The global IT asset disposition (ITAD) market is showing immense growth and is projected to grow significantly over the next few years. Much of the growth can be attributed to the emergence of technological advancements in the field of electronics, as well as the increasing adoption of mobile devices. Another major factor is the increasing inclination towards development of energy efficient products. According to a recent study published by Market Research Future, the global market of ITAD is booming and is expected to gain prominence over the forecasted period, 2017-2023.
IT asset remarketing service is a revenue-sharing program that is designed to obtain maximum returns. The services help the service providers to determine the asset recovery strategy that is most closely aligned to the clients’ business objectives. The industry is now realizing the risks associated with improper IT asset disposal, which is leading to the growing trend of sales of old equipment on auction websites or to employees. On the basis of end users, the ITAD market has been segmented into banking, financial service, insurance, IT and telecom, education institutions, healthcare, aerospace and defense, public sector and government offices, manufacturing, and media and entertainment. The market for the media and entertainment industry is expected to grow at a high rate, closely followed by the educational institutions.
Currently, the market is very competitive due to an increase in cloud based technologies and increasing adoption of smartphones and tablets. IT departments are still more dependent and supporting PCs and laptops for most of their employees, however smartphones and tablets are undergoing rapid growth due to the increasing need for these devices in the workplace.
Another major push in the industry is attributed to the growing need for enterprises to reduce their power consumption of servers. Thus, there is a growing concern for environmental policies. Since most of the ITAD industry is geared towards responsible and proper disposal of electronic devices, many enterprises will be interested into partnering with IT asset management firms. However, there are still some restraints on the market. IT assets require appropriate procedures and processes for their disposal after the completion of their lifecycle. For the proper disposal of IT assets, awareness of the regulations and environmental concerns for ITAD services are essential. Many organizations do not assign any special budget for asset disposition due to limited funds. As a result, the asset may get disposed in an improper way, thus affecting the environment.
Nonetheless, as the market continues to pump out mobile devices, the ITAD industry will continue to thrive. Some of the major players in Global ITAD market include IT Renew Inc., TBS Industries, Cloud Blue Technologies Inc., Arrow Electronics Inc., Sims Recycling Ltd., Dataserv Group, Iron Mountain Incorporated, Apto Solutions Inc., Dell Inc., and Hewlett Packard Enterprise Development LP, among many others.
HOBI International Inc. is an R2, RIOS, and ISO 14001 certified firm that aims to help organizations, both big and small, process end-of-life electronics by delivering dependable asset management solutions that prioritizes client security, cost-efficiency, environmental well-being, legislation compliance, and reliable solutions for all stages of IT and mobile asset lifecycles. Visit our Enterprise Asset Management webpage to find out more information about our ITAD and recycling services.