IT Asset Disposition (ITAD) Market worth is anticipated to reach 15920 million dollars by 2027 with 9.6 percent CAGR.
FREMONT, CA: The ITAD market is segmented by type, application, and region by the Global Opportunity Analysis and Industry Forecast, 2021–2027. It is included in the Software Category of Valuates Reports. The global IT Asset Disposition (ITAD) market, which is valued at 8391 Million dollars in 2020, is expected to reach 15920 Million dollars by 2027 with a 9.6 percent CAGR between 2021 and 2027. IT asset disposition (ITAD) is a business that focuses on disposing of obsolete or unneeded equipment in a safe and environmentally responsible manner.
ITAD firms specialize in accelerating the disposition of IT assets while lowering costs and maximizing loss recoupment. One of the major drivers of the IT Asset Disposition market has been the risk of data breaches. Companies have been looking for effective solutions to combat piracy and data-based attacks, which have reached unprecedented levels. Unfortunately, many people are unaware that many data breaches occur as a result of discarded allegedly useless devices. Organizations overlook data security when disposing of IT assets.
Hard drives aren't deleted, computers aren't erased, and sensitive data ends up in a warehouse where anyone can pick it up and use it for malicious purposes. ITAD services can assist in averting such situations and reduce the risk by deleting data from even the discarded devices. The increasing implementation of regulatory compliances and environmental safety is expected to propel the IT Asset Disposition (ITAD) market forward.
Companies must re-evaluate their practices for end-of-life management of IT equipment due to regulatory compliances such as NIST and HIPAA/HITECH. Many market participants lack the market clout required to deal with the implementation of these policies. Furthermore, failing to have a well-organized and secure plan in place for disposing of old IT equipment can result in issues such as identity theft and fraud. Therefore, a slew of federal and state environmental and privacy laws control the proper disposal of computers and electronics, and failure to comply can result in audits and significant fines or penalties.