Global digital circular economy Market Set For X 28.1% Growth, Reaching $7.81 Billion By 2028
Digital Circular Economy Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The global digital circular economy market is set to skyrocket from $2.27 billion in 2023 to an estimated $2.9 billion in 2024, a compound annual growth rate CAGR of 27.9%. This anticipated growth can be attributed to an array of significant factors including the surge in customer demand for transparency, the increase in availability of green finance, burgeoning demand for sustainable packaging solutions, corporate demand for metrics, and an intense emphasis on circular design principles.
What Is the Projected Growth Rate and Market Size of the Global Digital Circular Economy Market?
The expansive digital circular economy market is projected to experience rapid growth over the next few years. The expected market size by 2028 is $7.81 billion, climbing at an impressive compound annual growth rate CAGR of 28.1%. This anticipated surge can be credited to cost reduction strategies, shift towards circular supply chains, increased investments in startups, growing emphasis on resource efficiency, and the significant expansion of the sharing economy. Moreover, the integration of AI and IoT technologies, development of digital twins systems, advancement in predictive maintenance, smart grid technologies, and improvements in robotics technologies are primary trends that will shape market dynamics for the forecast period.
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What Are the Key Drivers of Digital Circular Economy Market Growth?
A decisive factor propelling the growth of the digital circular economy market is the surge in e-waste awareness. As public education efforts amplify and environmental concerns increase, there's a growing awareness regarding the harmful effects of improperly discarded electrical or electronic devices, including computers, smartphones, and appliances, that have reached the end of their lifecycle. The digital circular economy seeks to mitigate the e-waste problem by actively promoting the repair, reuse, and recycling of electronic goods, leading to minimized waste and resource conservation. The Global E-Waste Monitor 2024 report by the United Nations Institute for Training and Research emphasizes the benefits of raising e-waste collection and recycling rates to 60% by 2030 - an initiative that could far outweigh the costs by over US $38 billion.
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Who Are the Market Leaders in the Digital Circular Economy Industry?
Several major companies including Apple Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Dell Technologies Inc., Bosch GmbH, Hitachi Ltd., Siemens AG, Sony Group Corporation, Lenovo Group Limited, General Electric Company, IBM Corporation, Panasonic Holdings Corporation, LG Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., Fujitsu Limited, SAP SE, Mitsubishi Electric Corporation, ABB Ltd., Hewlett Packard Enterprise Company, Nokia Corporation, Capgemini SE, Philips N.V., STMicroelectronics NV, and Infineon Technologies AG are playing integral roles in the global digital circular economy market.
What Are the Emerging Trends in the Digital Circular Economy Market?
Most prominently, key players in the digital circular economy market are forging strategic partnerships to accelerate the transition to a circular economy. Software company SAP SE, for instance, partnered with Versuni, a Netherlands-based company that designs and sells domestic appliances, to enhance focus on sustainability and a circular economy. By utilizing SAP's sustainability control tower software, the company can create robust, auditable ESG reports and implement improvement actions based on real-time data insights.
How Is the Digital Circular Economy Market Segmented?
The digital circular economy market can be segmented in various ways:
1 By Offering: Software, Services
2 By Technology: Blockchain And Distributed Ledger Technology, Internet Of Things IoT, Artificial Intelligence AI and Machine Learning ML, Virtual Reality VR And Augmented Reality AR, Virtual Reality VR-Based Training, Cloud Computing, Other Technologies
3 By Application: Supply Chain And Material Tracking, Resource Optimization And Efficiency, Digital Resale And Reuse, Reverse Logistics And Remanufacturing, Circular Economy Reporting And Compliance, Circular Waste Management And Recycling, Smart Material Selection And Testing, Other Applications
4 By End User: Consumer Electronics, IT And Telecom, Automotive, Manufacturing, Construction And Building, Other End Users
Regional Insights and Market Scope
In 2023, Europe was the largest region within the digital circular economy market, however, Asia-Pacific is projected to experience the most rapid growth during the forecast period. The report offers comprehensive regional analysis that spans across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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