DUBLIN--(BUSINESS WIRE)--The "Global Data Destruction Services Market by Form (Physical Destruction, Software Data Elimination), Method (Degaussing, Hidden Data, Overwriting), Type, Service Site, Industry - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Data Destruction Services Market grew from USD 9.23 billion in 2023 to USD 10.50 billion in 2024. It is expected to continue growing at a CAGR of 14.78%, reaching USD 24.24 billion by 2030.
These services are an integral part of managing and protecting sensitive business, client, or personal information, and they ensure that no unauthorized individual can recover or misuse this information. The data destruction services market comprises various underlying entities committed to effectively terminating and disrupting data stored in multiple formats. The demand for these services has surged across sectors, including IT, banking, healthcare, defense, manufacturing, and government, with soaring internet usage, escalating data breach occurrences, and strict data privacy regulations.
The growth of the market drivers includes increased data generation and amplified regulatory focus on data privacy, buttressed by emerging trends such as cloud services and remote working. However, inadequate data destruction policies and data privacy laws in some regions hinder market growth. However, the future scope of the market lies in innovation and research, with prime prospects in software-based data destruction and incorporating blockchain for enhanced transparency.
Regional Insights
Data destruction services in the Americas are experiencing substantial growth owing to increasingly stringent data privacy regulations and the prevalent adoption of advanced technologies, including cloud and IoT devices. The U.S., in particular, being the major contributor, accounts for a significant portion of this growth attributed to the strong presence of data destruction service providers and high awareness regarding data privacy. However, increasing growth potentials are visible in Latin America, propelled by burgeoning digital advancement across the region.
The EMEA region showcases notable progress in the data destruction services market, majorly driven by the presence of the General Data Protection Regulation (GDPR), stipulating the deletion of data after serving the purpose. Furthermore, businesses in the region are aligning their liability policies with stringent privacy norms, upscaling their demand for data destruction services.
The Middle East and Africa, although at a nascent stage compared to Europe, present remarkable growth opportunities owing to their swelling digital economies and evolving data protection legislative landscapes. Asia-Pacific has been a hotspot for the data destruction services market, with the rapidly evolving data regulatory landscape, digital economy growth, and investment in technological infrastructure. China, Japan, India, and Australia are key contributors to this heightened demand attributed to their fast-paced digital transformations.
Market Drivers
- Growing need to secure employee and customer data
- Inclination toward sustainability and e-waste recycling
Market Restraints
- High cost of data destruction services
Market Opportunities
- Adoption of innovative technologies by the data destruction service providers
- Strategic alliances and collaborative partnerships along with preferences for on-site data destruction services
Market Challenges
- Data breach issues due to the failure to use safe data disposal methods
Market Segmentation Analysis
- Form: Growing preferences for software data elimination to balance security with cost and sustainability
- Method: Higher adoption of degaussing and shredding, offering high data destruction assurance
- Type: Need for commercial data destruction services to deal with more exhaustive and larger volumes of data
- Service Site: Significant applications of onsite services offering immediacy and direct supervision, establishing critical trust for sensitive data
- Industry: Robust requirement of data destruction services for advanced classified data security in government and public sector
Recent Developments
SERI Launches Electronics Recycling Vocational Program
SERI has recently introduced a new vocational program in electronics recycling, specifically educating local communities regarding the significance of responsible data destruction services. This comprehensive program aims to enhance public awareness and understanding of the processes and products involved in electronics recycling. It is specifically designed to support individuals impacted by unemployment resulting from COVID-19 and other economic challenges.
Salvation Army's SATCoL Re-Launching Data Destruction Service
The Salvation Army's SATCoL relaunched its data destruction service, providing secure destruction of sensitive data and equipment for businesses and organizations. Their service meets the standards of the National Cyber Security Centre, adhering to ISO27001 and GDPR regulations. SATCoL offers a range of robust data destruction services tailored to meet specific customer requirements.
