According to a new market research report titled, “Smart Waste Management Market by Type (Smart Collection, Processing, Disposal), Component (Fleet Management, Remote Monitoring, Asset Management), Application (Residential, Industrial, Commercial, Construction, Energy), and Region - Global Forecast to 2026”, the smart waste management market is expected to grow at a CAGR of 16.9% from 2019 to 2026 to reach $4.66 billion by 2026.
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Smart waste management is a cost-effective solution for efficiently managing waste lifecycles to improve public health and environment. A software system is used to measure and control the smart waste management process. The system registers and records so much useful data that they can use this knowledge to improve other processes and policies.
Smart waste management is a combination of advanced technologies and innovative strategies which help in the efficient sorting, recycling, and disposal of a huge amount of waste in a smooth and well-organized manner.
Smart waste management solutions use sensors placed in waste receptacles to measure fill levels and notify city collection services when bins are emptied. Over time, sensors' historical data can identify fill patterns, optimize driver routes and schedules, and reduce operational costs. These sensors' cost is steadily decreasing, making IoT waste bins more feasible to implement and more attractive to city leaders.
The growing urbanization of societies worldwide, growing concerns over environmental impact, and consistently increasing waste volume are the key factors driving the market's growth. Besides, increasing industrialization, stringent waste management policies, and increasing environmental regulations also contribute to the growth of the smart waste management market. However, the high cost of connected infrastructure is expected to restrain the growth of this market to a certain extent.
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Growing environmental concerns fuels the growth of the smart waste management market.
Urban waste collection is an expenditure on government budgets. Urban populations produce around 4.6 kg of solid waste per capita. To collect and manage this waste, the authorities require $300 per capita annually. Most high-income cities collect a part of this cost from their citizens as fees, which totals around $170. The rest is generally compensated by the local governments' tax revenue, creating a strain and uncollectible load on taxes and local government budgets. Governments are investing aggressively in smart waste management devices & services to reduce environmental impact and efficiently manage waste volume. Thus, with the growing investments towards promoting awareness about the environment, the demand for smart waste management devices to effectively manage public health and the environment is paving the smart waste management market's growth.
The smart waste management market is mainly segmented by type (smart collection and smart disposal), component (solution, and services), application (residential & municipality, industrial, commercial, construction & demolition, energy, and water supply & sewage treatment), and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on component, the solutions segment accounted for the largest share of the overall smart waste management market. The large share of this segment is mainly attributed to the increasing usage of connected network devices and the growing demand for low-cost monitoring and management devices in waste management practices to enhance performance. Besides, the increasing focus on developing smart waste management technology to enhance customer experience further augment the growth of this segment.
Based on type, the smart waste collection segment accounted for the largest share of the overall smart waste management market. The large share of this segment is mainly attributed to the increasing demand for smart waste collection solutions along with the rapidly growing urbanization and strict environmental policies. However, the smart waste disposals segment is expected to register the highest CAGR during the forecast period.
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Based on application, the residential & municipality segment commanded the largest share of the overall smart waste management market. The large share of this segment is mainly attributed to the rapidly increasing volume of waste and favorable government initiatives. However, the industrial sector is expected to register the fastest CAGR during the forecast period.
Key players- namely Suez Environmental Services (France), Veolia Environmental Services (France), Enevo (Finland), OnePlus Systems, Inc. (U.S.), IBM Corporation (U.S.), Waste Management, Inc. (U.S.), Bigbelly, Inc. (U.S.), Covanta Holding Corporation (U.S.), BIN-e (Poland), Ecube Labs Co, Ltd. (South Korea), Republic Services, Inc. (U.S.), Sensoneo (Slovakia), Averda (Dubai), Evreka (Turkey), and SAP SE (Germany) among others.

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Scope of the Report
Smart Waste Management Market, By Type
• Smart Collection
• Smart Processing
• Smart Disposal
• Smart Energy Recovery
Smart Waste Management Market, by Component
• Solutions
o Fleet Management
o Remote Monitoring
o Data Analytics & Advanced Reporting
o Network Management
o Asset Management
• Services
o Professional Services
o Managed Services
Smart Waste Management Market, by Application
• Residential & Municipality
• Industrial
• Commercial
• Construction & Demolition
• Energy
• Water Supply & Sewage Treatment
Smart Waste Management Market, by Geography
• North America

 U.S.
 Canada
• Europe

 Germany
 U.K.
 France
 Italy
 Spain
 Rest of Europe
• Asia-Pacific

 China
 Japan
 India
 Rest of Asia-Pacific
• Latin America
• The Middle East and Africa

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