Digital Circular Economy Market is expected to grow at a CAGR of 25.1% during the forecasted period | Evolve Business Intelligence

Key Highlights:
• The global Digital Circular Economy Market size was valued at USD 3.10 billion in 2023 growing at a CAGR of 25.1% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global Digital Circular Economy Market size accounted for USD 3.10 Billion in 2023, growing at a CAGR of 25.1% from 2023 to 2033. The digital circular economy refers to the integration of digital technologies and strategies into the traditional circular economy framework. The circular economy itself is an economic model designed to minimize waste and make the most of resources by keeping materials in use for as long as possible through recycling, reuse, and regeneration. The digital circular economy leverages digital technologies to enhance and optimize the efficiency of resource use, waste reduction, and overall sustainability.

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IoT devices enable the tracking and monitoring of products and resources throughout their life cycles. This helps in better managing and optimizing the use of resources, reducing waste, and improving overall efficiency. The collection and analysis of large datasets allow businesses and organizations to make informed decisions regarding resource use, supply chain optimization, and waste reduction. Analytics can provide insights into patterns and opportunities for improvement. Blockchain can enhance transparency and traceability in supply chains. This is particularly important in the circular economy, where understanding the origin and history of products and materials is crucial for efficient recycling and reuse. AI can be used to predict demand, optimize manufacturing processes, and improve the efficiency of recycling operations. Machine learning algorithms can help in better sorting and recycling of materials.

Key Players
Some of the major Digital Circular Economy Market players holding high market shares include SAP, Capgemini, Dassault Systemes, Cisco, IBM, Oracle, KPMG, Software AG, Siemens-Advanta, and Ingram Micro. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include AWS, PwC, Honeywell, Lenzing, Hitachi, Landbell Group, iPoint Systems, One Click LCA, TUV SUD

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Segmental Analysis
Based on the offering, the Digital Circular Economy market is segmented into Software and Service. Software: The software segment is expected to be the largest segment in the Digital Circular Economy market, driven by the growing adoption of circular economy solutions across various industries. Software solutions can help businesses track and optimize resource use, reduce waste, and extend the lifespan of products.
Based on technology, the Digital Circular Economy market is blockchain and distributed ledger technology, LoT, AI & ML, AR & VR, VR-based training, cloud computing, big data analytics, and other technologies. Blockchain and DLT are expected to be the most disruptive technologies in the Digital Circular Economy market. These technologies can provide a secure and transparent way to track materials throughout their lifecycle, from extraction to recycling.
Based on vertical, the Digital Circular Economy market is a consumer electronics, IT & Telecom, Automotive, Manufacturing, Construction and building, healthcare and medical devices, energy and utilities, chemicals and material, fashion and apparel, and others. The consumer electronics segment is expected to be the largest vertical in the Digital Circular Economy market, due to the high volume of electronic waste generated each year. Circular economy solutions can help reduce the environmental impact of consumer electronics by extending their lifespan and increasing their recyclability.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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