IT Asset Management (ITAM) Software Market Trend, Share, Growth, Size, Analysis and Forecast 2032

IT Asset Management (ITAM) Software Market Insights

Zion Market Research has published a report on the global IT Asset Management (ITAM) Software Market, estimating its value at USD 1.99 Billion in 2023, with projections indicating that it will reach USD 3.79 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 6.7% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the IT Asset Management (ITAM) Software Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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IT Asset Management (ITAM) Software Market: Overview

Asset management software is a specialized application that tracks and records an asset's life cycle, from acquisition to disposal. It provides critical information to an organization about the location of specific assets, who is using them, details about the assets, and how they are being used. Both hardware and software assets are managed with asset management software. Asset management software, also known as asset management tools, is a type of asset management software. It has a number of features, including vendor auditing and policy compliance, cost optimization for licensing, vendor performance analysis, procurement process streamlining, and supplier portfolio optimization. Asset management software has a number of benefits, including maximizing asset utilization and value, service and asset management, proactive licensing compliance, and so on.

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IT Asset Management (ITAM) Software Market: COVID-19 Impact Analysis

The first case of the Covid-19 virus was reported in China in December 2019. Since then, the disease has spread to nearly 180 countries around the world. The World Health Organization has declared it a public health emergency. The outbreak of Covid-19 has had an impact on a number of factors, including flight cancellations and disconnection, the public disclosure of a highly sensitive situation in a number of countries, massive inventory network speed, securities exchange vulnerability, restaurant closures, bans on all indoor events, declining business guarantees, growing population panic and panic among the population, and uncertainty.

IT Asset Management (ITAM) Software Market: Growth Factors

During the forecast period, the global IT asset management (ITAM) software market is expected to grow due to the growing demand for centralization and automation in IT infrastructure.

In order to achieve business success, the growing trend of consolidation has necessitated the establishment of simplified and centralized IT operations and infrastructure. The addition of automation to a centralized IT environment allows for continuous activity monitoring. Furthermore, its organization-wide centralization improves inventory visibility across the organization and aids budgeting.

It also provides data that allows for advanced planning for future asset requirements, allowing you to maximize the use of existing assets while reducing unnecessary IT costs. As a result, these factors are expected to support market growth over the forecast period. Over the forecast period, the global IT asset management (ITAM) software market is expected to grow due to a growing focus on cost, compliance, and asset security. Asset inventory management allows a company to keep track of when equipment is purchased, how much it has been used, and whether the asset's lease is about to expire.

IT Asset Management (ITAM) Software Market: Report Scope

Enterprise Size Segment Analysis Preview

Large corporations are expected to hold a larger share of the market. SMEs, on the other hand, is expected to grow at a faster CAGR during the forecast period, as SMEs increasingly implement payment security solutions to protect customer-sensitive bank account data from network vulnerabilities and attacks.

Deployment Segment Analysis Preview

Cloud-based deployment is expected to hold the largest share. Because of cloud advancements, asset management is becoming easier. It has enormous potential to add value and assist businesses in lowering costs and increasing operational efficiency. With the introduction of SaaS applications, the number of options for lowering the total cost of ownership has skyrocketed. Shorter implementation timelines, a shift from CAPEX to OPEX, and decentralized control are all advantages of cloud computing. The CEO of VMware has identified three laws that may support a hybrid cloud future: economics, physics, and data sovereignty.

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End User Segment Analysis Preview

ITAM Services are used in a variety of industries, including retail, travel and hospitality, information technology and telecommunications, healthcare, education, media and entertainment, and others. During the forecast period, the healthcare vertical is expected to grow at the fastest CAGR. The BFSI, on the other hand, is expected to have the largest market size, due to the extensive use of ITAM services across the countries.

IT Asset Management (ITAM) Software Market: Regional Analysis Preview

Because of the rapidly growing IT industry and growing awareness of the benefits of ITAM, North America is expected to be the leading player in the global IT asset management software market. Other factors driving the global IT asset management software market's growth in the near future include stringent software audit policies and increasing government regulations in North America. Furthermore, the global IT asset management software market is growing in this region due to the rising demand for automation and centralization.

Asia Pacific is projected to grow at a CAGR of 14.3 % during the forecast period in the global market for ITAM Servies. When it comes to IT asset management, the Asia-Pacific region is thriving. The Australian government's National Innovation & Science Agenda, for example, encourages the adoption of new ideas in science and innovation.

In New Zealand, the demand for systems integration services is on the rise. As they ramp up efforts to modernize existing applications and migrate to the cloud, New Zealand businesses are relying more on systems integrators.

In Asia-Pacific, Tech Mahindra completed three large Maximo Cloud Implementations on IBM SaaS, Azure, and AWS in 2018. Customers prefer hosted solutions as an alternative to on-premise solutions, according to the company.

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IT Asset Management (ITAM) Software Market: Competitive Landscape

Some of the key players in the ITAM Services market include

• Snow Software
• Hewlett Packard Enterprise Development LP
• Oracle Corporation
• BMC Software Inc.
• Aspera Technologies Inc.
• CA Technologies Inc.
• LANDESK Software
• Broadcom Inc.
• ServiceNow Inc.
• Flexera Software LLC
• Cherwell Software Inc.
• among others.

In order to expand their market presence, key market players are focusing on mergers and acquisitions. For example, Snow Software, a Swedish information technology firm, acquired Embotics, a hybrid cloud management firm, in December 2019. Also, Hewlett Packard Enterprise Development LP also acquired the business assets of MapR, a U.S.-based business software company, in August 2019.

The global ITAM Software market is segmented as follows:

By Enterprise Size

• SME
• Large Enterprise

By Deployment

• On-Premise
• Cloud
• Hybrid

By End User

• BFSI
• Telecom and IT
• Healthcare
• Transportation
• Government
• Energy and Utilities
• Manufacturing

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa