Digital Circular Economy Market worth $12.74 billion by 2030- Exclusive Report by 360iResearch

The Global Digital Circular Economy Market to grow from USD 2.33 billion in 2022 to USD 12.74 billion by 2030, at a CAGR of 23.59%.

PUNE, MAHARASHTRA, INDIA , December 7, 2023 /EINPresswire.com/ -- The "Digital Circular Economy Market by Offering (Services, Software), Technology (Al & ML, AR & VR, Big Data Analytics), Application, Vertical - Global Forecast 2023-2030" report has been added to 360iResearch.com's offering.

The Global Digital Circular Economy Market to grow from USD 2.33 billion in 2022 to USD 12.74 billion by 2030, at a CAGR of 23.59%.

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Digital Circular Economy (DCE) refers to integrating innovative digital technologies within the traditional circular economy framework to maximize the lifecycle of resources and minimize ecological footprint. The DCE is widely used in waste management, agriculture, manufacturing, and energy systems for extending product life, sharing platforms, resource recovery, and implementing product-as-service systems. Growing focus on waste reduction and sustainability and demand for business models that deliver superior customer value while minimizing resource outflows are accelerating the deployment of DCEs across end-use industries. However, a lack of awareness about DCE and technological inaccessibility may hinder their adoption by the end-use sectors. Moreover, improved digital technologies for waste tracking and management, data analytics for predictive maintenance, and blockchain for supply chain transparency are anticipated to propel the use of digital circular economy solutions by the end-use sectors across the globe.

Application: Widespread adoption for circular waste management and recycling
Reporting and compliance involves creating and adopting standardized resource allocation and management measures. Circular waste management and recycling involves converting waste materials into reusable elements to reduce the environmental impact. Digital resale and reuse platforms assist consumers in buying and selling pre-owned items, leading the charge in digital resale and reuse. This reflects the principles of the circular economy by extending product life cycles. Industrial use sophisticated technologies for process optimization, energy conservation, and improved efficiency. Companies have advanced their services to include reverse logistics and remanufacturing practices, fulfilling the circular economy’s mandate to reuse and recycle. Smart material selection & testing enable real-time tracking and quality checks, fostering a sense of responsibility for the resource lifecycle. Supply chain and materials tracking with blockchain technology focuses on supply chain transparency and has enhanced material tracking that promotes a circular economy.

Vertical: Expanding applications of digital circular economy in consumer electronics
The automotive sector in the digital circular economy promotes efficient vehicle lifecycle management, smart mobility solutions, and sustainable transportation. The construction and building industry plays a central role in for transitioning it into a circular economy by harnessing digital tools to optimize resource efficiency, minimize waste, and enhance building longevity. In the digital circular economy, consumer electronics stakeholders shift towards longer-lasting and repairable devices that promote the reuse and recycling of their devices. Energy and utility companies emphasize renewable energy sources, disruptive technologies, and innovative business models, such as a digital circular economy that boosts energy efficiency and lowers waste in industrial processes. The healthcare and medical industry, including firms, integrate the digital circular economy by designing durable medical equipment and creating recycling services. IT and Telecom businesses play vital roles in enabling and shaping the digital circular economy with smart, interconnected solutions to create energy-efficient networks and data centers, promote hardware longevity, and reuse or recycle aged IT equipment. In the manufacturing sector, the circular business approach incorporates waste reduction strategies, advancing renewable resources and materials, and harnessing digital technologies.

Technology: Proliferating use of AI & ML in digital circular economy solutions
Artificial Intelligence (AI) & Machine Learning (ML) play a crucial role in making recycling processes more efficient, cutting costs, and reducing environmental footprints. Organizations needing efficient data processing and decision-making would benefit most from AI and ML applications. Businesses seeking to enhance customer interaction and product/service demonstration would benefit significantly from Augmented Reality (AR) & Virtual Reality (VR) technologies. Big Data Analytics offers valuable insights into large volumes of data, thus enabling better strategic decision-making. Organizations working with large volumes of data can achieve higher productivity and more accurate predictions using big data analytics. Blockchain technology ensures secure, transparent, and efficient transactions. Industries related to finance, supply chain, and healthcare, where secure transactions are crucial, are prime beneficiaries of Blockchain. Cloud Computing facilitates storage, management, and data processing on remote servers, reducing infrastructure costs. Businesses seeking scalability, data security, and remote accessibility can immensely benefit from cloud computing. IoT provides interconnectedness of devices, enhancing the potential for better communication and data exchange. Organizations aiming for seamless communication and data interaction across devices can use IoT technologies.

