CHICAGO, Nov. 15, 2023 /PRNewswire/ — Deeper integration of cutting-edge digital technology, such blockchain and artificial intelligence, is necessary to propel sustainability in the future of the Digital Circular Economy Market. Notable developments include circular business models, increased consumer empowerment, and international campaigns promoting circularity, which are bolstered by legislative adjustments and technological advancements in recycling. The key to success is sustained attention to sustainable practises and cooperative efforts amongst stakeholders.

The Digital Circular Economy Market is set to experience rapid growth, projected to surge from USD 2.2 billion in 2023 to USD 6.7 billion by 2028, at a CAGR of 24.3% during the forecast period of 2023–2028, according to a new report by MarketsandMarkets™.  Cutting-edge technologies, notably in IoT, blockchain, and data analytics, are pivotal drivers, optimizing resource utilization and championing sustainability. Embracing these innovations empowers businesses to streamline operations, curtail waste, and elevate overall efficiency, fostering a circular ethos in production and consumption. Newly emerging drivers include a heightened emphasis on sustainable sourcing, with businesses increasingly prioritizing environmentally friendly supply chain practices. Additionally, the growing trend of collaborative ecosystems, where businesses forge partnerships to create closed-loop systems, is amplifying the market’s momentum.

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Scope of the Report

By offering, circular economy strategy consulting services segment to register the largest market share during the forecast period

Circular economy strategy consulting services form a pivotal segment within the Digital Circular Economy Market. Specialized consulting firms play a crucial role in guiding businesses toward sustainable practices by developing and implementing circular economy strategies. These services encompass a range of offerings, including lifecycle assessments, supply chain optimization, and innovative product design focused on reducing waste and enhancing resource efficiency. With a keen focus on leveraging digital technologies, these consulting services help organizations navigate the complexities of circular economy adoption.

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By technology, AI & ML segment is poised for the fastest growth rate during the forecast period

In the Digital Circular Economy Market, AI and ML play pivotal roles in optimizing resource usage, enhancing sustainability, and driving efficiency. AI algorithms analyze vast datasets to identify patterns, enabling predictive maintenance for circular economy infrastructure. Machine Learning aids in supply chain optimization, reducing waste and promoting a more circular product lifecycle. Additionally, AI-powered solutions facilitate the tracking and tracing of materials, ensuring transparency and accountability. By automating decision-making processes and improving resource management, AI and ML technologies contribute significantly to the advancement of a circular economy, fostering a sustainable and eco-friendly digital landscape.

By region, Asia Pacific to account for highest growth rate during forecast period

The Asia Pacific region is emerging as a major revenue pocket in the Digital Circular Economy Market, witnessing rapid adoption of innovative technologies. Countries like China, Japan, and India are at the forefront, leveraging digital solutions to address environmental challenges. In particular, China has shown a commitment to sustainability, deploying digital technologies to monitor and manage resource usage. Japan, known for its technological prowess, embraces circular economy principles through smart manufacturing and efficient resource utilization. India is also making strides, utilizing digital tools to improve waste-to-energy processes and recycling initiatives.

Top Key Companies in Digital Circular Economy Market:

Some major players in the Digital Circular Economy Market include include SAP (Germany), Oracle (US), Landbell Group (Germany), Anthesis Group (UK), and IBM (US) along with other key players such as iPoint Systems (Germany), Rheaply (US), One Click LCA (Finland), and Lenzing (Austria).

Recent Developments:

• In October 2023, SAP upgraded its SAP Responsible Design and Production Suite. The latest version of SAP Responsible Design and Production includes updated EPR reporting capability to support the enhanced reporting and integration with multiple ERP with non-harmonized identifiers, augmenting its digital circular economy capabilities.
• In October 2023, Honeywell and GranBio Technologies partnered together to co-produce carbon-neutral sustainable aviation fuel (SAF) from biomass residues at a US-based demonstration plant. Honeywell aims to leverage its renewable energy expertise in generating SAF for strengthening its position as a major circular economy vendor across aerospace and aviation sector.
• In September 2023, Capgemini acquired HDL Design House, a leading silicon design and verification services provider. The synergy between silicon services and digital circular economy is profound, as advanced silicon design plays a pivotal role in optimizing resource usage and fostering sustainability. This acquisition equips Capgemini to offer innovative solutions that align seamlessly with circular economy practices, reinforcing its commitment to driving sustainable digital transformations in the evolving business landscape.
• In June 2023, SAP and Versuni announced a global partnership focused on sustainability and circular economy. With the SAP Sustainability Control Tower software, a digital tool for ESG management based on real-time data, Versuni will be able to promote holistic management by setting goals, monitoring progress, and gaining insights from data, generating robust and auditable ESG reports, as well as improvement actions.
• In April 2023, Cisco and Leonardo entered into a strategic MoU, aimed at boosting cooperation between Cisco and Leonardo in various areas. Both entities will be co-developing solutions in sustainable technology fields such as the green transition and sustainable solutions for logistics and transportation markets.

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Digital Circular Economy Market Advantages:

• Throughout the product lifecycle, digital technology provide for improved resource consumption tracking, monitoring, and optimisation. Because businesses can now find ways to cut waste, reuse materials, and recycle more successfully, resource efficiency increases.
• Businesses are able to detect and minimise waste at different phases of the product life cycle and supply chain by using data analytics and tracking. This helps businesses save money while reducing their negative effects on the environment.
• Complete product lifecycle management—from design and production to end-of-life concerns—is made easier with the use of digital tools. This makes it possible to make better decisions about the design of products, the choice of materials, and recycling procedures.
• Product and equipment condition can be tracked in real time with IoT (Internet of Things) devices and sensors. This makes predictive maintenance possible, which lowers the possibility of malfunctions and lengthens the life of machinery and products.
• Digital twins are virtual versions of real-world systems or things that help with asset optimisation and monitoring. Digital twins can be used to model and assess product performance in the context of a circular economy, ensuring products are utilised to the maximum extent possible before coming to the end of their useful lives.
• Directer and more interesting customer communication is made possible by digital technologies. This promotes responsible consumption, makes it easier to teach customers about sustainable practises, and makes it possible to track and dispose of things as their useful lives are coming to an end.
• Businesses may now make well-informed decisions on supply chain management, manufacturing procedures, and resource usage thanks to the availability of data and analytics tools. Opportunities for sustainable practises to be improved are identified with the aid of this data-driven approach.

Report Objectives

• To define, describe, and predict the Digital Circular Economy Market by offering (software and services), technology, application, vertical, and region
• To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
• To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Digital Circular Economy Market
• To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
• To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To profile key players and comprehensively analyze their market rankings and core competencies.
• To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Digital Circular Economy Market
• To analyze the impact of recession across all the regions across the Digital Circular Economy Market.

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