Tesla (US), Nippon Chemi-Con (Japan), CAP-XX (Australia), LS Mtron (South Korea), Panasonic (Japan), Eaton (US), Cornell-Dubilier (IUS), Ioxus (US), NAWA Technologies (France), Paper Battery Company (US), Skeleton Technologies (Estonia), and SPEL Technologies (India).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Neuromorphic Computing Market worth $550,593 thousand by 2026

 

According to a research report "Neuromorphic Computing Market With Covid-19 Impact by Offering, Deployment, Application (Image Recognition, Signal Recognition, Data Mining), Vertical (Aerospace, Military, & Defense, Automotive, Medical) and Geography - Global Forecast to 2026" published by MarketsandMarkets, the neuromorphic computing market is expected to be valued at USD 22,743 thousand in 2021 and is projected to reach USD 550,593 thousand by 2026; it is anticipated to grow at a CAGR of 89.1% during the forecast period (2021–2026).

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The major factors driving the growth of the neuromorphic computing market are need for better performing ICs, increase in demand for artificial intelligence and machine learning, and increasing number of cross-industry partnerships and collaborations. However, several factors, such as lack of knowledge about neuromorphic computing and complex algorithms increasing complexity of designing hardware of neuromorphic chips are hindering the growth of neuromorphic computing market. Moreover, matching a human’s flexibility and ability to learn from unstructured stimuli data can act as a key challenge in the market during the forecast period.

Software is projected to witness the highest CAGR for the forecast period

Hardware are expected to hold a major share during the forecast period. The emergence of neuromorphic chips as a potential replacement for Von Neumann architecture, wherein they have separate units for storing information, and processing it sequentially limits memory usage, power consumption, and speed is expected to be the major driver for its growth during the initial years of commercialization. While the increasing adoption of software in industries such as aerospace & defense, IT & telecom, and medical would drive the growth of the market for neuromorphic computing software during the forecast period to register a higher CAGR.

Image Recognition to account for largest share of neuromorphic computing market during forecast period

Image Recognition is expected to witness rapid growth in the overall neuromorphic computing market. Aerospace, military & defense is the largest industrial user segment for image recognition, where it is used for surveillance and security, tracking, and targeting, and in drones. The growth of the image recognition segment is expected to be driven by the increasing adoption of drones and UAVs. Video monitoring and machine vision are the major uses driving the growth of the market for image recognition.

Edge Computing will have highest growth in coming years

The edge computing segment is expected to account for a 95% share of the overall neuromorphic computing market by 2026. The high growth of edge computing is attributed to its increasing use in applications such as responsive voice control for vehicles, full-body gesture recognition for touchless interfaces, and on-board intelligence for assistive robotics. Neuromorphic computing at edge is also apt for low-power and low-latency applications, and on-device adaptation.

Aerospace, Military, & Defense vertical is expected to hold the largest share in 2026

Neuromorphic computing can process information faster than any other processor; this helps the military & defense industry in processing sensitive data such as battlefield data, including weapons and resources management. Increasing requirement for testing and transmitting signals to securely code and transmit data from one end to another to reduce the threat of security issues is another factor driving the growth of the neuromorphic computing market for the aerospace, military & defense industry.

APAC is attributed to grow at the highest CAGR in the neuromorphic computing market during the forecast period (2021-2026)

APAC is expected to hold the second-largest share of ~37% of the global neuromorphic computing market in 2021. Countries such as China, Japan, and South Korea are expected to be the major contributors to the neuromorphic computing market in APAC. China is the largest market for AI, followed by Japan, in APAC; this makes the country an attractive market for neuromorphic computing for machine learning and NLP applications. While North America is expected to hold the largest share of ~40% of the global neuromorphic computing market in 2021. Extensive awareness about the benefits of neuromorphic computing in industries such as aerospace, military & defense and medical is a major driver for the dominance of this region. The US, being the leading adopter of artificial intelligence for machine learning, natural language processing (NLP), image processing, and speech recognition across industries such as medical and automotive, is driving the growth of the neuromorphic computing market in North America.

Key Market Players

The neuromorphic computing market was dominated by Intel Corp. (US), IBM Corporation (US), BrainChip Holdings Ltd. (US), Qualcomm (US) and HP Enterprise (US).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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IT Asset Disposition Market worth $21.2 billion by 2026

 

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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Browse 190 market data Tables and 62 Figures spread through 229 Pages and in-depth TOC on "IT Asset Disposition Market with COVID-19 impact Analysis - Global Forecast to 2026"

View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/it-asset-disposition-market-28474391.html

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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