The global data destruction service market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030, owing to the increasing data theft cases worldwide. To ensure the data security and safety, most of the organisations are using the data destruction service. Confidential data can be client details, employee records or monetary information which can be stored on various media platform from paper to CDs and hard drives, which is why, it is crucial for all businesses to choose an assured data destruction service provider. The cases of data breaches are increasing day by day, making the secure handling and destruction of data very important to avoid any kind of data breach or theft. The total number of breaches in 2019 was around 1,4oo, up from over 1,250 in the year before. 16o million records were exposed in 2018, with more than 2.5 billion social media records breached in the same year.
The market is segmented on the basis of OS type into Windows, Linux and others, out of which, the Windows OS segment is anticipated to grab the largest share by the end of 2021, as Windows OS is the most prevalent operating system worldwide, normally found on desktops, laptops and tablets. Windows OS is typically hardware agnostic which means that it works on a variety of third-party technology. So, employers utilize more than one data destruction solution to ensure the complete destruction of the data from the devices to avoid any mishap with the data, which is estimated to boost the segment growth. The adoption of different innovative data destruction techniques among the organisation are the major catalyst projected to contribute in the growth of the segment during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
The global data destruction service market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in North America region is estimated to grow at the highest CAGR over the forecast period owing to the increasing cases of cybercrime, privacy attack, and data theft. The government is functioning to curb these crimes, which is estimated to increase the demand for these services amongst governmental and non-governmental organisations. Moreover, emerging artificial intelligence, IoT, and other technologies canoes threat to the security of data, which is expected to boost the market growth. The market in the Asia Pacific is estimated to have a significant market share over the forecast period, owing to the adoption of technological advancement, rising awareness about data theft, and cybercrimes, combined with implementation of different ways to avoid the data breaches, such as strict government policies and regulations in several countries like India, China and Japan.
The global data destruction service market is further classified on the basis of region as follows:
Our in-depth analysis of the global data destruction service market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increased adoption of cloud-based solutions and rapid digitization in varied industries are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
High operational costs and availability of less skilled workforce are the factors estimated to hamper data destruction service market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing adoption of technological advancement.
The major players dominating the data destruction service market are Electronix Redux Corp, EcoCentric, Kuusakoski, Supportive Recycling GmbH, and Guardian Data Destruction, among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by OS type, component, application, and by region.
With respect to type, the Windows OS segment is anticipated to hold the largest market share owing to large user base of this operating system, especially for commercial purpose.
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