(Credit: Pixabay)Driven by vast amounts of electronic waste and the need to properly dispose of it or find ways to recycle and reuse the materials, the IT asset disposition market is expected to significantly grow over the next decade, according to a report from Future Market Insights.
The asset disposition market is expected to reach $31.8 billion by 2032, up from $15.6 billion this year, with a CAGR of 7.4%. The growing use of electronic devices such as phones, laptops, and tablets for enterprises is accelerating the market, according to the report.
Regulatory compliance and environmental impacts of the IT tools are also a big piece of the growth, as industries make sustainability policies and look for ways to safely dispose of e-waste. Securing data and repairing hardware are also factors in the growing market.
IT asset disposition is an industry term, according to TechTarget, that addresses reusing, recycling, repurposing, repairing, or disposing of unwanted IT equipment in a responsible way. With ever-growing technology and device uses, e-waste is growing at a significant rate. A 2020 report found raw materials in e-waste were worth $57 billion, and globally by 2030 e-waste would reach 74 million metric tons.
The ReMade Institute includes e-waste as one of the materials that it focuses on in terms of increasing the reuse, remanufacturing, recovering, and recycling initiatives. Headphone maker Skullcandy has an e-waste program it calls upcycling, which refurbishes damaged or returned products, and the company says it has prevented more than 458,000 pounds of electronics from ending up in landfills since 2019.
The United States accounts for the highest value share of the asset disposition market, according to the Future Market Insights report, and is expected to be worth $11.4 billion in 2032. The overall market also grew at a CAGR of 8.1% from 2015-2021.
The report gave a few examples of efforts from key players, including a partnership between CompuCom and Office Depot that offered small companies services including hardware repairs and environmentally friendly disposal of IT equipment. The report also mentioned TES’ acquisition of Integrations et Services to increase circular IT lifecycle platforms.
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