LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the market for global waste management services 2017-2021 is expected to grow at a CAGR of 10.1% over the next five years due to an increase in the volumes of waste generated and increasing concern for environmental sustainability.
The research report titled ‘Global Waste Management Services: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the waste management services market will be driven by increasing concern about environmental safety and sustainability and implementation of employee health and safety initiatives,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, growing demand from developing markets such as APAC and LATAM, which have surging volumes of waste and inadequate infrastructure, will also drive the market,” adds Angad.
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Cost saving opportunities in the waste management services market
The adoption of various cost-optimization levers helps buyers of waste management services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the waste management services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Waste treatment via composting, anaerobic decomposition, incineration, recycling, recovery, and reuse, can help realize savings to the extent of 7% of the total category spend. Such sustainable practices can help convert waste-to-energy conversion, create sanitary landfills, and reduce the volume and toxicity of the final waste disposed. Buyers look for service providers who can adopt such innovations to reduce the final volume of waste disposed into landfills. This saves landfill tax payable to respective governments.
Supplier competition saving aspects
Optimization of supply pool segregation is critical in the global waste management services market. Technavio analysts suggest competitive bidding based on experience, expertise, value-adds, and transparency in pricing.
Organizations prefer to reduce the volume and toxicity of waste generated through manufacturing and production activities. This helps them in waste reporting activities and saves tax liabilities. Hence, buyers prefer to engage with suppliers who can provide training and consultation on effective waste minimization techniques applicable for each stage of production activity.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global waste management services market is the need for bundling of services such as expert consulting, waste tracking and reporting along with traditional waste management services.
Buyers are required to comply with regional waste management and disposal regulations to avoid litigations or heavy penalties. Hence, they prefer engaging with suppliers that have an in-depth understanding of such regulations.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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