The global smart waste management market size was valued at $1,684.1 million in 2019, and is expected to reach $4,103.7 million by 2027, registering a CAGR of 15.3% from 2020 to 2027. Smart waste management is the concept that uses sensors in waste to track live status of city waste collection services when bins are ready to be emptied, or filled. It also monitors historical data collected by sensors and databases, which can be used to identify and optimize driver routes, fill patterns, reduce operational costs, and schedules. Remote monitoring, and IoT based waste bins are more feasible to collect waste effectively. It also reduces routing and fuel prices. The Smart Waste Management Market covers the trends that are promoting the growth of technologies, such as sensors, RFID, GPS, cloud-based software solutions for effectively managing the waste (from collection to disposal) generated across the residential and commercial sectors. The commercial sector includes waste generated from the food and beverages industry electronics manufacturers, pharmaceutical industries, paper industries, healthcare industries, among others.
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