DUBLIN, Feb. 7, 2024 /PRNewswire/ — The “Digital Circular Economy Market by Offering (Software (Circular Design & Prototyping Software, Blockchain & Traceability Software), Services), Application (Digital Resale & Reuse), Technology (IoT, AI & ML), Vertical and Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The comprehensive market analysis reveals the compelling ascent of the digital circular economy, emphasizing the role of innovative technologies and services in driving sustainable practices
The recent market research publication provides an exhaustive exploration of the digital circular economy market, which is experiencing a robust growth trajectory. According to the report, the market is expected to catapult from USD 2.2 billion in 2023 to an impressive USD 6.7 billion by 2028, flourishing at a compound annual growth rate (CAGR) of 24.3% during the forecast period.
The surge in market growth can be largely accredited to heightened environmental awareness, the escalating need for e-waste reduction, the stringent sustainability mandates imposed by governments, and the pioneering fusion of Artificial Intelligence with recycling methodologies to augment resource reuse.
Service Segment to Lead Market Expansion with Accelerated Growth Rate
Emerging as the frontrunner, the services segment of the digital circular economy market is projected to witness the fastest growth rate. This momentum is driven by a burgeoning demand for consulting, advisory, and implementation services—a response to the intricate nature of digital circular economic models which demand distinct expertise. The integration of advanced technologies including AI, IoT, and blockchain into circular economic systems compels businesses to seek specialized assistance, ensuring the seamless incorporation and continuous support essential to achieving long-term success in sustainability endeavors.
IoT Technology Takes Center Stage in the Digital Circular Economy Domain
The IoT technology segment is anticipated to hold the largest share in the market, leveraged by its critical contribution to augmenting transparency, traceability, and efficiency within circular processes. IoT’s formidable capability to enable real-time monitoring and data acquisition throughout the lifecycle of a product paves the way for meticulous tracking of resources, spanning across the stages of production to disposal. This enhanced level of connectivity not only refines supply chains but also champions sustainable consumption and bolsters circular economic activities such as recycling and remanufacturing.
Geographical Insights: Asia Pacific Accelerates as Europe Dominates Digital Circular Economy Market
Geographically, the Asia Pacific region is slated to exhibit the most rapid growth, thanks to its swift economic progress and industrialization which synergistically propel the adoption of digital technologies fostered by sustainable practices. On the other hand,
Europe is projected to maintain the largest share in the market, with its proactive environmental policies and sustainability initiatives, such as the Circular Economy Action Plan, which incite businesses to employ digital solutions for efficient resource management and waste reduction.
- Analysis of Key Drivers: The report sheds light on factors such as increasing E-waste awareness and AI-powered recycling advancements that are pivotal in market growth.
- Market Development: It offers a comprehensive overview of lucrative markets and analyzes the market across various regions.
- Product Innovation: Details on upcoming technologies and R&D activities are provided along with a focus on new launches.
- Competitive Analysis: The report delivers a critical assessment of market shares and strategies of leading industry players.
With an all-encompassing research approach, the report is instrumental in guiding market leaders and new entrants through the intricacies of the digital circular economy landscape. It is designed to provide detailed insights that are pivotal for making informed business decisions, understanding competitive dynamics, and identifying significant market drivers, restraints, and opportunities.
Key Topics Covered:
Premium Insights
- Attractive Opportunities for Digital Circular Economy Market Players – Heightened Emphasis on Sustainable Sourcing and Environmentally Friendly Supply Chain Practices to Drive Market Growth
- Digital Circular Economy Market: Top Three Applications – Digital Resale & Reuse Application Segment to Account for Highest Growth Rate During Forecast Period
- Europe: Digital Circular Economy Market, by Offering and Vertical – Software and Manufacturing to be Largest Shareholders in European Market in 2023
- Digital Circular Economy Market, by Region – Europe to Account for Largest Market Share in 2023
Market Dynamics
Drivers
- Surge in Ewaste Awareness
- Ai-Driven Recycling Tech to Catalyze Resource Reutilization
- Stringent Government Mandates to Propel Circularity Adoption
- Eco-Conscious Consumers to Drive Demand for Sustainable Digital Products
Restraints
- High Upfront Costs to Hamper Circular Economy Startups
- Legacy Linear Thinking to Hinder Circular Business Evolution
- Lack of Standardized Circularity Metrics to Confound Progress
Opportunities
- Unlocking New Revenue Streams by Capitalizing on Market for Upcycled Tech Gadgets
- Cross-Industry Alliances Foster Circular Innovation Waves
- Flourishing Market for Refurbished Electronics to Present Compelling Business Opportunity
- Cost Efficiencies Through Optimized Resource Utilization
Challenges
- Managing Intricate Supply Chain and Reverse Logistics
- Balancing Durability and Quality in Circular Tech Design
- Navigating Volatile Consumer Preferences in Shifting Market
Case Study Analysis
- Braskem Powered Actionable Climate Roadmap for Sustainable Growth with Help of Accenture
- WWF Identified Opportunities for Improvement in Management of Plastic Waste with Help of Anthesis Group
- Early Leakage Detection with Use of Trendminer by Software Ag
- Kaeser Kompressoren Automated Compliance Processes Using Ipoint’s Systems
- Treeni Allowed DSM to Collect and Manage Data Efficiently
- Establishing Process Thinking in Research and Education for Munich University with Igrafx Solutions
Companies Profiled
- IBM
- SAP
- Oracle
- Honeywell
- Accenture
- Dassault Systèmes
- Capgemini
- Cisco
- Hitachi
- AWS
- Software AG
- Siemens-Advanta
- PWC
- Anthesis Group
- KPMG
- Landbell Group
- Ingram Micro
- Lenzing
- Ipoint-Systems
- One Click LCA
- Tüv Süd
- Suez Group
- Numi.Circular
- Treeni
- Ul Solutions
- Circular in Motion
- Rheaply
- Prosense Consulting
- Geofluxus
- Circulor
- Reflaunt
For more information about this report visit https://www.researchandmarkets.com/r/akotlq
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SOURCE Research and Markets
