Asset Recovery Services Market Size, Share, Growth and Industry Analysis By Type (Personal, Commercial, Military, And, Other), By Application (SD Card, Hard Disk, USB Drive, Mobile Phone, PC & Tablet, And, Other), Regional Insights, and Forecast from 2023 to 2031

Updated On: 13 November 2023

Asset Recovery Services Market REPORT OVERVIEW

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The global asset recovery services market size is expanded rapidly in 2021 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2021 to 2031.

Asset recovery services include private investigation, and, asset searches. They consist of trained employees who are well equipped in conducting investigations, and enforcing law and order related to assets and property. These services can also detect fraudulent activities and search for hidden assets. Such softwares are being adopted by many companies.

Using this service will provide several capital benefits and tax reduction benefits. This is identified as the latest trend in the market.

Obsolete and useless machineries can be removed with the help of these services. There are different components in this service which can be used for different situations. All of these factors are considered as the factors driving the assets recovery market share market share.

COVID-19 Impact: Decrease in Real Estate Activities During Pandemic Increased Market Share

The pandemic of COVID-19 had an adverse impact on the functioning of many industries. Most of the sectors are labor intensive and require skilled workforce to operate in full capacity. Heavy machineries became obsolete during the pandemic period as they were not put into use for a long period of time. 

Capital investment was yet another problem that had to be faced by almost many companies. These problems created many obstacles for large industries like real-estate. These industries deal with land, property, and assets. Several restrictions imposed during the pandemic reduced the real estate activities. This in turn had a negative affect on assets recovery software market growth.

LATEST TRENDS

"Reduction in Tax Due to Asset Recovery to Increase Market Growth"

Asset recovery is a process that involves getting back the capital value from equipments and digital assets that have already been used. One of the best benefits a company can get from asset recovery is a considerable reduction in taxes.

Most companies will decrease the value their inventory for the purpose of showing it in the books of accounts. As a result, the devalued or depreciated amount on the surplus will be credited. The taxable revenue also automatically reduces decreasing the amount of tax payable. This is very beneficial for market growth and development.

Asset Recovery Services Market SEGMENTATION

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• By Type:

The market can be divided into the following segments depending on their respective types:

Personal, commercial, military, and, other. The personal segment is anticipated to dominate the market during the forecast period.

• By Application:

Based on application, the market share is bifurcated into the following segments:

SD card, hard disk, USB drive, mobile phone, PC & tablet, and, other. The SD card segment is expected to dominate the market during the forecast period.

DRIVING FACTORS

"Removal of Useless Assets with Implementation of Asset recovery Services to Amplify Market Growth"

Having assets with very less or no use can cost a lot for a business. This can be avoided by implementing services that provide asset recovery. These services are an effective platform to exercise control over assets that are obsolete, unused assets, unethically acquired assets, and end-of-life assets. Having surplus asset in a business organization with no value can be of no use.

Asset recovery softwares help in identifying unused assets and provide assistance in selling them. This reduces the unnecessary cost and provides capital benefit to the company. These services help in the optimum utilization of assets, and, resources of a company. All of these factors are propelling the market growth and development.

"Availability of Various Types of Asset Recovery Services to Impede Market Growth"

Asset recovery involves retrieving different types of assets either from the company itself or from outsiders. Therefore, different types of services are required to suit various requirements. There are three main components which are involved in asset recovery. They include: Disposition, idle asset identification, and, redeployment. 

Disposition is a process which involves getting rid of a particular asset. This service provides several ways in which, an asset can be disposed off from an organization. They can either be sold, donated, or recycled. Idle asset identification involves figuring out those assets that are providing no benefit to the organization and either putting them to use or discarding them. Redeployment is a process in which the asset is recovered by putting them to maximum use. All these factors are amplifying market growth.

RESTRAINING FACTOR

"Absence of Sustainable Disposal Practices to Bring Down Market Share"

Discarding products and assets is a part of the asset recovery software. However, the absence of sustainable disposal activities can become a major restraining factor for market growth. These practices are having an adverse effect on the environment. 

There are no set standards or regulations provided for disposing off the waste products. When assets are discarded in an improper manner third-parties can get access to confidential information. All of these factors can hamper the development of market.

Asset Recovery Services Market Regional Insights

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"North America to Dominate Market Share "

The region that is leading the asset recovery services market is North America. The major reason for this development is the imposition of regulatory standards related to data and environment. This has helped in the recovery of IT assets.  

Growing awareness about this awareness among small scale industries is going to have a positive impact on market development. Various accounting policies have also made asset recovery more prevalent. All of these factors are increasing market share in North America.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market. A list of the top key industry players have been give in report to provide an idea of the competition prevailing in the market.

List of Market Players Profiled

• IBM (U.S.)
• Sims Recycling (U.K.)
• Dell (U.S.)
• Lenovo (Hong Kong)
• HPE (U.S.)
• Minntek (U.S.)
• Atlantix (Georgia)
• Avnet (U.S.)
• NorthStar (U.S.)
• Iqor (U.S.)
• PCM (U.S.)
• Nokia (Finland)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. On reading the report the user will be able to understand and interpret all the aspects of the market. Additional information regarding key industry players is provided to understand competition in the market.