Digital Circular Economy Market Size to Worth USD 15.72 Billion by 2032 | Straits Research
New York, United States, Nov. 14, 2024 (GLOBE NEWSWIRE) -- The digital circular economy refers to the integration of digital technologies and data-driven strategies within the framework of a circular economy. This approach aims to enhance sustainability and efficiency in the management of materials and resources, creating a closed-loop system where products and materials are designed, produced, consumed, and recycled with minimal waste and maximum reuse.
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Market Dynamics
Increase in E-Waste awareness and Growing Technological Advancement Drive the Global Market
The growth of the digital circular economy market has been driven by an increase in e-waste awareness. As individuals and businesses become conscious of the environmental impact of electronic waste, there is a shift towards sustainable practices. This increase in awareness will foster responsible disposable of electronic devices and also drive the demand for innovative solutions within the digital circular economy. Companies that practice eco-friendly ways and contribute to the recycling and refurbishing of electronic products are positioned to grow in this evolving market.
The global digital circular economy market is driven by growing technological advancement. By utilization of cutting-edge and modern technology like artificial intelligence and the Internet of Things, these options offer a way to more effective and seamless circular operations. Internationally, diverse digital technologies facilitate the transmission of information alongside a product's product. The technologies that identify a product enable the capture, storage, sharing, and analysis of data throughout its entire life cycle.
Growth of Refurbished Electronics Presence Creates Tremendous Opportunities
As the refurbished electronics presence grows it presents a significant opportunity for the growth of the digital circular economy market. As sustainability gains prominence in consumer choices, the demand for high-quality, pre-owned electronics is rising. Refurbished electronics offer a lot of potential as it have budget-friendly alternatives to consumers and also contribute significantly to reducing electronic waste. New market players entering this field have the chance to tap into a growing circular economy market, providing Eco-conscious consumers with reliable and affordable electronic options. This will boost the growth of the global digital circular economy market.
Regional Analysis
European region dominates the global digital circular economy market and holds a significant market share of 35.7%. The European Union has implemented policies such as the circular economy action plan, which promotes resource efficiency, waste reduction, and sustainable practices across industries. This creates a favorable environment for businesses to adopt circular economy principles. European consumers and businesses exhibit a high level of awareness and commitment to sustainability, driving demand for products and services that follow the circular economy practices. This will further fuel the growth of digital platforms focused on resale, sharing, and reuse.
North America is the second dominating region for the global digital circular economy market following Europe and it holds a market share of 33.2%. It is expected that this region will grow with a CAGR of 24.3% during the forecast period. This region has experience in increasing the adoption of digital solutions aimed at enhancing sustainability and resource efficiency across various sectors.
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Key Highlights
- By offering, the market is bifurcated into solutions and services. Software solutions are dominating the global digital circular economy market. It exhibits a CAGR of 24.3% during the forecast period.
- By Technology, the market is been divided into Blockchain and Distributed Ledger Technology (DLT), IOT, AI & ML, AR & VR, VR-Based Training, Cloud Computing, Big Data Analytic, and Other Technologies. It exhibits a CAGR of 24.4% during the forecast period.
- By Application, the market is divided into supply chain and material tracking, resource optimization and efficiency, digital resale and reuse, Reverse Logistics and Re-manufacturing, Circular Economy Reporting and Compliance, Circular Waste Management and Recycling, Smart Material Selection & Testing, and Other Applications. Digital resale and reuse dominate the global market. It exhibits a CAGR of 24.5% during the forecast period.
- By Vertical, the market is divided into consumer electronics, IT & Telecom, Automotive, Manufacturing, Constructing and Building, Healthcare and Medical Devices, Energy & Utilities, Chemicals and Materials, Fashion & Apparel, and Other Verticals. The automotive sector dominates the global market in the vertical segment. It exhibit a CAGR of 23.3% during the forecast period.
- Europe is the most significant global digital circular economy market shareholder and is anticipated to exhibit a CAGR of 3% during the forecast period.
Competitive Players
- SAP
- Capgemini
- Dassault Systemes
- Cisco
- IBM
- Oracle
- KPMG
- Software AG
- Siemens-Advanta
- Ingram Micro
Recent Developments
- In May 2024, Flex announced that it had acquired FreeFlow, a company serving the global secondary market with asset disposition and digital circular economy.
- In July 2024, Imperial launches iCUBE lab to initiate circular economy research.
Segmentation
- By Offering
-
- Software
- Services
- By Technology
-
- Block-chain and Distributed Ledger Technology (DLT)
- IOT
- AI & ML
- AR & VR
- VR-Based Training
- Cloud Computing
- Big Data Analytics
- Other Technologies
- By Application
-
- Supply Chain And Materials Tracking
- Resource Optimization And Efficiency
- Digital Resale and Reuse
- Reverse Logistics and Re-manufacturing
- Circular Economy Reporting and Compliance
- Circular Waste Management and Recycling
- Smart Material Selection & Testing
- Other Applications
- By Vertical
- Consumer Electronics
- IT & Telecom
- Automotive
- Manufacturing
- Construction and Building
- Health-care and Medical Devices
- Energy & Utilities
- Chemicals and Materials
- Fashion & Apparel
- Other Verticals
- By Regions
-
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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