PUBLISHER: Polaris Market Research | PRODUCT CODE: 1463103
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1463103
The global digital circular economy market size is expected to reach USD 15.88 billion by 2032, according to a new study by Polaris Market Research. The report "Digital Circular Economy Market Share, Size, Trends, Industry Analysis Report, By Offering (Software, Services); By Technology; By Application; By Vertical; By Region; Segment Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing awareness about the importance of the digital circular economy is likely to promote the welfare of our planet and the global population. According to the Global Circularity Gap Report 2023, with the transition to a circular economy, 70% of the total resources that we presently extract and use are sufficient. The resultant benefits of fully transitioning into the circular economy are numerous; it not only focuses on waste recycling but also drives new innovations, facilitating new job practices in the market.
With advancements in technology, companies are adopting AI and ML algorithms with IoT sensors, driving new opportunities in resource optimization, recycling used materials, and developing a zero-waste supply chain. Digital technologies, including blockchain and big data analytics, are permitting companies to transform from linear to sustainable production processes.
The increasing literate population in the global space, coupled with the increased accessibility of the educational infrastructure and the superior faculty, is transforming the mindsets of the population, and forwarding every step towards environmental sustainability and a circular economy. The rising penetration of internet access is further boosting the need for a significant shift towards a digital circular economy as it maximizes the use of natural resources and minimises waste, pollution, and other harmful effects on the environment.
The company's focus on promoting circular economy is growing. For instance, in December 2023, Reliance announced its ability to produce circular polymers through chemical recycling, which got International Sustainability and Carbon Certification.
The ongoing global circular transition activities in the agriculture sector, primarily in the Republic of Serbia, are encouraging other countries to participate in the global digital circular economy motto. The United Nations Office in Serbia witnessed that 770,000 tonnes of edible food are wasted in Serbia; around 90% of it ends up in landfills. With the circular economy, this can be modified into bio-products, including fertilizers, materials, and energy.
The strategic collaborations in the marketplace are paving the way for a circular economy. For instance, in November 2023, Jabil Inc., completed the acquisition of Retronix Ltd. This integration is expected to advance the circular economy of EEE (Electrical Electronic Equipment) with a cross-industry interconnected approach in telecommunications, defence, automotive, and healthcare.
Product Lifecycle Management (PLM) software segment is anticipated to witness the highest growth in the coming years due to its optimal resource management.
IoT segment accounted for the largest market share owing to the increased ability ensure transparent resource utilization.
Digital re-sale & re-use segment is projected to experience a larger revenue share due to the value creation of used items.
Asia Pacific is expected to have the fastest growth owing to increasing government investments to promote the green economy.
The global players include Accenture, Anthesis Group, AWS, Capgemini, Cisco, Dassault Systemes, GeoFluxus, Honeywell, IBM, iPoint Systems, & Ingram Micro.
Polaris Market Research has segmented the digital circular economy market report based on offering, technology, application, vertical, and region: