DUBLIN–(BUSINESS WIRE)–The “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” report has been added to ResearchAndMarkets.com’s offering.
The IT asset Disposition market is expected to grow from USD 14.5 billion in 2021 to USD 21.2 billion by 2026; it is expected to grow at a CAGR of 7.9% from 2021 to 2026.
Data Destruction / Data Sanitization service type to hold the largest share of the IT asset disposition market from 2021 to 2026
In terms of market size, the data destruction/ data sanitization service type is expected to dominate the IT asset disposition market during the forecast period. 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 specialized software and appliances required for this process are used by an experienced IT asset disposition service provider, which provide certification that the data was sanitized to common industry standards.
The IT asset disposition market for servers to register highest CAGR from 2021 to 2026
The IT asset disposition market for servers is expected to grow at highest CAGR during the forecast period. The widespread use of internet and social media applications, as well as the introduction of new technologies such as software-defined networking and virtualization, give rise to the increased usage of servers and data centers worldwide. The surge in data breaches has forced data center providers to dispose of data and equipment before decommissioning them. Thus, a data center disposes of servers that are no longer in use with the help of IT asset disposition service providers.
High adoption of IT asset disposition services by large enterprises drives the market growth
Large enterprises has a strong budget, expertise, and policies to overcome any issues related to safety, policy, and environment in the competitive world. Companies are increasingly adopting IT asset disposition to deal with retired IT assets. 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.
Banking, financial services, and insurance (BFSI) end-user industry to dominate IT asset disposition market, in terms of size, during the forecast period
The IT asset disposition market for banking, financial services, and insurance (BFSI) end-user industry is expected to hold a dominant position during the forecast period. The BFSI industry holds highly secure and confidential data such as the personal information and account details of corporates and customers. The primary risk faced by this sector is that of data breach as the devices could contain both sensitive customer data, such as social security numbers, banking account information, and pay stubs, and companies’ proprietary information, such as revenue projections, payrolls, and more. Any kind of data leakage would affect customers and companies’ brand image and reputation and threaten its compliance status with industry regulations. Thus, proper disposition of IT asset is necessary in the BFSI industry.
APAC to witness the highest growth in the market during the forecast period
APAC is expected to witness the highest growth in the IT asset disposition market during the forecast period due to because of the formulation of regulatory compliances for the proper disposal of IT assets and to safeguard the environment from the hazardous components of retired IT assets by restricting them from being disposed of in landfills. Increasing awareness about environmental safety and regulatory compliances for asset disposition drive the growth of the IT asset disposition market in Asia Pacific.
Market Dynamics
Drivers
Growing Implementation of Regulatory Compliances and Environment Safety Rising Need for Data and Information Security in Old Assets Surging Adoption of New Technologies and Byod Trend Increasing Inclination Toward Development of Energy-Efficient Products Emerging Adoption of Cloud-Based Technologies and Demand for Electronics Due to COVID-19 Restraints
Low Awareness and High Service Costs Lack of Comprehensive IT Asset Disposition Policies Negligible Recovery Value from E-Waste Opportunities
Strategic Partnerships and Acquisitions Rise in Demand for IT Asset Disposition from Small and Medium-Sized Enterprises Growth of Sales of Old Equipment on Auction Websites or to Employees Challenges
Unauthorized Standards and Unsustainable Practices Lack of Special Budget Set Aside for Asset Disposition Due to Limited Funds Significant Impact of COVID-19 on Technology Sector, Affecting Supply of Raw Material and Disrupting Value Chain Companies Mentioned
3Stepit Apto Solutions Atea Blancco Technology Brp Infotech Chg Meridian Group Compucom Csi Leasing Curvature Dell Technologies Eol IT Services Flex IT Distribution Hewlett Packard Enterprise IBM Ingram Micro Inrego Iron Mountain Lifespan International Oceantech Prolimax Renewtech Sims Limited TBS Industries TES Total IT Global For more information about this report visit https://www.researchandmarkets.com/r/vvj4v8