Digital Circular Economy Market Report 2024

This Digital Circular Economy market 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 historic and forecast market growth by geography.

The digital circular economy market size has grown exponentially in recent years. It will grow from $2.27 billion in 2023 to $2.9 billion in 2024 at a compound annual growth rate (CAGR) of 27.9%. The growth during the historic period can be linked to rising consumer demand for transparency, expanded access to green finance, heightened demand for sustainable packaging solutions, increased corporate interest in metrics, and a greater focus on circular design principles.

The digital circular economy market size is expected to see exponential growth in the next few years. It will grow to $7.81 billion in 2028 at a compound annual growth rate (CAGR) of 28.1%. The growth projected for the forecast period can be credited to cost reduction, a shift towards circular supply chains, increased investments in startups, a stronger focus on resource efficiency, and the expansion of the sharing economy. Key trends expected during this period include the integration of AI and IoT technologies, the development of digital twins, advancements in predictive maintenance, smart grid technologies, and robotics technologies.

The growing awareness of e-waste is projected to drive the growth of the digital circular economy market in the future. E-waste refers to discarded electrical or electronic devices, including computers, smartphones, and appliances, that are no longer in use or have reached the end of their lifecycle. Awareness regarding e-waste is increasing due to environmental concerns and enhanced public education initiatives that highlight the harmful effects of improper electronic waste disposal. The digital circular economy aims to address e-waste by promoting the repair, reuse, and recycling of electronics, thus minimizing waste and conserving resources. For example, the Global E-Waste Monitor 2024 report from the United Nations Institute for Training and Research, a Switzerland-based UN agency, states that if countries could improve their e-waste collection and recycling rates to 60% by 2030, the benefits - such as reducing human health risks - would exceed the costs by over US $38 billion. Therefore, the rise in e-waste awareness is propelling the growth of the digital circular economy market.

Major companies in the digital circular economy market are increasingly adopting a strategic partnership approach to facilitate the transition to a circular economy. Strategic partnerships involve companies leveraging each other’s strengths and resources to achieve mutual benefits and success. For example, in June 2023, SAP SE, a software company based in Germany, partnered with Versuni, a Netherlands-based company specializing in designing and selling domestic appliances, to focus on sustainability and the circular economy. Utilizing the SAP sustainability control tower software, a digital tool for environmental, social, and governance (ESG) management based on real-time data - this collaboration aims to promote comprehensive management by setting goals, monitoring progress, and deriving insights from data. This will enable the generation of robust and auditable ESG reports, as well as facilitate improvement actions.

In May 2024, US-based electronics manufacturer Flex acquired FreeFlow, although financial details were not disclosed. This acquisition aims to strengthen Flex’s reverse logistics and circular economy services, enhancing its capabilities in asset disposition and sustainability to create new revenue streams and support environmental objectives. FreeFlow, an Ireland-based electronics manufacturer, specializes in asset disposition and digital circular economy solutions.

Major companies operating in the digital circular economy market are Apple Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Dell Technologies Inc., Bosch GmbH, Hitachi Ltd., Siemens AG, Sony Group Corporation, Lenovo Group Limited, General Electric Company, International Business Machines Corporation, Panasonic Holdings Corporation, LG Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., Fujitsu Limited, SAP SE, Mitsubishi Electric Corporation, ABB Ltd., Hewlett Packard Enterprise Company, Nokia Corporation, Capgemini SE, Koninklijke Philips N.V., STMicroelectronics NV, Infineon Technologies AG.

Europe was the largest region in the digital circular economy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital circular economy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the digital circular economy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The digital circular economy refers to an economic model that leverages digital technologies to improve resource efficiency, reduce waste, and support the reuse and recycling of products. This model builds on circular economy principles, aiming to minimize resource use through reduction and refusal and to maximize material value through reuse and recycling. By focusing on reducing electronic waste (e-waste) and encouraging product repair, reuse, and recycling, the digital circular economy helps prevent harmful disposal practices and conserves natural resources.

Key offerings in the digital circular economy market include software and services. Software encompasses applications and platforms designed to support the adoption of circular economy practices. Technologies involved include blockchain and distributed ledger technology, the Internet of Things (IoT), artificial intelligence (AI) and machine learning (ML), virtual reality (VR) and augmented reality (AR), cloud computing, and more. These technologies facilitate various functions such as supply chain and material tracking, resource optimization, digital resale and reuse, reverse logistics and remanufacturing, circular economy reporting and compliance, waste management and recycling, and smart material selection. The market serves end users across diverse sectors including consumer electronics, IT and telecom, automotive, manufacturing, construction, and others.

The digital circular economy market research report is one of a series of new reports that provides digital circular economy market statistics, including the digital circular economy industry global market size, regional shares, competitors with digital circular economy market share, detailed digital circular economy market segments, market trends, and opportunities, and any further data you may need to thrive in the digital circular economy industry. These digital circular economy market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The digital circular economy market consists of revenues earned by entities by providing services such as resource tracking and management, waste management and recycling solutions, and product lifecycle management. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital circular economy market also includes sales of smart devices, recycling and recovery equipment, and modular components. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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