Global Hard Drive Shredding Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Hard Drive Shredding Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Shredding involves machinery that breaks down the hard drive into tiny pieces too small to put back together. No one can reassemble the pieces and access the data. Hard Drive Shredding Services company provides shredding services for hard drives to ensure the destruction of private data. They can provide this service both on or off-site. This is where a large weight is used against the hard drive to break the platters and ensure all data is irretrievable. This method of destruction can be done in an office or a warehouse. This will then render the drive useless.

Market Overview:

The latest research study on the global Hard Drive Shredding Services market finds that the global Hard Drive Shredding Services market reached a value of USD 643.85 million in 2022. It’s expected that the market will achieve USD 903.1 million by 2028, exhibiting a CAGR of 5.8% during the forecast period.

Influence of COVID-19 Outbreak on Hard Drive Shredding Services Industry Development

Many countries have experienced an increase in telecommuting rates during the COVID-19 pandemic, although the extent of the increase varies widely. In Australia, France and the UK, 47% of employees worked remotely during lockdowns in 2020. In Japan, which does not have a nationwide lockdown, telecommuting rates rose from 10 percent to 28 percent between December 2019 and May 2020. Highly digitized industries, including information and communication services, professional, scientific and technical services, and financial services, achieved the highest rates of teleworking during the pandemic, averaging more than 50 percent of employees. Telecommuting has changed the traditional office model, the use of personal devices has increased, the security of information and data has been threatened, and the online crime rate is on the rise. A computer hard drive can contain sensitive information about a company, and properly destroying it is crucial to ensure that information does not fall into the wrong hands. Hard drive shredding physically destroys a hard drive using a heavy-duty shredding machine specifically built for electronics such as hard drives, cassettes, and CDs. Hard drive shredders completely destroy all parts of the hard drive, which ensures no information left on the drive can be recovered.

Strength

With people around the world using the Internet in almost every aspect of their lives, it's no surprise that criminals are finding new opportunities for sabotage and theft. Cybercrime is on the rise, and while the public sector has been relatively slow to adopt modern technology, government agencies are still losing 79 percent more money to data breaches in 2021 than they did in 2020. A leak can often cost millions of dollars. The increased use of IoT devices, including cloud-enabled surveillance systems and everyday smart speakers, is a factor in the rise of cybercrime in the public sector. They provide criminals with new avenues of entry through tactics such as ransomware and distributed denial-of-service attacks. Since governments have very valuable data, potentially more important than big companies, attempts to hack IoT devices are likely to increase rapidly. Information theft is becoming a major concern for businesses and government departments of all sizes. As hackers and information thieves get smarter, technology needs to evolve at a faster pace to stay one step ahead of the outlaws. But more importantly, businesses need to be aware that information stored on hard drives can be a major source of risk, and Hard Drive Shredding Services can mitigate that risk.

Weakness

For enterprises, the labor cost of Hard Drive Shredding Services will be more obvious. The main reasons for this high labor cost are as follows: First, the process of Hard Drive Shredding Services is relatively complicated. Enterprises have great demand for workers with certain skills and proficiency. In addition to on-site hard drive shredding, highly trained service technicians can perform degaussing services, disassembly, scanning, and other necessary functions on a comprehensive range of IT assets. Enterprises will pay higher wages if they want to hire them. Moreover, when the actual development experience of these talents is mature, enterprises need to pay higher wages if they want to retain these talents. Secondly, in order to cultivate the ability and level of the company's workers, it is necessary to train them regularly, or even go on business trips to study. However, a large amount of costs and expenses incurred in the process of personnel training can only be paid by enterprises themselves, thus increasing the cost burden of enterprises.

Opportunities

Employees' demands for work flexibility and personalized equipment prompt employees to stop completely distinguishing personal equipment from work equipment. In the eyes of many employees, working in the mobile era is not only a matter of working hours, but also a work habit for employees to access the company system conveniently at any time and anywhere. When employees use their favorite equipment to work, they can often improve their work efficiency. Enterprises will undoubtedly win the trust and support of employees by setting a convenient and safe environment for their mobile and remote office work. This social phenomenon will drive enterprises to seek BYOD solutions, thus improving the efficiency of employees and gaining their trust and support. Hard drive shredding does not only apply to PC and laptop hard drives. After all, hard drives are also commonly found in cell phones, photocopiers, printers, and a range of external storage devices. The trend of BYOD makes it easier for company data information to be leaked, so it is very important to destroy hard drives correctly.

Threat

Magnets can be extremely destructive when it comes to hard drives and data storage devices. Degaussing is the process of using high-power magnets to interfere with a storage device's magnetic field, thereby disrupting the ability to read the data contained within it. This process is done by a machine called a degausser, which is available in a variety of ways depending on the type of device that needs to erase the data. One of the most desirable advantages of degaussing is to ensure that the data is 100% non-recoverable. A properly degaussed hard drive ensures that all sensitive data is destroyed. So, when it comes to the most sensitive data, degaussing is often the preferred method of destroying a hard drive.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

Shred-it, Sims Lifecycle Services (SLS), Restore Datashred, Shred-X and Cyclone Shredding are the five key players in the global Hard Drive Shredding Services market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Hard Drive Shredding Services market in the past 5 years.

Shred-it is a world-leading information security service provided by Stericycle, Inc. Shred-it solutions ensure the security and integrity of private and confidential information, protecting more than 500,000 global, national and local businesses across 17 countries worldwide.

Sims Lifecycle Services (SLS) specializes in providing resourceful solutions to manage different streams for retired electronic equipment, components and metals. SLS plays a key role in helping local, national and global companies manage ongoing technology shifts by securely and responsibly recycling electronic products, managing the disposition of IT equipment and providing data center decommissioning services. SLS works with businesses and major cloud companies to provide periodic decommissioning of older data center equipment, as well as with companies that are closing down their corporate data centers as work moves to the cloud. The IT asset disposition (ITAD) and electronics recycling services offered at SLS ensure clients of data security, brand protection and maximum IT value recovery, while optimizing material reuse and supporting the circular economy.

Segmentation Overview:

Among different product types, On-Site Hard Drive Shredding segment is anticipated to contribute the largest market share in 2027.

Transport the hard drive to the service provider's site for off-site destruction.

In many cases, customers don't want the data to leave their premises. To ensure destruction in the safest manner possible. All information has been destroyed before it leaves the customer's site.

Application Overview:

By application, the SME segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Hard Drive Shredding Services market covered in Chapter 3:

Shred-it
Shredall SDS Group
GreenChip
All Green Electronics Recycling
United Electronic Recycling
Shred Station
Cyclone Shredding
PROSHRED
Restore Datashred
Sims Lifecycle Services (SLS)
FTK Group
AUKTE
Shred-X

In Chapter 4 and Chapter 14.2, on the basis of types, the Hard Drive Shredding Services market from 2018 to 2029 is primarily split into:

Off-Site Hard Drive Shredding
On-Site Hard Drive Shredding

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Hard Drive Shredding Services market from 2018 to 2029 covers:

SME
Large Enterprise
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)