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, both tangible and intangible. ITAM encompasses the coordinated planning, optimization, utilization, and disposal or renewal of assets. In the context of IT, this includes software licenses. Failure to maintain accurate software license compliance can result in significant legal, financial, and reputational risks. By integrating IT Financial Management and IT Asset Management, organizations can mitigate risks, ensure information security, and facilitate disaster recovery. Accurate asset information is crucial for making informed decisions and maintaining regulatory compliance. 

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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 tracking the entire asset lifecycle, from acquisition to retirement. Key features include asset reconciliation, software license compliance, hardware maintenance scheduling, contract expiration alerts, and the asset retirement process. Additionally, it offers data center consolidation, cloud cost optimization, security incident response, vulnerability remediation, and risk mitigation strategies. Regulatory compliance audits and financial reporting tools are also essential, along with IT asset dashboards, usage metrics tracking, performance monitoring, and capacity planning software. Vendor relationship management, software license optimization, contract negotiation tools, procurement automation, IT asset governance, change management automation, service level agreements, and IT asset registers are other important functionalities. Hardware and software inventory management ensure data security through policies and effective usage.

Market Research Overview

The IT Asset Management (ITAM) market encompasses software solutions that facilitate the effective management of an organization's IT assets, including software license management, hardware lifecycle management, and IT asset tracking. This market segment is a subset of the broader IT software industry, which comprises companies engaged in developing and producing application software, system software, and database management software. According to Technavio, the global IT software market size is determined by the combined revenue generated by these companies, encompassing both on-premises and cloud-based software offerings. The ITAM market specifically caters to the needs of businesses seeking to optimize their IT infrastructure and maintain regulatory compliance.. 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/