The digital circular economy global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Digital Circular Economy Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The digital circular economy market size has grown exponentially in recent years. It will grow from $2.27 billion in 2023 to $2.9 billion in 2024 at a compound annual growth rate (CAGR) of 27.9%. The growth in the historic period can be attributed to increase in consumer demand for transparency, growth in availability of green finance, increase in demand for sustainable packaging solutions, growth in corporate demand for metrics, and increase in emphasis on circular design principles.
The digital circular economy market size is expected to see exponential growth in the next few years. It will grow to $7.81 billion in 2028 at a compound annual growth rate (CAGR) of 28.1%. The growth in the forecast period can be attributed to cost reduction, shift towards circular supply chains, rising investments in startups, growing emphasis on resource efficiency, and expansion of the sharing economy. Major trends in the forecast period include integration of AI and IoT technologies, development of digital twins, advancement in predictive maintenance, smart grid technologies, and robotics technologies.
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Scope Of Digital Circular Economy Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Digital Circular Economy Market Overview
Market Drivers –
The surge in e-waste awareness is expected to propel the growth of the digital circular economy market going forward. E-waste refers to discarded electrical or electronic devices, such as computers, smartphones, and appliances, that are no longer in use or have reached the end of their lifecycle. The awareness of e-waste regarding is growing due to environmental concerns and increased public education efforts highlighting the harmful effects of improper electronic waste disposal. The digital circular economy aims to mitigate e-waste by promoting the repair, reuse, and recycling of electronics, thereby minimizing waste and conserving resources. For instance, in March 2024, according to the Global E-Waste Monitor 2024 from the United Nations Institute for Training and Research, a Switzerland-based United Nations agency, the report emphasizes that if countries could raise their e-waste collection and recycling rates to 60% by 2030, the resulting benefits—such as reducing human health risks—would surpass costs by over US $38 billion. Therefore, the surge in E-waste awareness is driving the growth of the digital circular economy market.
Market Trends –
Major companies operating in the digital circular economy market are adopting a strategic partnership approach to accelerate the transition to a circular economy. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in June 2023, SAP SE, a Germany-based software company, partnered with Versuni, the Netherlands-based company that designs and sells domestic appliances to focus on sustainability and a circular economy. With the SAP sustainability control tower software, a digital tool for ESG management based on real-time data, the company will be able to promote holistic management by setting goals, monitoring progress, and gaining insights from data, generating robust and auditable ESG reports, as well as improvement actions.
The digital circular economy market 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
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Regional Insights –
Europe was the largest region in the digital circular economy market in 2023. 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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Digital Circular Economy Market Report Structure
3. Digital Circular Economy Market Trends And Strategies
4. Digital Circular Economy Market – Macro Economic Scenario
5. Digital Circular Economy Market Size And Growth
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27. Digital Circular Economy Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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