IT asset management software helps organizations track hardware assets, manage software licenses, and ensure compliance. ITAM software provides inventory management capabilities, hardware and software auditing, tracking of purchase and maintenance records, and integration with help desk and procurement systems. This unified visibility enables IT managers to gain control and optimize resources. The growing need to streamline IT operations and lower associated costs is driving increased adoption of ITAM solutions.
The global IT Asset Management (ITAM) software Market is estimated to be valued at US$ 6907.57 Mn in 2023 and is expected to exhibit a CAGR of 6.9%over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of cloud-based platforms and SaaS-based ITAM tools is one of the major trends in the market. Cloud-based ITAM solutions offer various advantages such as low upfront costs, remote accessibility, automatic software updates, and scalability. They eliminate the challenges of on-premise installations and reduce IT infrastructure and maintenance costs. Leading vendors are focusing on providing cloud-based offerings to cater to the rising demand and gain a competitive edge in the market. For instance, ServiceNow offers cloud-based ITAM solutions that help organizations digitally transform IT operations and deliver great experiences for employees and customers.
Segment Analysis
The global IT Asset Management (ITAM) software market is dominated by the cloud-based deployment segment. Over the forecast period, the cloud-based deployment segment is expected to witness significant growth due to various benefits offered such as scalability, minimal upfront costs, and simplified upgrades. As more number of organizations are shifting towards cloud-based solutions, the cloud-based deployment segment will continue dominating the ITAM software market during the forecast period.
Key Takeaways
The Global IT Asset Management (ITAM) Software Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 6.9%during the forecast period and reach a market size of US$ 6907.57 Mn by 2030 from 2023.
Regional analysis
North America is currently the dominant region in the global ITAM software market and is expected to continue its dominance during the forecast period. This is due to the early adoption of advanced technologies and presence of key players in the region. However, Asia Pacific region is expected to witness the fastest growth over the forecast period. This growth can be attributed to the rapid digitalization of enterprises in developing economies such as China and India.
Key players
Key players operating in the IT Asset Management (ITAM) software market are Belden Inc., Alpha Wire, General Cable Corporation, L-Com Global Connectivity, LS Cable & System, Southwire, TE Connectivity Ltd, Nexans S.A., Amphenol Corporation, and Coleman Cable Inc. Belden Inc. is the market leader providing innovative ITAM solutions. The company offers comprehensive ITAM solutions to efficiently manage entire IT infrastructure assets. Alpha Wire focuses on offering reliable ITAM solutions for flawless network operations.
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