Global smart waste management market involving smart waste recycling bin systems, smart fleet and logistics solutions, connectivity and cloud computing and smart waste recycling systems together are expected to reach revenues of $3.6 billion by 2020, according to a recent analysis by Frost & Sullivan.

The adoption of advanced technologies, development of digital solutions, and new business models are creating new growth opportunities in the global smart waste management industry, said the analysis.

Frost & Sullivan expects Internet of Things (IoT), Smart Cities, circular economy, and partnerships with information technology companies and start-ups to fuel new digital transformation. The analysis reveals innovation, industry challenges, cost-effective smart solutions, disruptive trends, companies to action and insight into the phases of digital technology implementation by region and market segment.

Akshaya Gomatam Ramachandran, energy and environment research analyst at Frost & Sullivan, said: “Companies should leverage IoT and big data to optimise and increase the efficiency of their waste management processes and strengthen client relationships.”

“Partnerships and collaboration with IT companies and start-ups will further enhance product innovation, customer engagement, and cost-effective business models,” Ramachandran said.

Five digital transformation trends are creating new opportunities within the waste recycling industry:

•    The use of waste data tracking includes RFID technology and fill sensors to detect fill levels and monitor all the materials generated, reused, and recycled.
•    The development and adoption of digital solutions such as smart bins, smart trucks, robotic sorting, mobile applications, and analytical tools and optimisation software.
•    Implementation of key Innovative business models such as freemium and Everything-as-a-Service (XaaS).
•    Focus on customer experience (CX) to build strong relationships between companies and end users.
•    Adoption of crowdsourcing and customisation to boost demand for big data analytics and cloud computing.

Ramachandran said: “Ineffective collection, irregular waste pickups, and the effective sorting of waste streams are some of the significant challenges facing the market.”

“To mitigate these challenges, companies have implemented bin sensors/ RFID bins to monitor waste volume, thereby enhancing waste collection,” Ramachandran concluded.

‘The Impact of Digital Transformation on the Waste Recycling Industry’, is part of Frost & Sullivan’s Energy & Environment Growth Partnership Service programme. – TradeArabia News Service