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The emerging trend of "bring your own device" (BYOD) in the corporate landscape enables employees to utilize their personal devices, which are not owned by the company but fall within the regulations and oversight of the company's IT department. This practice is anticipated to witness widespread adoption across various industries and businesses of all sizes. As financially constrained firms strive to navigate reduced expenditures by minimizing IT inventory, security considerations are sometimes overlooked. The prevalence of BYOD is notable in both developed and developing countries, offering advantages such as increased productivity, heightened employee satisfaction, and enhanced cost efficiency for organizations. Employees can seamlessly use a single device for both professional and personal purposes, facilitating real-time communication and file sharing, even beyond regular work hours and regardless of their location, thereby augmenting overall productivity.
The substantial adoption of new technologies, coupled with the BYOD trend, is poised to significantly propel the IT asset reuse market, especially for budget-conscious organizations and individuals. This trend aligns with the evolving landscape of work practices, reflecting the need for flexible and dynamic solutions that accommodate the modern workforce's preferences and habits.
However, the IT industry faces notable challenges, particularly due to the economic downturn triggered by the COVID-19 pandemic. Many companies have mandated remote work to address public health concerns, resulting in a considerable loss of opportunities for firms with international dealings. Notably, Apple Inc. has witnessed an estimated 10% decline in its shares due to the unavailability of iPhones in the market. The disruption in the supply chain, originating from China's lockdown, has disrupted the production of crucial iPhone components. The pandemic has led to the cancellation of numerous tech conferences, depriving companies of valuable partnership opportunities and limiting networking prospects. While some meetings have transitioned to teleconferences, the impact on outreach and networking remains suboptimal.
Despite these challenges, the IT industry is anticipated to experience substantial growth in the next five years, reaching 2025. Governments worldwide have invested in smart city solutions to combat the pandemic's challenges. In China, drones equipped with thermal sensors are employed by the police to identify coronavirus symptoms and provide immediate medical assistance. Australia launched a chatbot to keep citizens informed and address queries, curbing the spread of misinformation and preventing panic. South Korea introduced a smartphone app to facilitate communication among self-quarantined employees, ensuring updates on work processes and answering questions. The pandemic has opened up opportunities in the IT industry, driven by the growing demand for IT assets in remote areas. This surge in demand supports enhanced connectivity, catering to the heightened need for primed remote interactions, making it a top priority for organizations amidst the ongoing global crisis.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Product Type, Organization Size, Vertical, And Region. |
IT Asset Reuse Market Highlights:
IT Asset Reuse Market Overview:
The global IT Asset Reuse market is estimated to register a CAGR of over 14.7% to reach USD 11,397.5 Million by the end of 2030.
IT asset reuse is the waste management strategy in which the whole devices or components get reused rather than recycled or decomposed. The old or obsolete IT devices or components can have a prolonged life and can be reused after the data is deleted from them by using advanced processes. The companies are shifting towards the reuse approach rather than recycling & decompose owing to energy-intensive recycling processes, CO2 emissions, government regulations, and decreasing the prices of material recovered from the recycling.
COVID-19 Impact vs Opportunities for Global Fuel Card Market:
IT asset reuse has also been witnessing demand from SMEs as most of them have opted for work from home and the idle and old IT assets especially Laptops were repaired/refurbished and provided to employees to work remotely, thereby helping enterprises to minimize their IT expenses, particularly for IT hardware infrastructure. Outsourcing the IT assets repair services to third parties enables smooth IT infrastructure operational processes. It enhances the overall working experience of the employees so that the management can focus on developing strategies to boost sales and profitability. Amongst all the IT hardware devices, Laptops refurbishment saw a significant demand during the COVID-19 lockdown phase. Additionally, the demand from companies to procure laptops and other IT hardware was so sudden that there is a shortage in the market due to supply issues. Many of the producers of IT hardware devices are based in China, and most factories were based in Wuhan. Though China is the largest supplier of PCs and Laptops across the globe, the supply chains in China have been severely impacted due to Wuhan being the point of emergence for the COVID-19 pandemic. Hence, due to the supply chain interruption, the new IT assets were not available in the market which has propelled the demand for IT asset reuse market.
The adoption rate of BYOD is very high in developed as well as developing countries. The BYOD benefits companies in increasing productivity, employee satisfaction, and cost efficiency. The employees can use a single device for both work and personal purpose and can readily communicate and share files in real time, even after work hours regardless of their location, which increases productivity. BYOD has been linked to greater productivity and efficiency, thus it's adoption will rise considerably over the forecast duration. Thus, the rapid adoption of new technologies and the BYOD trend are likely to significantly boost the IT asset reuse market especially the budget conscious organizations and as well as individuals.
Market Dynamics:
Market Drivers:
Various businesses and some major players are selling refurbished PCs and laptops at reduced prices after undergoing a rigorous procedure to restore them to brand-new performance and quality standards. Refurbished computers, according to several product sellers and manufacturers, can be just as secure and trustworthy as new computers, but customers must do their homework and buy from a reputable source. In near future, the refurbished IT assets market is expected to rise due to people's increasing reliance on computers and technology.
Market Opportunities:
The trend ‘bring your own device’ (BYOD) in corporate allows workers to use their personal devices, which do not belong to the company but are under the rules and supervision of the company’s IT department. BYOD use is expected to surge across all industries and businesses of all sizes. As cash-strapped firms try to cope with lower expenditures by decreasing IT inventory, security considerations are being overlooked.
