The growing threat to data security has been the primary reason impelling organizations to deploy IT asset disposition (ITAD) strategies. However, this cannot be touted as the only concern encouraging the widespread ITAD implementation. Companies are progressively demanding third-party IT asset disposition vendors to efficiently dispose IT equipment that needs to be retired. The mounting environmental concerns related to unbridled e-waste dumping are causing the ITAD market to undergo a paradigm shift in its approach. Thus, experts predict a thriving future for the global ITAD market. Enterprises operating in the market will slowly become powerful in terms of enunciating their core offerings as businesses increasingly demand regulations to ensure proper retirement and recycling of IT assets.
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Data breaches can prove damaging for any IT organization in terms of both monetary and intellectual property loss especially for IT organizations that deal with sensitive client information. Thus, it is essential to ensure that data stored in assets to be disposed is either migrated or destroyed. The rising trend of adopting cloud technologies is fast replacing the older IT infrastructure, and ITAD plays a crucial role in ensuring this transition. Taking care of data security and ensuring maximum ROI during disposal is thus considered essential for the benefit of businesses engaged in ITAD.
Favorable Government Regulations Boost Global ITAD Market
Apart from the rising demand for cloud storage, favorable government policies have also supported the global IT asset disposition market in its growth. The surging concerns pertaining to environmental issues triggered due to increasing e-waste have compelled governments to create stringent regulations for disposing retired IT assets. Furthermore, IT organizations demand that ITAD services be certified in line with prevailing regional regulations. The most common certifications include Responsible Recycling (R2) and eSteward. Such regulations have encouraged ITAD service providers to focus more on attaining the highest levels of certification to establish themselves in this relatively new market. Additionally, these companies are also keen on investing in emerging markets in order to expand their services around the world.
Vendors to Benefit from Implementation of Stringent Quality Standards
In the last few years, implementation of stringent regulations related to disposing e-wastes have enhanced the significance of industry standards and certifications. These standards are expected to help IT organizations differentiate among the quality of services provided by vendors. IT clients can, therefore, make choices based on the vendor’s conformity to these certifications. Some of the most significant industry standards include eStewards, ISO 9001 Certification, Responsible Recyclers Certification (R2), OHSAS 18001 Certification, ISO 14001 Certification, and NAID AAA Certification.
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For instance, the most prominent vendors in the market such as ITRenew Inc., and TBS Industries are certified to ISO 9001, ISO 14001, and Responsible Recyclers standards. Other key players operating in the market include CloudBlue Technologies, Inc., Sims Recycling Ltd., LifeSpan International, Inc., TES-AMM Pte Ltd., Dell, Inc., Apto Solutions, Inc., and Hewlett Packard Enterprise Development LP.
Thus, driven by the implementation of favorable quality standards and stringent regulations, the global market for IT asset disposition is expected to rise from US$9.89 bn in 2015 to US$18.18 bn by 2024. The market is projected to exhibit a CAGR of 7.1% between 2016 and 2024.