According to Zion Market Research, the global asset recovery services market size exhibited a valuation of approximately USD 6.44 billion in 2022. Projections indicate that this market is anticipated to expand to around USD 12.46 billion by the year 2030, reflecting a compound annual growth rate (CAGR) of approximately 8.55% during the period spanning from 2023 to 2030.
Asset Recovery Services Market: Overview
The process of reclaiming, managing, and optimizing assets that have become obsolete, underutilized, or non-performing is referred to as asset recovery services. Businesses, financial institutions, government agencies, and other types of organizations use these services in order to salvage some of the value from their non-performing or surplus assets. The term “asset recovery” can be used to refer to a wide variety of assets, such as machinery, automobiles, real estate, technological goods, and many more. This technique helps firms enhance their financial health by freeing up capital, reducing waste, and increasing efficiency.
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The following provides an extensive analysis of the market for asset recovery services:
Market Overview: An overview of the market The demand for businesses and other organizations to improve the efficiency with which they manage their assets has contributed significantly to the growth of the asset recovery services market over the past several years. This rise is being driven by a number of factors, including a desire to recover value from underutilized assets, a reduction in costs, environmental sustainability, and compliance with regulatory requirements.
Key Services:
Asset Identification and Valuation: Asset Identification and Valuation is the process of determining the value of an organization’s assets at the present time.
Asset Collection and Transportation: The process of collecting assets from their various locations and transporting them involves taking care of the necessary logistics.
Asset Remarketing: Asset remarketing refers to the process of selling assets through a variety of channels, including online platforms and auctions.
Data Erasure and Destruction: Erasing and destroying data means making sure that sensitive information is completely removed from any electronic assets in use.
Recycling and Responsible Disposal: Recycling and Responsible Disposal: Assets that are disposed of in an environmentally responsible manner.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐄𝐑𝐄
Asset Recovery Services Market: Competitive Analysis
Asset Recovery Services Market: Competitive Analysis
The global asset recovery services market is led by players like:
- Hilco Global
- Iron Mountain
- IBM Global Asset Recovery Services
- CentricsIT
- Dell Technologies Asset Recovery Services
- Reclamere
- Sims Lifecycle Services
- Avnet Integrated
- Liquidity Services
- Arrow Electronics.
Asset Recovery Services Market: Growth Drivers
Increasing the breadth of applications within the information technology industry to fuel market expansion
Because of the expanding use of these services in the information technology (IT) industry, it is anticipated that the worldwide asset recovery services market will experience significant expansion in the coming years.
The growth of technology in other industries, in addition to the growing number of organizations that specialize in information technology, has resulted in an exponential increase in the number of devices and equipment that pertain to information technology that are surplus to the requirements of enterprises and companies.
In addition to this, the information technology industry is undergoing rapid change, which results in the majority of IT devices being obsolete after only a few years of use.
To maintain a presence in today’s increasingly competitive global market, businesses have no choice but to continue investing in cutting-edge information technology (IT) systems.
This, in turn, results in the accumulation of even more IT hardware that is currently redundant. When this occurs, asset recovery services are of tremendous assistance mostly due to the complexity involved in disposing of or recycling information technology assets.
Because protecting data privacy and preventing data theft are critical components of asset recovery services in the information technology industry, there is a growing demand for qualified specialists who can ensure that retiring outdated assets is done in a way that is both safe and secure.
Companies that are active in the specialized IT asset recovery services industry have a tendency to provide end-to-end logistics, which ensures that the client is under very little pressure.
These businesses are required to abide by stringent rules that ensure the data being deleted does not end up in the wrong hands. For instance, Dell Asset Recovery Services is in compliance with the NIST SP 800-88 r1 standard, which addresses the sanitization of media and is formulated by the National Institute of Standards and Technology (NIST).
Increasing efforts toward optimizing resources and revenues, will result in a stronger demand for services that are efficient
Companies have been forced to adopt methods that enable them to optimize their resources, including assets that are no longer in use, as a result of the rising rate of inflation around the globe and the increasing competitiveness in the market that has resulted from market saturation across all industries.
These two factors have caused the market to become increasingly competitive. Increasing revenue and decreasing expenses are the two primary strategies that can be utilized to improve profit margins. Asset recovery service providers make it possible for their customers to cut their losses by making sure that discarded resources are put to good use.
Market Segmentation:
Segmentation of the Market The market for asset recovery services can be broken down into a number of different sectors, including the following:
Information Technology (IT): Managing the recovery and disposal of IT assets is part of the responsibility of information technology (IT).
Automotive: Recuperating value from vehicles or machinery that have reached the end of their useful lives.
Real Estate: Increasing the profit from underutilized or unused properties.
Manufacturing and Industrial: The process of recovering assets from manufacturing and industrial facilities, such as factories and production facilities.
Financial Services: Recovering assets from non-performing loans and leased equipment are two of the services provided by financial companies.
Regulatory Compliance:
Compliance with standards Asset recovery services are required to comply with local as well as international standards, particularly when handling sensitive data, dangerous materials, or electronic waste. This is because these activities can expose the company to legal liability. The failure to comply with regulations may have environmental and legal repercussions.
Environmental Concerns:
Concerns About the Environment The market for asset recovery has recently shifted its attention to place a greater emphasis on the environmentally sound disposal of assets. Many businesses and organizations are looking for service providers who can assist them in lowering their environmental footprint through practices such as recycling or the environmentally responsible disposal of assets.
Global Market and Trends:
Market and Trends on a Global Scale The asset recovery services market has a global reach, and there are established players in a number of regions throughout the world, including North America, Europe, Asia, and other areas. The use of new technologies for the tracking of assets, the protection of data, and the disclosure of information regarding asset recovery procedures are key trends.
Challenges: The asset recovery industry has a number of challenges, some of which include the complexity of the legal environment, hazards to data security, and the requirement for certified disposal procedures for specific categories of assets.
Key Players: The asset recovery services industry is dominated by a number of notable firms such as Arrow Electronics, Sims Lifecycle Services, and Avnet, amongst others. The market is extremely competitive, and as a result, many businesses choose to specialize in particular fields.
Future Outlook:
The market for asset recovery services is anticipated to continue expanding in the coming years as a rising number of businesses place a greater emphasis on maximizing the utilization of their assets and minimizing waste. It is anticipated that the future of the business will be shaped by the incorporation of newly developed technologies as well as the continuous emphasis placed on environmental sustainability.
Conclusion:
In conclusion, the market for asset recovery services plays an important part in assisting enterprises in recovering value from their surplus or non-performing assets while also guaranteeing compliance with rules and being environmentally responsible. This market is dynamic, and it is changing to meet the changing demands and goals of enterprises and institutions in a business landscape that is changing rapidly.
