According to the World Bank, across the globe, about 1.3 billion metric tons of waste is generated every year and is expected to reach 2.3 billion by 2020. This increase can be attributed to the rapid urbanization and industrialization, across regions.
According to a market study report prepared by Market Insights Reports, the smart waste management market was valued at $1.41 billion (USD) in 2018 and is expected to reach $5.19 billion by 2024, registering a compound annual growth rate (CAGR) of 25.68%, during the forecast period of 2019-2024.
There are two innovative functions of smart waste management: operational efficiency and waste reduction.
Smart waste management is a key aspect in the development of smart cities (along with water management, energy management, traffic management, etc.,) in order to provide improved lifestyle in the urban areas. The increasing adoption of smart city initiatives across regions supports the growth of the smart waste management market.
The waste management industry involves various activities, such as collection, transportation, disposal, and recycling. The industry has been facing efficiency issues at different stages of waste management, specifically, the operational costs corresponding to the collection and transport of the waste, thereby leading to the increasing adoption of smart waste management.
The growing complexity in the logistics of waste collection and the need to comply with regulations pertaining to waste processing demand better waste management solutions, which are made possible by the use of technologies, such as Internet of Things (IoT) sensors, RFID, GPS, and other technology advances.