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(IT-NEWSWIRE.COM, November 30, 2023 ) According to a research report "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" published by MarketsandMarkets, the digital circular economy market is set to experience rapid growth, projected to surge from USD 2.2 billion in 2023 to USD 6.7 billion by 2028, at a CAGR of 24.3% during the forecast period of 2023–2028.
Cutting-edge technologies, notably in IoT, blockchain, and data analytics, are pivotal drivers, optimizing resource utilization and championing sustainability. Embracing these innovations empowers businesses to streamline operations, curtail waste, and elevate overall efficiency, fostering a circular ethos in production and consumption. Newly emerging drivers include a heightened emphasis on sustainable sourcing, with businesses increasingly prioritizing environmentally friendly supply chain practices. Additionally, the growing trend of collaborative ecosystems, where businesses forge partnerships to create closed-loop systems, is amplifying the market's momentum.
Browse 400 market data Tables and 70 Figures spread through 450 Pages and in-depth TOC on "Digital Circular Economy Market”
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By offering, circular economy strategy consulting services segment to register the largest market share during the forecast period
Circular economy strategy consulting services form a pivotal segment within the digital circular economy market. Specialized consulting firms play a crucial role in guiding businesses toward sustainable practices by developing and implementing circular economy strategies. These services encompass a range of offerings, including lifecycle assessments, supply chain optimization, and innovative product design focused on reducing waste and enhancing resource efficiency. With a keen focus on leveraging digital technologies, these consulting services help organizations navigate the complexities of circular economy adoption.
By technology, AI & ML segment is poised for the fastest growth rate during the forecast period
In the digital circular economy market, AI and ML play pivotal roles in optimizing resource usage, enhancing sustainability, and driving efficiency. AI algorithms analyze vast datasets to identify patterns, enabling predictive maintenance for circular economy infrastructure. Machine Learning aids in supply chain optimization, reducing waste and promoting a more circular product lifecycle. Additionally, AI-powered solutions facilitate the tracking and tracing of materials, ensuring transparency and accountability. By automating decision-making processes and improving resource management, AI and ML technologies contribute significantly to the advancement of a circular economy, fostering a sustainable and eco-friendly digital landscape.
By region, Asia Pacific to account for highest growth rate during forecast period
The Asia Pacific region is emerging as a major revenue pocket in the digital circular economy market, witnessing rapid adoption of innovative technologies. Countries like China, Japan, and India are at the forefront, leveraging digital solutions to address environmental challenges. In particular, China has shown a commitment to sustainability, deploying digital technologies to monitor and manage resource usage. Japan, known for its technological prowess, embraces circular economy principles through smart manufacturing and efficient resource utilization. India is also making strides, utilizing digital tools to improve waste-to-energy processes and recycling initiatives.
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Some major players in the digital circular economy market include include SAP (Germany), Oracle (US), Landbell Group (Germany), Anthesis Group (UK), and IBM (US) along with other key players such as iPoint Systems (Germany), Rheaply (US), One Click LCA (Finland), and Lenzing (Austria).
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