Authored By: Sarah
11 Jul 2024

 IT Asset Management Software Market Size to grow by USD 456.14 million between 2024-2028

According to a research report “ IT Asset Management Software Market” by End-user (Large enterprises, SMEs) Deployment (On-premises, Cloud) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 456.14 million, at a CAGR of almost 7.58% during the forecast period. In today's business landscape, organizations of all sizes and industries grapple with the challenge of effectively managing and tracking their IT assets. Traditionally, this function was managed manually using Excel spreadsheets. However, with the proliferation of IT devices in the workplace, the adoption of intricate cloud technologies, and the constant updates of license-based software, manually analyzing asset information through spreadsheets has become increasingly complex. Modern IT Asset Management (ITAM) software offers a streamlined solution, enabling organizations to reduce the labor-intensive process of extracting data on the location, configuration, and identification of computer hardware and software. By automating ITAM processes, businesses can enhance the accuracy, reliability, and completeness of their IT asset data, ultimately maximizing the value of their IT investments.

Browse market data tables, figures, and in-depth TOC on “IT Asset Management Software Market” by End-user (Large enterprises, SMEs) Deployment (On-premises, Cloud) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By End-user, the Large enterprises segment is projected to dominate the market size in 2024

The on-premises segment of the global IT asset management market is projected to dominate the market and generate significant revenue growth compared to the cloud-based segment over the forecast period. This trend is primarily driven by large enterprises, which prefer on-premises IT asset management software due to the need for greater control and ownership over their software assets' lifecycle and the data generated within their business applications. Consequently, large multinational corporations with a global footprint are expected to be the primary contributors to the on-premises IT asset management software market's expansion.

By Deployment, On-premises  segment is expected to hold the largest market size for the year 2024

In the global IT asset management software market, large enterprises across industries such as manufacturing, healthcare, finance, government, telecommunications, retail, technology, energy, transportation, and education serve as key consumers. These organizations require robust and scalable software solutions to effectively manage their extensive IT assets and intricate infrastructures. By implementing IT asset management software, they can automate their asset lifecycle processes, monitor inventories, optimize asset utilization, and adhere to licensing agreements. Essential features of these solutions include automated asset detection, software license management, contract administration, and comprehensive reporting capabilities. To address the complex asset management needs of large organizations, complete IT asset management software is a strategic investment.

North America is forecasted to hold the largest market size by region in 2024

The IT asset management software market in North America is projected to hold a significant market share over the forecast period. This region's market growth is primarily driven by the presence of numerous large IT companies and advanced technological developments, including digitalization in the US and Canada. The increasing emphasis on reducing operational costs and optimizing asset utilization is further fueling the adoption of IT asset management software in the region. Additionally, the presence of key market players in North America is anticipated to significantly contribute to the market's growth trajectory.

The IT Asset Management Software Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Aptean Group of Companies
  • BMC Software Inc.
  • Certero Ltd.
  • Datalogic SpA
  • Dell Technologies Inc.
  • Flexera Software LLC
  • Freshworks Inc.
  • Hewlett Packard Enterprise Co.
  • Hexagon AB
  • International Business Machines Corp.
  • InvGate
  • Ivanti Software Inc.
  • Microsoft Corp.
  • Oracle Corp.
  • PDQ.com Corp.
  • SAP SE
  • ServiceNow Inc.
  • Snow Software
  • SolarWinds Corp.
  • SymphonyAI Summit
  • SysAid Technologies Ltd
  • Zoho Corp. Pvt. Ltd.
.

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Research Analysis Overview

The IT Asset Management (ITAM) software market is experiencing significant growth due to the increasing importance of managing hardware components and software inventory in businesses. IT assets, including hardware and software, represent a substantial investment for organizations, with asset acquisition costs being a major budget item for Tech hubs in various industries, particularly in the BFSI sector. ITAM software helps businesses optimize their IT infrastructure by automating asset procurement, contractual management, and asset utilization. Digital technologies, such as SaaS applications and Cloud services, have transformed the IT landscape, making ITAM even more crucial for effective business management. ITAM software enables centralization of IT assets, enhancing security and reducing costs through better asset life cycle management. Leading ITAM software providers like Cherwell Software and CA Technologies offer On-Cloud solutions that cater to the needs of businesses in different sectors, including IT Infrastructure and the BFSI Industry. The integration of Cloud technologies and automation in ITAM software further enhances its value proposition.

Market Research Overview

The IT Asset Management (ITAM) software market is experiencing significant growth in various industries, including pharmaceutical and medical, telecom and IT, manufacturing, healthcare, insurance (BFSI), financial services, and banking. With the increasing adoption of cloud technologies, the cloud sector, metering, and optimization are becoming key areas of focus. SaaS apps and cloud services are driving operational effectiveness in the first quarter of the projection period. Low-code and AI are transforming ITConcepts, with companies like Helsana leading the way in cloud adoption. However, compliance concerns and mergers & acquisitions are creating challenges for ITAM software vendors. Tech hubs are also driving demand for ITAM solutions, particularly in the SMB segment. IT assets, including hardware components and software inventory, are a significant concern for businesses, with asset acquisition costs and asset utilization being key factors in purchasing decisions. Contractual life cycle management, software discovery, licensing management, storage requirements, and patch & version management are essential features of ITAM software. The big enterprise sector is leading the market, with operational effectiveness and strategic market developments driving demand. ITAM software vendors like Cherwell Software, CA Technologies, and VMware are offering hybrid on-cloud and on-premise solutions to cater to the varying needs of large enterprises and SMEs. The economic health of financial markets and the impact of shutdowns have influenced ITAM spending, with automation, centralization, security, and cost being critical factors in the decision-making process. The market is expected to continue growing, driven by the increasing adoption of digital technologies and the need for effective IT infrastructure management.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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