Digital Circular Economy
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How Large Will the Digital Circular Economy Market Size By 2025?
In recent years, the market size for the digital circular economy has seen substantial expansion. It’s expected to increase from $2.9 billion in 2024 to $3.72 billion in 2025, indicating a compound annual growth rate (CAGR) of 28.2%. Factors contributing to this growth in the historic period include rising consumer demand for transparency, a surge in green finance availability, increased demand for eco-friendly packaging solutions, growing corporate requirement for metrics, and an amplified emphasis on circular design standards.
How Big Is the Digital Circular Economy Market Size Expected to Grow by 2029?
The projected size of the digital circular economy market is set to experience significant growth over the coming years, with an expected valuation of $9.99 billion by 2029 and a compound annual growth rate (CAGR) of 28.0%. This growth throughout the prediction period is largely due to factors such as cost reduction, the transition towards circular supply chains, increasing investments into startups, a heightened focus on resource efficiency, and the growth of the sharing economy. Key trends throughout this same forecast period include the incorporation of Artificial Intelligence (AI) and Internet of Things (IoT) technology, the enhancement of digital twins, progress in predictive maintenance, and advancements in both smart grid and robotics technologies.
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Which Key Market Drivers Powering Digital Circular Economy Market Expansion and Growth?
The rise in awareness about electronic waste (e-waste) is predicted to boost the expansion of the digital circular economy market. E-waste consists of discarded electronic items like computers, smartphones and appliances, which have been forced out of use or exceeded their lifecycle. The increasing knowledge and consciousness about e-waste are primarily due to rising environmental worries and extensive outreach programs spotlighting the detrimental impacts of irresponsible disposal of electronic waste. The digital circular economy seeks to alleviate e-waste through the promotion of repair, reuse, and recycling of electronic items, subsequently reducing waste and preserving resources. For instance, a report by the Global E-Waste Monitor 2024 from the United Nations Institute for Training and Research, a Switzerland-based United Nations agency, projected that if nations manage to elevate their e-waste collection and recycling rates to 60% by 2030, the resulting perks, such as diminished health risks, would exceed costs by over US $38 billion. Therefore, the increased awareness about e-waste is fuelling the growth of the digital circular economy market.
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Which Fast-Growing Trends Are Poised to Disrupt the Digital Circular Economy Market?
In the digital circular economy market, leading companies are embracing strategic collaborations to speed up the shift towards a circular economy. The concept of strategic partnerships involves firms capitalizing on each other’s capabilities and assets for reciprocal gains and triumph. For example, in June 2023, SAP SE, a software firm from Germany, established a partnership with Versuni, a company from the Netherlands that creates and sells home appliances, with a focus on circular economy and sustainability. The use of SAP’s sustainability control tower software, a digital tool for ESG management that relies on real-time data, will allow the company to foster comprehensive management through setting targets, tracking progress, and deriving information from data, thereby yielding solid and auditable ESG reports and potential improvement strategies.
What Are the Emerging Segments in the Digital Circular Economy Market?
The digital circular economymarket covered in this report is segmented –
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, Information Technology (IT) And Telecom, Automotive, Manufacturing, Construction And Building, Other End Users
Subsegments:
1) By Software: Circular Economy Management Platforms, Resource Tracking Software, Waste Management and Recycling Software, Product Lifecycle Management (PLM) Tools
2) By Services: Consulting Services, Implementation Services, Data Analytics and Reporting Services, Maintenance and Support Services
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Who Are the Global Leaders in the Digital Circular Economy Market?
Major companies operating in the digital circular economy market are 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, International Business Machines 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, Koninklijke Philips N.V., STMicroelectronics NV, Infineon Technologies AG
Which are the Top Profitable Regional Markets for the Digital Circular Economy Industry?
Europe was the largest region in the digital circular economy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital circular economy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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