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IT Asset Disposition Market worth $26.6 billion by 2029 - Exclusive Report by MarketsandMarkets™CHICAGO, Feb. 6, 2024 /PRNewswire/ -- The IT asset disposition market size is valued at USD 18.4 billion in 2024 and is anticipated to be USD 26.6 billion by 2029, growing at a CAGR of 7.6% from 2024 to 2029 according to a new report by MarketsandMarkets™. The key factors contributing to the growth of the IT asset disposition market include early replacement of IT assets with newer versions to keep up with new technologies, and rising demand for credible disposition solutions due to increased cybercrime. Due to the rapid advancements in technology, assets swiftly become obsolete and incompatible with emerging technologies. This contributes to a growing number of underperforming assets in the market, fostering opportunities for the IT asset disposition (ITAD) market to handle the disposal of outdated assets.  Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=28474391 Browse in-depth TOC on "IT Asset Disposition Market" IT Asset Disposition Market Report Scope:
The remarketing & value recovery segment to grow at the fastest CAGR during the forecast period. The remarketing and value recovery service segment is expected to grow at the highest CAGR during the forecast period. The increased adoption of a revolutionary software-driven approach eliminates unnecessary overhead costs, improves IT efficiency, and helps determine the specifications of the assets to make informed decisions regarding redeployment or resale opportunities. The resale of end-of-life IT assets not only facilitates the recovery of operating capital but also contributes to the reduction of electronic waste. Secure IT asset disposition programs often integrate refurbishing and remarketing efforts to extract value from disposed devices and components that still hold utility. This approach helps businesses derive economic value from the entire lifecycle of an asset. Quality refurbished equipment finds markets globally, and assets that retain some values are often donated to educational institutions or channeled through web-based marketplaces, generating revenues from reusable devices. Rigorous testing processes are applied to assess the accurate value and performance of assets before they are resold to internal or external clients. If a product or technology fails to meet recovery criteria or holds no value, it is directed for responsible recycling. Computers/laptops segment holds the highest market share in 2023. The use of computers and laptops is rapidly increasing across various sectors, making them the most widely used IT assets with the largest market share. Major companies regularly update their inventory of laptops, desktops, monitors, and servers every two years. This is known as the typical replacement cycle in the corporate landscape. The IT Asset Disposition (ITAD) market for computers and laptops is mainly driven by the need for environmentally responsible disposal practices and the goal of optimizing the lifecycle of IT assets. Organizations actively participate in recycling initiatives to reclaim valuable materials like metals and plastics. The refurbishment of older computers for resale or donation aligns with the principles of a circular economy, further contributing to sustainable ITAD practices. Ensuring data security remains a top priority, leading to the widespread adoption of certified data erasure methods or the physical destruction of storage devices to ensure the proper handling of sensitive information. Large enterprises segment to hold the largest share of market during forecast period. The adoption of IT asset disposition services is high in the large enterprises segment, as these enterprises possess the budget, expertise, and policies to overcome safety, policy, and environmental issues. They focus on extracting maximum value from organizational assets and resources to gain a competitive edge. To manage retired IT assets effectively, companies of considerable scale are increasingly adopting IT asset disposition practices. This move is driven by the need to ensure regulatory compliance and growing concerns about the environmental impact of e-waste. Dedicated teams within these enterprises tasked with the disposition of obsolete IT assets are active in diverse sectors, including manufacturing, IT and telecom, financial services, and healthcare. Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=28474391 North America to hold the largest share of the IT asset disposition market during the forecast period. The North American IT asset disposition industry is poised for substantial growth, fueled by the widespread adoption of advanced technologies, strict regulations governing electronic waste disposal, and an increasing awareness of data security concerns. The implementation of stringent data privacy laws like CCPA and GDPR compels organizations to prioritize secure data destruction, elevating the value of IT asset disposition (ITAD) services with certified data wiping capabilities. This trend is particularly advantageous for specialized ITAD providers with a strong emphasis on data security. As organizations focus on upgrading and replacing outdated equipment in the dynamic IT infrastructure landscape, the demand for ITAD services continues to rise. Key Players Dell Inc. (US); IBM (US); Hewlett Packard Enterprise Development LP (US); Iron Mountain, Inc. (US); Sims Limited (Australia); 3stepIT (Finland); TES (Singapore); Apto Solutions Inc. (US); LifeSpan International Inc. (US); Total IT Global (UK); Flex IT Distribution (Netherlands); Ingram Micro (US); CSI Leasing, Inc. (US); Inrego AB (Sweden);Tier1 (UK); Atea (Norway); OceanTech (US); Blancco Technology Group (US); Renewtech (Netherlands); BRP Infotech Pvt. Ltd.(India); CHG-MERIDIAN (Germany); Park Place Technologies (US); TBS Industries Inc. (US); ReluTech (US);and Prolimax (Netherlands) are the major players in IT asset disposition companies. These players have implemented various strategies to extend their global reach and enhance their market shares. 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