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 they are physical, financial, or intangible. ITAM encompasses coordinated and optimized planning, selection, utilization, and disposal or renewal of assets. In the IT sector, ITAM plays a pivotal role in risk mitigation, particularly in ensuring software license compliance. Inadequate ITAM can lead to over-deployment of software, exposing organizations to legal, financial, and reputational risks. Information security and disaster recovery are additional areas where ITAM and IT Financial Management intersect, making their integration crucial for any business seeking to mitigate risks and maintain a lean and efficient asset portfolio. 

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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 (ITAM) software streamlines the management of IT infrastructure by providing centralized automation for IT asset procurement, inventory, utilization, and contractual information. Cost savings and enhanced security are key benefits, with solutions now offered on-cloud and as Software-as-a-Service (SaaS) applications. Leading providers like CA Technologies and Cherwell Software leverage digital technologies and cloud services to cater to tech hubs and the BFSI industry. The software covers the entire life cycle of hardware and software assets, including asset acquisition costs, hardware components, and software applications. Security is paramount, ensuring protection of sensitive data and compliance with regulatory requirements.

Market Research Overview

The IT Asset Management (ITAM) software market encompasses businesses specializing in the development and implementation of solutions for managing and optimizing IT infrastructure, including software, hardware, and services. This market caters to both Small and Medium Enterprises (SMEs) and Large Enterprises, offering on-premise and cloud-based solutions. ITAM software focuses on cost reduction through automation, enhancing security, and ensuring centralized management of IT assets. Technavio's market analysis calculates the ITAM software market size based on the combined revenue generated by companies providing on-cloud, on-premise, and VMware-based ITAM solutions, catering to the needs of businesses seeking to streamline their IT operations and improve overall efficiency.. 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/