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The rapid pace of industrialization worldwide and growing urbanization in developing economies have led to continuous generation of large volumes of waste of all types, making waste management a significant economic and political concern. Soaring concerns about the negative impact of improper waste disposal and stringent regulations related to e-waste and medical waste have stimulated market investments.

The growing ecological concern of solid waste, especially in various industrialized nations, has provided continued impetus to the waste management market worldwide. Coupled with this, the increasing focus on resource recovery, such as recovery of precious and rare earth metals, has made governments in various nations, especially across developing and low-income economies, to be proactively involved in the management and disposal of waste.

Along with this, the cost of managing solid waste generated due to various commercial, industrial, agricultural, and mining operations, has also surged. To streamline and improve operational efficiencies and to make the process more sustainable, several waste management and recycling companies are investing substantial sums for incorporating advanced technologies. The advent of IoT and the growing application of RFID technology have modernized the entire process, which is expected to open up lucrative market avenues in the coming years.