IT Asset Management (ITAM) Software Market

Report Scope & Overview:

IT Asset Management (ITAM) Software Market size was valued at USD 6.60 Bn in 2022 and is expected to reach USD 12.14 Bn by 2030, and grow at a CAGR of 7.91% over the forecast period 2023-2030.

IT Asset Management (ITAM) is a type of business management that is directly related to an organization's IT infrastructure. Manage the whole life cycle of these assets, it includes inventory, financial, contractual, and risk management activities. It entails obtaining extensive information on hardware and software inventory to assist the company in managing the asset's procurement and use.

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Asset management is essential for a company to monitor asset utilization and keep asset acquisition costs under control. IT asset management software is software that is used to monitor an organization's IT-related assets. IT assets include both software and hardware components. IT asset management software is critical to an organization's growth plan. It assists top management in making prudent purchasing decisions. The IT asset management software business is often known as IT inventory management since it entails gathering information about the enterprise's hardware and software.

MARKET DYNAMICS:

KEY DRIVERS:

• Growing need for IT infrastructure centralization and automation.

• A growing emphasis on asset cost, compliance, and security.

RESTRAINTS:

• High deployment expenditures are necessary.

• Small and medium-sized businesses have a low level of awareness.

OPPORTUNITY:

• Increased usage of current technology and cloud-based solutions, paired with stringent regulatory standards

• The advent of IoT and M2M may open up new business prospects.

IMPACT OF COVID-19:

The impact of the coronavirus outbreak and the subsequent shutdown is visible in financial markets. Every firm will have to fight on both fronts - health and economic - during this period of forced recession. The global economy has slowed, but there are hopes that the IT Asset management software market report will be steady and rebounding by the first quarter of the following fiscal year.

MARKET ESTIMATION:

During the projection period, the big enterprise sector of the IT asset management market will have the most growth. IT Asset Management Software and services are increasingly being used to manage and address concerns such as security, organizational restructuring, and open standard-based interfaces. These applications and services increase storage requirements. Large organizations utilize software asset management systems for licensing management, software discovery, optimization, and metering. These characteristics are also predicted to drive more major organizations to rapidly embrace software asset management solutions and services. This field has tremendous promise and will prosper in the software asset management market in the next years.

Because of its low cost and simple availability, the cloud sector of the IT asset management market is predicted to develop at the fastest rate throughout the forecast period. Cloud-based asset management software solutions are increasingly being used in areas like as banking, financial services, insurance (BFSI), healthcare, retail, government, IT and telecommunications, manufacturing, and others. Because of cloud improvements, IT asset management is getting easier. It has enormous potential to create value and assist businesses in lowering costs and improving operational efficiency. With the development of SaaS apps, the number of possibilities for lowering the total cost of ownership has grown considerably.

The worldwide market is divided into two segments: software asset management and hardware asset management. Among these two software asset management segments, software asset management held the biggest share in 2021 and is predicted to maintain its dominance with a rising CAGR throughout the forecasted period. This expansion might be ascribed to the increased demand for software asset management among IT organizations.

The worldwide IT asset management software market is divided into five applications: telecom and IT, BFSI, pharmaceutical & medical, government, transportation, energy & utilities, healthcare, manufacturing, and others. These industries all have a high demand for IT asset management software, but the energy and utility sectors, as well as the government sector, are expanding fast and are likely to be the key contributors to worldwide market development in the next years.

KEY MARKET SEGMENTS:

On The Basis of Type

• Hardware

• Software

On The Basis of Deployment Type

• Cloud

• On-premise

On The Basis of Enterprise Size

• Small and Medium

• Large

On The Basis of End-user Industry

• IT and Telecom

• BFSI

• Healthcare

• Retail

• Manufacturing

• Government

• Other End-user Industries

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REGIONAL ANALYSIS:

Because of the increased need for safe and quicker storage devices, the worldwide IT asset management software market is predicted to rise at a substantial rate over the forecasted period. The report is marked by a regional examination of the IT asset management software market for several areas. North America now dominates the IT asset management software market due to strong investment in technology, attention to the demands of complicated software lifecycle management, and severe rules and regulations around asset acquisition. These characteristics encourage firms to employ a system that may reduce variable costs of purchases while also maintaining balance by keeping track of demand and supply.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are Dell Inc., Microsoft Corporation, IBM Corporation, BMC Software Inc., HP Inc., ServiceNow Inc., Oracle Corp, Flexera Software LLC, Ivanti, Aspera Technologies Inc. & Other Players