Once IT equipment reaches the end of its usage for a particular user (not necessarily the end of their lifecycle), the equipment is recovered and re-invested back to the present system. This recovery and re-investment process helps the companies save costs that would have otherwise been spent on procuring surplus equipment. IT asset recovery services, therefore consist of two parts. The first part is where assets are recovered which is also known as asset disposition and the second part is where the asset is used back into the system. Most of the IT asset recovery service providers conduct the first course of action, i.e. act as IT asset disposition service providers. Once the equipment is put back into the system, the client uses it at their convenience.
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Demand Outlook
The global market for IT asset recovery services was valued at USD 13.4 billion in 2020 and is expected to grow a steady CAGR of 7.9% to reach USD 19.6 billion by 2025. The market can be segmented by the type of device recovered or by service type (for example, de-manufacturing and recycling, remarketing and value recovery, data destruction, sanitation, or recovery, and logistics management and reverse logistics).
The North American market is the largest market for IT asset recovery. High data and environmental regulatory standards have led to the rise of IT asset recovery services. The IT asset recovery service market in Asia-Pacific is expected to demonstrate the highest growth rate since 2018 and is expected to show the highest growth rate till 2025 as well.
Cost Drivers
The IT recovery market has witnessed a significant uptake over the last few years. Remote working tendencies, high attrition rates and gradually reducing the shelf life of IT products are helping the market grow. In addition to this, laws related to the disposal of electronic devices and data maintenance are prompting companies to initiate partnerships with IT asset recovery services and help with data and component management.
The COVID pandemic has fast-tracked the uptake of IT asset recovery services. Remote working conditions and managed mobility services have increased. There have also been instances of downsizing or attrition. All these factors have led to higher adoption of IT asset recovery.
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