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.
Growing need for IT infrastructure centralization and automation.
A growing emphasis on asset cost, compliance, and security.
High deployment expenditures are necessary.
Small and medium-sized businesses have a low level of awareness.
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.
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
On The Basis of Deployment Type
On The Basis of Enterprise Size
Small and Medium
On The Basis of End-user Industry
IT and Telecom
Other End-user Industries
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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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
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
|Market Size in 2022||
US$ 6.60 Bn
|Market Size by 2030||
US$ 12.14 Bn
CAGR of 7.91% From 2023 to 2030
|Report Scope & Coverage||
Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
• By Type (Hardware and Software)
North America (USA, Canada, Mexico), Europe
Dell Inc., Microsoft Corporation, IBM Corporation, BMC Software Inc., HP Inc., ServiceNow Inc., Oracle Corp, Flexera Software LLC, Ivanti, Aspera Technologies Inc.
• Growing need for IT infrastructure centralization and automation
• Increased usage of current technology and cloud-based solutions, paired with stringent regulatory standards
Ans: - The IT Asset Management (ITAM) Software Market size is estimated to reach US$ 12.14 Bn by 2030.
Ans: - North America now dominates the IT asset management software market.
Ans: - The segments covered in the IT Asset Management (ITAM) Software Market report for study are on the Basis of Type, Deployment Type, Enterprise Size, End-user Industry.
Ans: - High deployment expenditures are necessary and small and medium-sized businesses have a low level of awareness.
Ans: - The IT Asset Management (ITAM) Software market is growing at a CAGR of 7.91% over the forecast period 2023-2030.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
220.127.116.11 United Kingdom
18.104.22.168 South Korea
22.214.171.124 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. IT Asset Management (ITAM) Software Market Segmentation, by Type
9. IT Asset Management (ITAM) Software Market Segmentation, by Deployment Type
10. IT Asset Management (ITAM) Software Market Segmentation, by Enterprise Size
10.1Small and Medium
11. IT Asset Management (ITAM) Software Market Segmentation, by End-User
11.1 IT and Telecom
11.7 Other End-user Industries
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Dell Inc.
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2. Microsoft Corporation
13.3. IBM Corporation
13.4 BMC Software Inc.
13.5 HP Inc.
13.6 ServiceNow Inc.
13.7 Oracle Corp
13.8 Flexera Software LLC
13.10 Aspera Technologies Inc.
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
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