Smart Waste Management Market Size

Smart Waste Management Market size was over USD 2.29 billion in 2023 and is projected to exceed USD 14.74 billion by 2036, witnessing over 15.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of smart waste management is assessed at USD 2.57 billion.

The growth of the smart waste management market can primarily be attributed to the growing concern for the annual solid waste generation worldwide, which according to the World Bank is estimated about at 2.24 billion tonnes in the year 2020, globally. In comparison with the level of 2020, the annual waste generation is forecasted to rise by 73% amounting to 3.88 billion tonnes in 2050.

The use of technology by the waste industry for efficient handling and disposal of waste is termed as smart waste management. Innovative technology and data systems provide a cutting edge to waste industries, enabling them to manage waste as well as improve their capacity. With the advancement in Internet of Things (IoT) technology in this industry, it is possible to reduce costs, optimize resource allocation, and surge sustainability of waste services. The growing urban waste collection through smart dumpers along with radio-frequency identification (RFID) to identify and track waste bins as well as route optimization managed by interconnected IoT devices is expected to create massive revenue generation opportunities for the key players operating in the global smart waste management market during the forecast period. For instance, it was found that, in the year 2021, the number of global Internet of Things (IoT) active endpoints surged by ~8% and is expected to accelerate by 18%, accounting for ~14 billion active connections in 2022.