Offering: Significant penetration of digital circular economy software
Circular economy strategy consulting services aid businesses in using circular economic models, where waste is minimized, and resources are continuously reused. These services encompass life cycle analysis, design thinking, and business model innovation to deliver sustainable competitive advantage, cost savings, and new revenue streams. Product-as-a-Service is a part of the circular economy model where businesses provide services linked to their products rather than selling products. This model fosters a shift from ownership to usage, including maintenance and repair services, facilitating longer product lifetimes and repeated reusing and recycling cycles. Recycling & regulatory compliance services help implement sustainable waste management practices focused on recovery, recycling, and reuse principles. Supply chain optimization services can support the transition to a circular supply chain model, focusing on closed-loop systems that reduce environmental impact, maintain product value, and yield cost savings. Sustainability & environmental consulting services assist in integrating sustainability and corporate social responsibility initiatives into business strategy. 3D printing software is reshaping manufacturing in the circular economy by allowing for on-demand production, thereby reducing waste and overproduction. This technology enables the creation of complex and customized designs with precision, accelerating time-to-market and promoting resource optimization. Blockchain and traceability software provides a tamper-proof method of tracking and verifying transactions at each stage of a product's life cycle and ensures that materials are responsibly sourced, manufactured, and recycled, boosting consumer trust and corporate sustainability efforts. Circular Design and prototyping Software facilitates the creation of products designed for life cycle sustainability. It helps in the conceptualization and simulation of designs before physical prototypes, significantly reducing waste. Product lifecycle management (PLM) software plays a central role in the circular economy by managing a product's lifecycle from inception, design, and manufacture to service and disposal. It enables organizations to capture, manage, and disseminate product information effectively, reducing time-to-market, enhancing product longevity, and promoting circular principles. Sharing and machining Software can enhance efficiencies by encouraging a collective utilization of resources, promoting sharing over individualized ownership or use, and improving process optimization and machinery efficiency. Supply chain management (SCM) software is crucial in the circular economy as it helps optimize the flow of services, goods, and information from supplier to manufacturer to consumer. The software enables businesses to manage return logistics efficiently, minimize waste, improve resource use, and create more sustainable products and processes to match potential market demands.

Regional Insights:
The Digital Circular Economy market is evolving in the Americas owing to the growing interest in innovative ways of waste management and research focusing on generating value from waste, largely attributed to the technological advancements in machine learning. The Asia-Pacific region, comprising major economies including China, Japan, and India, has demonstrated robust progress in their conception and application of digital circular economy principles due to increasingly prioritizing eco-friendly purchases and several businesses specializing in waste management and recycling. The European Union has been at the forefront of circular economy implementation, with policies such as the EU Circular Economy Action Plan emphasizing sustainable processes throughout product life cycles. The Middle East region, though still nascent in circular economy principles, is gradually moving towards more sustainable models. Africa is witnessing a growing interest in sustainable practices, committed to becoming a zero-waste nation and driving more investments in the digital circular economy. Besides, ongoing research and development of innovative digital circular economy platforms are anticipated to propel their deployment across the end-use sectors globally.

FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Digital Circular Economy Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Digital Circular Economy Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Digital Circular Economy Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Amazon Web Services, Inc., Anthesis Consulting Group, Capgemini Services SAS, Cisco Systems, Inc., CSCS Ltd., Dassault Systemes S.E., geoFluxus B.V., Hitachi Ltd., Honeywell International Inc., International Business Machines Corporation, iPoint-systems gmbh, KPMG International Limited, Landbell AG für Rückhol-Systeme, Lenzing AG, numi.circular, One Click LCA Ltd., Oracle Corporation, PricewaterhouseCoopers International Limited, QBE-ProSense GmbH, SAP SE, Siemens AG, Software AG, Suez Group, Treeni Sustainability Solutions, TÜV SÜD South Asia Pvt. Ltd., and UL LLC.

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Market Segmentation & Coverage:

This research report categorizes the Digital Circular Economy Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Offering, market is studied across Services and Software. The Services is further studied across Circular Economy Strategy Consulting Services, Product-as-a-Service, Recycling & Regulatory Compliance Services, Supply Chain Optimization Services, and Sustainability & Environmental Consulting Services. The Software is further studied across 3D Printing Software, Blockchain And Traceability Software, Circular Design & Prototyping Software, Product Lifecycle Management (PLM) Software, Sharing & Machining Software, and Supply Chain Management (SCM) Software. The Software is projected to witness significant market share during forecast period.

Based on Technology, market is studied across Al & ML, AR & VR, Big Data Analytics, Blockchain, Cloud Computing, and IoT. The AR & VR is projected to witness significant market share during forecast period.

Based on Application, market is studied across Circular Economy Reporting And Compliance, Circular Waste Management And Recycling, Digital Resale And Reuse, Resource Optimization And Efficiency, Reverse Logistics And Remanufacturing, Smart Material Selection & Testing, and Supply Chain And Materials Tracking. The Circular Economy Reporting And Compliance is projected to witness significant market share during forecast period.

Based on Vertical, market is studied across Automotive, Construction & Building, Consumer Electronics, Energy & Utilities, Healthcare & Medical Devices, IT & Telecom, and Manufacturing. The Healthcare & Medical Devices is projected to witness significant market share during forecast period.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Americas commanded largest market share of 38.01% in 2022, followed by Europe, Middle East & Africa.

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Digital Circular Economy Market, by Offering
7. Digital Circular Economy Market, by Technology
8. Digital Circular Economy Market, by Application
9. Digital Circular Economy Market, by Vertical
10. Americas Digital Circular Economy Market
11. Asia-Pacific Digital Circular Economy Market
12. Europe, Middle East & Africa Digital Circular Economy Market
13. Competitive Landscape
14. Competitive Portfolio
15. Appendix

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Digital Circular Economy Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Digital Circular Economy Market?
3. What is the competitive strategic window for opportunities in the Digital Circular Economy Market?
4. What are the technology trends and regulatory frameworks in the Digital Circular Economy Market?
5. What is the market share of the leading vendors in the Digital Circular Economy Market?
6. What modes and strategic moves are considered suitable for entering the Digital Circular Economy Market?

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Mr. Ketan Rohom
360iResearch
+ +1 530-264-8485
ketan@360iresearch.com