This research report categorizes the digital circular economy market based on offering, technology, application, vertical, and region.
Northbrook, IL 60062 -- (SBWIRE) -- 11/26/2023 -- The global Digital Circular Economy Market size 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, according to research report by MarketsandMarkets™. 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.
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400 - Tables
70 - Figures
450 – Pages
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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.
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).
Key Dynamic Factors For Digital Circular Economy Market:
Sensor Technologies and IoT:
Sensor technologies and the Internet of Things (IoT) are essential for tracking and monitoring resources at every stage of their lifecycle. Real-time data collecting is made possible by these technologies, which benefit organisations by lowering waste, increasing efficiency, and optimising resource consumption.
Technology of Blockchain:
Blockchain technology offers a transparent and safe means of tracking and validating the provenance and path of goods. It makes supply chains more transparent, lowers the possibility of fraud, and guarantees that goods fulfil sustainability standards.
Analytics for Big Data:
Organisations can examine enormous databases to find patterns and trends by using big data analytics. It can be used to forecast maintenance requirements, optimise operations, and make well-informed decisions to reduce resource consumption in the digital circular economy.
Intelligent artificial systems (AI):
Demand forecasting, intelligent routing, and predictive maintenance are all aided by AI technologies. These apps lessen resource waste, cut down on downtime, and improve operational efficiency for businesses.
Technology of Digital Twins:
Digital twins are digital copies of real-world systems or items. Digital twins can be used to model and simulate product life cycles in the context of the circular economy, empowering businesses to make data-driven decisions regarding the design, use, and disposal of their products.
Platforms for Collaborative Consumption:
Peer-to-peer sharing, renting, and cooperative consumption are made possible by digital platforms, and these platforms are essential to the circular economy. By bringing people together who wish to rent or share goods and services, these platforms encourage a lifestyle that is more resource-conscious and sustainable.
Competitive and Segmentation Analysis:
The market for digital circular economies is characterised by fierce competition, a quickly changing environment brought about by developments in technology, and an increasing focus on sustainability. Innovative technological companies, well-known suppliers of solutions for the circular economy, and businesses that focus on sustainable practises are important participants in this industry. The constant pursuit of developing cutting-edge technologies like big data analytics, blockchain, IoT, and artificial intelligence to improve the transparency and efficiency of circular processes fuels competition. As the need for sustainable solutions grows, businesses are putting more and more emphasis on digital twins, product-as-a-service models, and circular design concepts to set themselves apart from the competition.
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