IT Asset Management (ITAM) Software Market Increasing at A Phenomenal Pace to Reach USD 3.79 Billion by 2032

Some of key players in 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, and Cherwell Software Inc., among others. These players are set to bolster the development of global IT Asset Management (ITAM) software market.

According to analysts at Zion Market Research, the global ITAM software market accounted for USD 1.99 Billion in 2023 and is expected to reach USD USD 3.79 Billion by 2032, growing at a CAGR of 6.7% from 2024 to 2032.

This review is based on a report by Zion Market Research, titled “IT Asset Management (ITAM) Software Market, by Enterprise Size (SME and Large Enterprise), by Deployment (On Premise, Cloud and Hybrid), by End-use Sector (BFSI, Telecom and IT, Healthcare, Transportation, Government, Energy and Utilities and Manufacturing): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 – 2032.”

Growing demand for IT infrastructure leading to growth to ITAM Software market

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, ITAM's 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.

Presence of big players in the region support North America dominance

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 rising demand for automation and centralization.

Asia Pacific is projected to grow at a CAGR of 8.5% 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, 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.

Browse the full “IT Asset Management (ITAM) Software Market, by Enterprise Size (SME and Large Enterprise), by Deployment (On Premise, Cloud and Hybrid), by End-use Sector (BFSI, Telecom and IT, Healthcare, Transportation, Government, Energy and Utilities and Manufacturing): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 – 2032.” Report at https://www.zionmarketresearch.com/report/it-asset-management-itam-software-market

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 Middle East & Africa

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