PUBLISHER: The Business Research Company | PRODUCT CODE: 1526929
PUBLISHER: The Business Research Company | PRODUCT CODE: 1526929
Data destruction services encompass professional solutions aimed at securely erasing, wiping, or rendering data-containing devices unusable, ensuring that sensitive information remains inaccessible to safeguard privacy and prevent data breaches. These methods offer comprehensive protection, ensuring confidentiality throughout the data lifecycle while also adhering to data privacy regulations.
The primary categories of data destruction services include physical destruction and software data elimination. Physical destruction entails completely destroying storage devices such as hard drives or solid-state drives, making the contained data irrecoverable. Various techniques such as degaussing, hidden data elimination, overwriting, and shredding are utilized at both offsite and onsite service locations. These services cater to diverse end-users, including aerospace and defense, automotive and transportation, banking, financial services, and insurance (BFSI), building, construction, and real estate, consumer goods and retail, education, telecommunication, and information technology (IT), among others.
The data destruction services market research report is one of a series of new reports from The Business Research Company that provides data destruction services market statistics, including the data destruction services industry global market size, regional shares, competitors with data destruction services market share, detailed data destruction services market segments, market trends, and opportunities, and any further data you may need to thrive in the data destruction services industry. These data destruction services market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The data destruction services market size has grown rapidly in recent years. It will grow from $8.68 billion in 2023 to $10.18 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. During the historic period, growth was driven by several factors such as the rise in data generation, the establishment of professional training and certification programs for data destruction, an increase in identity theft incidents, efforts by organizations to streamline operations by removing redundant data, and insurance policies requiring secure data destruction to mitigate risks.
The data destruction services market size is expected to see rapid growth in the next few years. It will grow to $19.46 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. In the forecast period, growth is expected to continue due to various initiatives aimed at educating the public about the importance of data destruction, increased investment in research and development, ongoing digital transformation in multiple sectors leading to higher data volumes, companies prioritizing cost-effective data destruction solutions and outsourcing services. Key trends in this period include integration with IT asset disposition, advancements in nanotechnology, the adoption of advanced deletion techniques, the development of smart shredders and degaussers, and the utilization of technology for secure firmware updates.
The increasing emphasis on data security is anticipated to drive the expansion of the data destruction services market in the foreseeable future. Data security involves the implementation of protective measures to safeguard digital information from unauthorized access, corruption, or theft. This heightened awareness of data security is linked to several factors, including the rising incidence of cyber-attacks, stringent data protection regulations, the growing reliance on digital data, and widely publicized data breaches. Data destruction services play a crucial role in data security by ensuring the permanent and irretrievable destruction of sensitive information, thereby preventing unauthorized access, mitigating the risks of data breaches, and ensuring compliance with data protection regulations. For example, according to the 2022 Data Breach Report published by the Identity Theft Resource Center, the number of reported data breach incidents increased by 68% in 2022 compared to 2021, highlighting the urgency of addressing data security concerns.
Key players in the data destruction services market are focusing on introducing innovative techniques, such as Solid-state drive (SSD) disintegration technology, to enhance security and efficiency. SSD disintegration technology specifically targets the destruction of SSDs, which are more challenging to erase and dispose of compared to traditional hard drives. For instance, in June 2021, EPC Inc., a US-based technology company, launched solid-state drive (SSD) destruction services based on SSD disintegration technology to address the unique challenges associated with securely disposing of SSDs. This process involves compact, self-contained disintegrators that shred SSDs into particles smaller than 2mm, effectively rendering sensitive data irrecoverable. EPC has integrated this technology into its Data Destruction and Recycling Vehicles (DDRVs) fleet, which can accommodate multiple SSD disintegrators alongside hard drive shredding units.
In January 2022, Iron Mountain, a US-based enterprise information management company, acquired ITRenew for $725 million. This acquisition bolsters Iron Mountain's growth trajectory and reinforces its position as a leader in secure IT asset disposition, while also advancing its Environmental, Social, and Governance (ESG) offerings. ITRenew, a US-based technology company, specializes in data destruction services, including IT asset disposition (ITAD) services and data sanitization.
Major companies operating in the data destruction services market are Microsoft Corporation, Dell Technologies Inc., International Business Machines Corporation, Veolia, Avnet Inc., Iron Mountain Inc., Stericycle Inc. , Sims Lifecycle Services, Shred-Tech, WISETEK, Intimus International Group, Crown Records Management, Computer Disposals Ltd., Guardian Data Destruction, All Green Electronics Recycling, Techchef Consulting India Pvt Ltd., Entre Technologies, MRK Group Ltd., Verity Systems, Proton Data Security, WC Computer Recycler Inc., Titan Mobile Shredding, Phiston Technologies Inc., Greenchip Inc., GEM Lifecycle
North America was the largest region in the data destruction services market in 2023. The regions covered in the data destruction services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the data destruction services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The data destruction services market includes revenues earned by entities by providing services such as secure data erasure, data sanitization and media destruction. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Data Destruction Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on data destruction services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for data destruction services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The data destruction services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.