Global Digital Circular Economy Market Forecast Report to 2028: AI-Driven Recycling Tech to Catalyze Resource Reutilization

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Feb 07, 2024, 23:45 ET

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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