Digital Circular Economy Market Size Worth $15.88 Billion By 2032 | CAGR: 24.4%
The global digital circular economy market size is expected to reach USD 15.88 billion by 2032, according to a new study by Polaris Market Research. The report “Digital Circular Economy Market Share, Size, Trends, Industry Analysis Report, By Offering (Software, Services); By Technology; By Application; By Vertical; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing awareness about the importance of the digital circular economy is likely to promote the welfare of our planet and the global population. According to the Global Circularity Gap Report 2023, with the transition to a circular economy, 70% of the total resources that we presently extract and use are sufficient. The resultant benefits of fully transitioning into the circular economy are numerous; it not only focuses on waste recycling but also drives new innovations, facilitating new job practices in the market.
With advancements in technology, companies are adopting AI and ML algorithms with IoT sensors, driving new opportunities in resource optimization, recycling used materials, and developing a zero-waste supply chain. Digital technologies, including blockchain and big data analytics, are permitting companies to transform from linear to sustainable production processes.
The increasing literate population in the global space, coupled with the increased accessibility of the educational infrastructure and the superior faculty, is transforming the mindsets of the population, and forwarding every step towards environmental sustainability and a circular economy. The rising penetration of internet access is further boosting the need for a significant shift towards a digital circular economy as it maximizes the use of natural resources and minimises waste, pollution, and other harmful effects on the environment.
The company’s focus on promoting circular economy is growing. For instance, in December 2023, Reliance announced its ability to produce circular polymers through chemical recycling, which got International Sustainability and Carbon Certification.
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The ongoing global circular transition activities in the agriculture sector, primarily in the Republic of Serbia, are encouraging other countries to participate in the global digital circular economy motto. The United Nations Office in Serbia witnessed that 770,000 tonnes of edible food are wasted in Serbia; around 90% of it ends up in landfills. With the circular economy, this can be modified into bio-products, including fertilizers, materials, and energy.
The strategic collaborations in the marketplace are paving the way for a circular economy. For instance, in November 2023, Jabil Inc., completed the acquisition of Retronix Ltd. This integration is expected to advance the circular economy of EEE (Electrical Electronic Equipment) with a cross-industry interconnected approach in telecommunications, defence, automotive, and healthcare.
Digital Circular Economy Market Report Highlights
- Product Lifecycle Management (PLM) software segment is anticipated to witness the highest growth in the coming years due to its optimal resource management.
- IoT segment accounted for the largest market share owing to the increased ability ensure transparent resource utilization.
- Digital re-sale & re-use segment is projected to experience a larger revenue share due to the value creation of used items.
- Asia Pacific is expected to have the fastest growth owing to increasing government investments to promote the green economy.
- The global players include Accenture, Anthesis Group, AWS, Capgemini, Cisco, Dassault Systemes, GeoFluxus, Honeywell, IBM, iPoint Systems, & Ingram Micro.
Polaris Market Research has segmented the digital circular economy market report based on offering, technology, application, vertical, and region:
Digital Circular Economy, Offering Outlook (Revenue - USD Billion, 2019 - 2032)
- Software
- Supply Chain Management (SCM) Software
- Sustainable Sourcing Software
- IoT & Sensor Integration Software
- Compliance & Reporting Software
- Product Lifecycle Management (PLM) Software
- Eco-Design & Prototyping Software
- Circular Manufacturing Software
- Sustainable Material Selection Software
- Blockchain And Traceability Software
- Product Traceability Software
- Sustainability Certification Software
- Supply Chain Transparency Software
- Circular Design And Prototyping Software
- Circular Design & Lifecycle Assessment Software
- Digital Prototyping & Simulation Software
- Sustainable Material Modeling Software
- 3D Printing Software
- 3D Printing Process Optimization Software
- Customized Product Design Software
- Sharing & Machining Software
- Resource Sharing Software
- Digital Marketplaces
- Product Life Extension Software
- Recovery & Recycling Software
- Other Software
- Supply Chain Management (SCM) Software
- Services
- Circular Economy Strategy Consulting Services
- Sustainability & Environmental Consulting Services
- Supply Chain Optimization Services
- Product-as-a-Service
- Recycling & Regulatory Compliance Services
- Other Services
Digital Circular Economy, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
- Blockchain And Distributed Ledger Technology (DLT)
- Blockchain-Based Supply Chain
- Supply Chain Transparency
- Provenance Tracking
- Smart Contracts For Resource Transactions
- DIt-Enabled Asset Tokenization
- Tokenized Asset Management
- Digital Tokens For Circular Economy Products
- Token Exchange Platforms
- Blockchain-Based Supply Chain
- IoT
- IoT-Enabled Product Monitoring
- Remote Product Health Monitoring
- Condition-Based Maintenance
- Product Usage Analytics
- Smart Recycling Bins & Waste Management
- Smart Waste Collection Scheduling
- Recycling Sorting Automation
- lot-Enhanced Recycling Centers
- IoT-Enabled Product Monitoring
- AI & ML
- Predictive Maintenance And Quality Control
- Predictive Equipment Maintenance
- Quality Assurance Algorithms
- Anomaly Detection
- Demand Forecasting
- Predictive Demand Models
- Inventory Optimization
- Production Planning
- Predictive Maintenance And Quality Control
- AR & VR
- AR For Design And Prototyping
- Augmented Product Design
- Virtual Prototyping
- Interactive Design Collaboration
- VR-Based Training
- Virtual Employee Training
- Safety Training Simulations
- Remote Expert Assistance
- Cloud Computing
- Cloud-Based Resource Planning
- Cloud-Based Circular Supply Chain Platforms
- Big Data Analytics
- Resource Utilization Analytics
- Circular Economy Performance Metrics
- Circular Economy Data Platforms
- Data Integration and Management
- Advanced Circular Analytics
- Other Technologies
Digital Circular Economy, Application Outlook (Revenue - USD Billion, 2019 - 2032)
- Supply Chain and Materials Tracking
- Resource Optimization and Efficiency
- Digital Resale and Reuse
- Reverse Logistics and Remanufacturing
- Circular Economy Reporting and Compliance
- Circular Waste Management and Recycling
- Smart Material Selection & Testing
- Other Applications
Digital Circular Economy, Vertical Outlook (Revenue - USD Billion, 2019 - 2032)
- Consumer Electronics
- Circular Electronics Design
- Electronics Reuse and Refurbishment
- E-Waste Recycling and Recovery
- Others
- IT & Telecom
- Circular IT Equipment Management
- Data Center Efficiency
- Telecom Network Sustainability
- Others
- Automotive
- Circular Auto Manufacturing
- Remanufacturing And Auto Parts Reuse
- End-Of-Life Vehicle Recycling
- Others
- Manufacturing
- Circular Manufacturing Processes
- Material And Resource Efficiency
- Sustainable Supply Chain Management
- Others
- Construction And Building
- Sustainable Building Design
- Construction Materials Recycling
- Building Demolition and Deconstruction
- Others
- Healthcare And Medical Devices
- Medical Device Life Extension
- Hospital Waste Management
- Circular Healthcare Equipment
- Others
- Energy & Utilities
- Renewable Energy Integration
- Efficient Utility Operations
- Grid Management and Sustainability
- Others
- Chemicals And Materials
- Circular Materials R&D
- Chemical Recycling
- Material Reuse and Upcycling
- Others
- Fashion & Apparel
- Sustainable Fashion Design
- Clothing Rental and Resale
- Others
- Textile
Digital Circular Economy, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
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- Competitive landscape
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