Latest News- IT Asset Management Software Market: Large enterprises is expected to lead the End-user segment during 2025-2029

The IT Asset Management Software Market is being driven by Rapid adoption of asset management software and growing importance of asset tracking

The IT Asset Management Software Market is expected to grow at a CAGR of 9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 737.6 million. In today's business landscape, effective IT Asset Management (ITAM) is essential for maximizing the value of an organization's assets, whether physical, financial, or intangible. ITAM encompasses coordinated planning, optimal selection, utilization, and eventual disposal or renewal of assets. In the IT sector, ITAM plays a pivotal role in risk mitigation, particularly in relation to information security and disaster recovery. One significant risk in this area is software license compliance. Without precise and up-to-date information, organizations may inadvertently over-deploy software, leading to potential legal, financial, and reputational consequences. Accurate ITAM is crucial for maintaining regulatory compliance and ensuring the efficient use of resources. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Large enterprises
  • SMEs
• Deployment
  • On-premises
  • Cloud
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rapid adoption of asset management software and growing importance of asset tracking
• Growing adoption of cloud-based asset management software services
• Expansion of IT infrastructure

However, the market also witnesses some limitations, which are as follows:

• Integration and implementation issues
• Increasing availability of open-source asset management solutions
• Asset diversity and limited variety of asset management softwares

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Market Scope in IT Asset Management Software Market Research Report

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Research Analysis Overview

IT Asset Management Software plays a crucial role in organizations by providing solutions for managing and optimizing IT assets. Features include asset registry software for tracking hardware and software, license compliance reporting, hardware lifecycle management, and software asset optimization. IT procurement process, vendor contract management, and ITIL framework implementation are also supported. Additional features include security incident response, business continuity planning, and disaster recovery planning for data protection. Data center optimization, cloud cost optimization, virtual desktop management, and mobile security management ensure efficient IT infrastructure. Automated patch deployment, configuration item management, financial reporting software, and risk assessment methodology facilitate effective IT management. Change control process, incident reporting system, problem resolution process, service request management, knowledge base management, asset utilization analysis, lease accounting software, and data security policies enhance IT asset management capabilities.

Market Research Overview

The IT Asset Management (ITAM) software market encompasses solutions for asset tracking systems, software licensing management, hardware inventory management, and IT asset disposition. This market segment falls under the broader IT software industry, which consists of companies producing application, system, and database management software. According to Technavio, the IT software market size is determined by the consolidated revenue of organizations offering all types of IT software, including cloud-based solutions. This market scope excludes businesses specializing in interactive home entertainment software and those focusing on systems or database management software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/