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(Wireless-NewsWire.Com, February 12, 2020 ) According to report "Smart Waste Management Market by Solution (Asset Management, Analytics & Reporting, Fleet Tracking & Monitoring, Mobile Workforce Management), Service (Consulting, Managed), Application (Retail, Manufacturing, Healthcare) - Global Forecast to 2021", the smart waste management market is estimated to grow from USD 1.08 Billion in 2016 to USD 2.37 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 16.9%.
The major forces driving the smart waste management market include a rise in smart city initiatives across different regions and stringent regulations and compliance requirements for environment protection & waste management. Nowadays, integration of Internet of Things (IoT) across different verticals is providing good opportunities for the growth of the smart waste management market by providing real-time intelligence, thus, leading the organizations to shift towards deployment of smart solutions.
Analytics and reporting solutions provide advanced analytics and help in managing data generated by the sensors. It is expected to hold the largest share of the smart waste management market by solution. The solution includes components such as advanced analytics, data management, and dashboards & platforms. The huge flow of data and the need for environment protection are the major driving forces for the growth of analytics and reporting solutions in the smart waste management market.
Managed services offer technical skills that are required to maintain and update software in the ecosystem. Companies mainly outsource such services to offer customers on-time delivery. With the complexity of infrastructure and increasing need for economies of scale, the market for managed services is expected to grow at a fast pace. The professional services segment is expected to grow at the second-highest CAGR during the forecast period.
During the last decade, the APAC region has undergone tremendous economic growth, political transformation, and social change. Owing to the increased technological adoption, countries such as India, China, Japan, and Singapore have initiated several smart city initiatives. Furthermore, APAC is the largest producer of municipal solid waste, resulting into huge landfills. Factors such as cheap availability of smart hardware devices, increasing complexity of businesses, unregulated nature of the internet, and increased need for environment protection are expected to push the adoption of smart waste management solutions.
Furthermore, the smart waste management market remains competitive with the presence of many vendors. The major vendors in the smart waste management market are IBM Corporation, SAP SE, Waste Management, Enevo, and BigBelly among others. The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their market share.
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