The digital circular economy refers to the integration of digital technologies to enhance, facilitate and optimize circular economy principles, which focus on reducing waste, reusing materials and promoting sustainable production and consumption. This market encompasses digital solutions that support businesses and consumers in minimizing resource consumption while maximizing the lifespan of products and materials.
The digital circular economy market consists of sales, by entities (organizations, sole traders, or partnerships), of digital circular economy software and services used to transition to sustainable business models.
The global digital circular economy market was valued at $1,077.73 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 21.00%.
Rise in Smart City Initiatives
The rise in smart city initiatives supported the growth of the digital circular economy market in the historic period. Smart city initiatives are instrumental in driving the digital circular economy by leveraging advanced technologies such as IoT, AI and big data to optimize resource utilization, minimize waste and improve recycling efficiency. Through smart infrastructure, these initiatives enable real-time monitoring of energy, water and material consumption, thereby promoting sustainable usage and creating both economic and environmental value. For instance, in December 2023, according to the National Institute of Standards and Technology, a US-based national metrology institute, the NIST Global Community Technology Challenge (GCTC) presented three innovative smart city projects at the Smart Cities Connect conference in Washington, D.C. These projects demonstrated efforts by cities to enhance transparency and improve access to information between local governments and residents, positioning them as models for other communities. Additionally, in 2023, according to the IMD Smart City Index Report, a Switzerland-based business school, the number of smart cities worldwide has increased from 118 cities in 2021 to 141 cities in 2023. Therefore, the rise in smart city initiatives drove the growth of the digital circular economy market.
Revolutionizing Waste Management with Advanced SaaS Solutions for Sustainability and Compliance
Major companies operating in the digital circular economy market are focusing on addressing waste management challenges through advanced SaaS platforms. This platform helps waste management companies avoid fines and penalties while ensuring they adhere to sustainability and environmental guidelines. For instance, in August 2024, Diversys Software Inc., a Canada-based provider of recycling management software that offers environmental services, launched a software as a service (SaaS) product designed to address critical pain points in waste management. This innovative SaaS solution aims to revolutionize the industry by offering unparalleled efficiency, compliance and sustainability, helping organizations manage waste more effectively and achieve their sustainability goals.
The global digital circular economy market is fairly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 18.76% of the total market in 2023.
Digital Circular Economy Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global digital circular economy market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for digital circular economy? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The digital circular economy market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider digital circular economy market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by offering, by technology, by application and by end-user.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework - Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Global Market Size And Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by offering, by technology, by application and by end-user in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size And Growth - Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies - Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Recent Developments - Information on recent developments in the market covered in the report.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for digital circular economy market providers in terms of product/service offerings geographic expansion, marketing strategies and target groups next five years.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 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) End-User: Consumer Electronics; Information Technology (IT) And Telecom; Automotive; Manufacturing; Construction And Building; Other End Users
- Companies Mentioned: SAP SE; International Business Machines Corporation; Microsoft Corporation; Alphabet Inc.; Oracle Corporation
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; digital circular economy indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.