In the world of technology, advances in the past can quickly become outdated as better options become available and company demands change. But what about the obsolete IT equipment? E-waste is already a mountain that we must deal with, and it keeps increasing!
Well, more companies are becoming aware of this problem these days and understanding that it’s important to responsibly discard outdated materials in addition to embracing new technology. And IT Asset Disposition (ITAD) is the solution for that! IT equipment must be repaired, recycled, repurposed, reused, or disposed of properly. So, in today’s post, let’s go through the IT asset disposition (ITAD) market insights, growth drivers, and benefits.
What is an IT Asset Disposition?
IT asset disposition, also known as ITAD, is a term and technique used in the industry that refers to the safe and ecologically responsible recycling, reuse, repair, repurposing, or disposal of old IT equipment. IT organizations have the option of handling IT asset disposition in-house or hiring a specialist vendor.
Also, the internal parts of an IT device can be reused instead of becoming electronic garbage, or e-waste, in a landfill. By doing this, waste materials like plastic and hefty metals are kept out of the environment.
IT Asset Disposition (ITAD) Market size was valued at USD 15,578.94 million in 2023 and is anticipated to grow to USD 32,355.70 million by 2032, exhibiting a CAGR of 8.5% during the forecast period of 2024-2032.
Benefits of IT Asset Disposition
The benefits of ITAD are far-reaching, affecting business environments. Here are some of the top benefits it offers.
- Improved data security
- Controls logistics costs
- Maximizes IT asset value
- Controls environmental corporate laws and compliance
- Secures IT tracking and reporting
What is Driving the Market Growth?
When an electronic item or IT asset becomes outdated or nears the end of its useful life, it must be disposed of appropriately. Electronic waste, or e-waste, is the term used to describe these products that are intended for recycling or refurbishing. However, poor handling techniques or insufficient e-waste management frequently result in the buildup of e-waste, which presents hazards to human health, the environment, and wildlife. As technology advances fuel demand for the newest gadgets and IT assets, the amount of e-waste keeps growing unabated.
Furthermore, the adoption of appropriate e-waste disposal techniques is being aided by rising environmental consciousness among people and corporations. In order to fulfill their corporate social responsibility obligations, a large number of businesses globally recycle, recover, or prioritize the safe and secure disposal of old IT assets and e-waste. During the projected time, all of these aspects are positive for the growth of the IT asset disposition (ITAD) market size.
Types of IT Asset Disposition
Here are some typical sorts of IT asset disposition or patterns that companies dispose of such assets:
- Trash or junk removal
Market’s Competitive Analysis
The market outlook for IT asset disposal is fragmented, and the presence of multiple companies is expected to cause rivalry. The industry’s leading service providers are always updating their technology to maintain an edge over rivals and to guarantee effectiveness, reliability, and security. To obtain a competitive advantage over their rivals and seize a sizeable portion of the IT Asset Disposition (ITAD) market, these businesses concentrate on collaboration, product updates, and partnerships.
Here are some of the major market key players operating in the industry:
- BRP Infotech Pvt. Ltd.
- CSI Leasing, Inc.
- Flex IT Distribution
- Iron Mountain, Inc.
- TBS Industries Inc.
The IT asset disposition (ITAD) market demand is anticipated to grow at a faster rate during the forecast period due to factors like the need to store assets in inventory for remarketing, the need to maximize asset worth recovery, the stringent data security compliance with environmental regulations, and the increasing use of electronic devices like laptops, tablets, and mobile phones by enterprise users.