Market Restraint:
Even though the organization incur less on service cost as compared to investing in new IT assets, thus it gives back poor performance such as poor condition, subpar safety, high repair costs if something breaks, poor speed etc. Additionally, even with respectable companies that give warranties, there are issue.
There may just be a few things of the type that customer looking for in some circumstances. As a result, certain types of equipment may be difficult to come by, especially if demand is great. Such factors hinder the growth of IT asset reuse market.
Value Chain Analysis
The global IT Asset Reuse market is growing at a steady rate and is expected to upsurge in the near future. This is due to the rising imposition of environmental regulations by governments on handling redundant assets. The value chain analysis for the IT asset reuse comprises five major components production, distribution, use, collecting & sorting, and preparing for reuse & sorting.
IT Asset Reuse Market Segment Overview
The global IT asset reuse market has been segmented on the basis of product type, organization size, vertical, and region.
The global market, based on product type, has been segmented into Computers/Laptops/Notebooks, Printers, Mobile Devices, Peripherals, Storage, Servers, and Others. The Computers/Laptops/Notebooks accounted for the largest market share at USD 1508.8 Million in 2021 and is expecetd to grow at a CAGR of 13.7% during the anticipated timeframe.
The global market, based on organization size, has been segmented into Large Enterprises, and Small And Medium Sizes Enterprises.
The global market, based on vertical, has been segmented into BFSI, telecom and IT, Healthcare, Aerospace, Energy and Utilities, Government, Education, and others.
Regional Analysis
The global IT Asset Reuse market has been studied across Asia-Pacific, North America, Europe, Middle East & Africa, and South America. Europe accounted for the largest market share of 52% in 2021 due to government imposition of environmental regulations by the government on handling of redundant assets.
Germany is one of the leading countries and at the forefront of innovation and technology, having the presence of major players in the field of semiconductors, power electronics, and information and communication technology (ICT). Furthermore, some of the other factors that fuel the market growth in the rest of Europe include the growing technology literacy of people and the rising adoption of next-generation technologies across the BFSI and healthcare industries, which are supporting the domestic vendors of IT asset reuse market.
Asia-Pacific region is expected to observe the highest growth rate during the IT asset reuse market forecast period due to the formulation of regulatory compliances for the proper reuse of IT assets and safeguarding the environment from IT assets' hazardous components. Growing awareness about environmental safety and regulatory compliances for asset reuse drive the growth of the IT asset reuse market in Asia-Pacific. In addition, the government & public sector unit, along with defense sector companies in Asia-Pacific, is actively investing in IT asset reuse, which is expected to drive the market growth.
Competitive Landscape
The global market for IT Asset Reuse is projected to witness healthy growth during the forecast period, owing to growing trends of IT Assets Resue among various verticals.
Key players operating in the global IT Asset Reuse Market are CDW (US), TBS Industries Inc (US), Ingram Micro (US), ERI (US), SIMS Lifecycle Services (US), Dataserv.LLC (US), Iron Mountain Incorporated (US), Apto Solutions Inc.(US), Dell Inc.(US), Hewlett Packard Enterprise Development LP (US), IBM Corporation (US), Lifespan International Inc.(US), TES-AMM PTE LTD (Japan), Compucom (US), 3STEPIT (Finland).
Recent Developments
Ingram Micro launched the “IT Asset Disposition” (ITAD) processing Partner Program, which trains and prepares qualified channel partners to perform ITAD functions in-house, using Ingram Micro’s global and proprietary BlueIQ asset intelligence software and the RENUGO global resale platform for real-time IT asset inventory management, process control, tracking, remarketing, and reporting throughout the IT asset disposition process in May 2019
ERI and Redwood Materials have formed an exclusive partnership to recycle batteries as well as solar panels. Redwood is focused on creating circular supply chains and developing fully closed-loop recycling for lithium-ion batteries in March 2021
Report Overview
As per MRFR, the global IT Assets Reuse market has been growing significantly over the past few years. The global IT Asset Reuse market has been segmented on the basis of product type which includes Computers/Laptops/Notebooks, Printers, Mobile Devices, Peripherals, Storage, Servers, and Others., and organization size including Large Enterprises, and Small And Medium Sizes Enterprises., vertical has been segmented into BFSI, telecom and IT, Healthcare, Aerospace, Energy and Utilities, Government, Education, and others., on the basis of region the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The objective of the Study
- To provide a comprehensive analysis of the IT Asset Reuse market and its sub-segments, thereby providing a detailed structure of the industry
- To provide detailed insights into factors driving and restraining the growth of the global IT Asset Reuse market
- To estimate the size of the global fuel cards market where 2018 to 2019 and 2020 would be the historical period, 2021 shall be the base year, and 2022 to 2030 will be the forecast period for the study
- To analyze the global IT Asset Reuse market in five main regions, namely, North America, Europe, Asia-Pacific, the Middle East & Africa, and South America
- To provide country-wise market value analysis for various segments of the IT Asset Reuse market
- To provide strategic profiling of key companies present across the globe and comprehensively analyze their competitiveness/competitive landscape in this market
- To provide a value chain for the IT Asset Reuse market
IT Asset Reuse market Scope of the Report
The scope of the IT Asset Reuse market study includes the market size analysis and a detailed analysis of the vendor’s products and strategies. The global Fuel Card market has been segmented on the basis of card type, vehicle type, application, and region.
Intended Audience
- IT Industry
- IT Asset manufacturers and providers
- Automobile industry
- Software integrators
- IT enterprises
- Technology investors
- Regulatory industries
- Government bodies
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