TDB-DST invested INR 6.00 Crores For M/S Eco Recycling Limited's 'Recycling On Wheels SmartER'
TDB-DST invested INR 6.00 crores for M/S Eco Recycling Limited's 'Recycling on Wheels SmartER' initiative. This initiative is centered around the provision of data destruction services. The allocated investment will be utilized to develop mobile units equipped with state-of-the-art technology, ensuring secure and cost-effective recycling solutions.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 188 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $10.5 Billion |
| Forecasted Market Value (USD) by 2030 | $24.24 Billion |
| Compound Annual Growth Rate | 14.7% |
| Regions Covered | Global |
Key Topics Covered:
Market Insights
- Market Dynamics
-
Market Segmentation Analysis
- Form: Growing preferences for software data elimination to balance security with cost and sustainability
- Method: Higher adoption of degaussing and shredding, offering high data destruction assurance
- Type: Need for commercial data destruction services to deal with more exhaustive and larger volumes of data
- Service Site: Significant applications of onsite services offering immediacy and direct supervision, establishing critical trust for sensitive data
- Industry: Robust requirement of data destruction services for advanced classified data security in government and public sector
-
Market Trend Analysis
- Increasing volume of digital data generation and data protection regulation in the Americas
- Stringent data protection laws amid the instances of unsafe handling of data in the APAC region
- Emphasis on delivering data destruction services in compliance with the well-established data protection regulations in the EMEA region
- Cumulative Impact of High Inflation
- Porter's Five Forces Analysis
- Value Chain & Critical Path Analysis
- Regulatory Framework Analysis
Data Destruction Services Market, by Form
- Physical Destruction
- Software Data Elimination
Data Destruction Services Market, by Method
- Degaussing
- Hidden Data
- Overwriting
- Shredders
Data Destruction Services Market, by Type
- Commercial
- Personal
Data Destruction Services Market, by Service Site
- Offsite
- Onsite
Data Destruction Services Market, by Industry
- Aerospace & Defense
- Automotive & Transportation
- Banking, Financial Services & Insurance
- Building, Construction & Real Estate
- Consumer Goods & Retail
- Education
- Energy & Utilities
- Government & Public Sector
- Healthcare & Life Sciences
- Information Technology
- Manufacturing
- Media & Entertainment
- Telecommunication
- Travel & Hospitality
Americas Data Destruction Services Market
Asia-Pacific Data Destruction Services Market
Europe, Middle East & Africa Data Destruction Services Market
Competitive Landscape
- SERI Launches Electronics Recycling Vocational Program
- Salvation Army's SATCoL Re-Launching Data Destruction Service
- TDB-DST invested INR 6.00 Crores For M/S Eco Recycling Limited's 'Recycling On Wheels SmartER'
- GRM Information Management Expands Presence In Mid-Atlantic Region With Acquisition Of Atlantic Data & Records Management
- System High Wins USD 50 Million Classified IT Destruction Contract
- ERI Provides Responsible IT Asset Disposition and E-Waste Recycling
- Sadoff E-Recycling & Data Destruction Obtains Certification
- Dvorak Law Group And Shred Vault Announce New Collaboration For Secure Document Disposal
- ERI Becomes First Electronic Recycler & ITAD Company with its partnership with TIME CO2 to Achieve Official Carbon Neutral Status
- DTG Enters Electronics Recycling With Acquisition Of 1 Green Planet
- Restore PLC Acquires UK Data Destruction Firm Ultratec
Competitive Portfolio
- Access Information Management Shared Services
- AnythingIT
- Back Thru The Future Computer Recycling
- Blancco Technology Group
- CDR Global
- Corodata Records Management
- Crown Worldwide Group
- Data Destruction
- DataShield
- DataSpan
- Dell Technologies
- Eco Beringin
- Eco Recycling Limited
- EcoCentric Management
- Electronic Recyclers International
- Entre Technologies
- Evernex Group SAS
- GEM Southwest, LLC
- Green IT Recycling Center Pvt Ltd.
- Guardian Data Destruction
- IBM
- Iron Mountain
- KLDiscovery
- Kuusakoski Group
- Markley
- McCollister's Transportation
- Microsoft Corporation
- Mireth Technology
- MRK Group
- Northeast Data Destruction
- Oracle
- ORIX
- Phiston Technologies
- PROSHRED by Redishred Capital Corp.
- ProTek Recycling
- RAKI Electronics Recycling
- RPlanet Integrated Solutions
- SAP SE
- Securis
- Shredall SDS Group
- Sims
- Sogo Synergy
- Spas Recycling
- Stericycle
- Techchef Consulting India
- TechWaste Recycling
- Tier 1 Asset Management
- Ucan Secure IT
- Upcycle
- Vecoplan
- Veolia Environnement
- Wisetek
For more information about this report visit https://www.researchandmarkets.com/r/pkspfn
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