Asset Management is essential for an organization for the maintenance of the cost of purchases of assets and for monitoring their asset usage. Software used for monitoring IT-related assets in an enterprise is referred to as IT asset management software. IT asset management software plays a vital role in the growth strategy of the organization. It aids the decision-makers of an organization with accurate decision-making when it comes to purchasing assets. IT asset management is also denoted as IT inventory management as it mainly inculcates the collection of information, regarding hardware and software that are used in an organization.
The IT asset management software market is expected to proliferate at a fast pace during the forecast period. Such ascension is recorded to take place at a lucrative CAGR of 8% during the forecast period. Such speedy growth of the global IT asset management software market is attributable to the ascending need for the augmentation of productivity of the organization through the deployment of advanced technology for meeting business needs. Also, a reduction in the cost of software licensing through the relocation of non-utilized resources is also predicted to fuel the growth of the global IT asset management software market. IT asset management can be considered as hardware asset management, digital asset management, as well as software asset management.
Additional factors driving the growth of the ITAM software market include the shift of IT sectors towards the centralized automation of IT infrastructure and the augmenting demand for faster and secure storage devices. This shift of IT industry is led by the evolving Cloud intervention that has initially changed the mode of operation in the sector.
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The IT asset management software market is studied for an array of segments that are based on component, tools, organization size, end-user, deployment, and region. Based on component, the global IT asset management software market is segmented into software, hardware, and services. The software segment is sub-segmented into software licenses (COTS) and in-house developed software. The services segment is further segmented into professional services and managed services. The professional services segment is sub-segmented into consulting services, and maintenance and support services.
Based on organization size, the global IT asset management software market is analyzed for the segments of small and medium enterprise, and large enterprise. Based on tools, the market segments include discovery/automated inventory, license management, patch & version management, request management, product/service catalog, and digital asset management.
Based on end-users, the global IT asset management software market is segmented into banking & financial service, retail, aerospace & defense, IT & telecom, energy & power, automotive & transportation. Based on deployment, the global market for IT asset management software is segmented into on cloud, on-premise and hybrid.
Detailed Regional Analysis
Currently, the North American region dominates the global IT asset management software market with the largest market share due to support from the technologically well-developed countries such as the US and Canada.
Moreover, factors boosting the growth of the regional market include the high investment made in the development of technologies that can cater the needs of lifecycle management of complicated software and strict laws and regulations regarding the purchase of assets.
Furthermore, the massive adoption of asset management solutions among the rapidly growing number of enterprises foster the growth of the regional market, helping them to reduce variable cost of purchases and maintenance by recording the demand and supply
The European region stands the second position in terms of market share due to the massive industrialization in the past couple of years in various countries in the region. Moreover, the technologically matured countries such as the UK, Germany, and France support the growth of the regional market.
The IT asset management software market in the Asia Pacific region has emerged as a substantially growing market holding a considerable market share. The region is expected to create a substantial revenue pocket by the end of the forecast period.
Some noteworthy players in the global IT asset management software market include Freshworks Inc. (U.S.), BMC Software (U.S.), SysAid Technologies Ltd (Israel), ServiceNow, Inc (U.S.), Asset Panda (U.S.), Samanage Ltd (U.S.), Microsoft Corporation (U.S.), Wasp Barcode Technologies (U.S.), IBM Corporation (U.S.), HP, Inc (U.S.), Oracle Corporation (U.S.), Landesk Software (U.S.), CA Technologies (U.S.).
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