IT asset management (ITAM) software allows organizations to gain visibility and management capabilities across IT assets. It enables the assessment, tracking, optimization and security of physical and virtual IT assets including hardware, software licenses, images and configurations. ITAM software helps reduce software license non-compliance risks and optimize software asset usage. It provides optimized procurement and allocation of IT infrastructure resources.
The global IT Asset Management (ITAM) software Market is estimated to be valued at US$ 7957.53 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The ITAM software market is expected to witness high growth owing to high demand for strategic asset management and optimization. Strategic IT asset management is vital for enterprises to optimize their IT infrastructure spend and remain compliant with licensing terms. ITAM solutions help align aging IT assets with business needs through data-driven decisions on hardware replacements, software upgrades and maintenance schedules. They automate routine tasks like software license procurement, inventorying and reconciliation. This reduces operational costs and compliance risks for organizations. With hybrid work models becoming mainstream, there is increasing need to manage distributed IT assets deployed across remote offices, datacenters and cloud platforms. ITAM solutions enable centralized visibility and control of physical and virtual assets through their entire lifecycle. They automate IT asset discovery, tracking, reporting and auditing functions from a single source of truth. This drives the demand for ITAM software solutions globally over the forecast period.
SWOT Analysis
Strength: ITAM software helps organizations manage their IT assets including hardware, software, services and support in a centralized system. This enables organizations to streamline their asset management processes, track license compliance and optimize costs. ITAM software also provides real-time visibility of assets across locations which helps organizations make informed technology decisions.
Weakness: Implementation of ITAM software requires significant time and resources from organizations. The initial setup and configuration process can be complex which requires specialized skills. Additionally, accurate and complete data migration is important for deriving full benefits from ITAM tools which is challenging.
Opportunity: With growing digital transformation of businesses, the importance of effectively managing vast IT infrastructure is increasing. This creates demand for advanced IT asset management solutions. Rising adoption of cloud, mobile and IoT technologies is also driving the need to manage diverse assets located across different environments. Furthermore, requirements around license compliance and optimization are prompting organizations to invest in ITAM solutions.
Threats: Significant capital investments may be required for deploying and customizing ITAM software as per organizational needs. Alternative in-house developed asset management tools can emerge as cheaper substitutes. Additionally, data security concerns persist as ITAM systems collect and store critical IT inventory information of organizations.
Key Takeaways
The Global IT Asset Management (ITAM) Software Market Size is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: The Asia Pacific region is set to grow at the highest CAGR during the forecast period. This is attributed to the rapid digital transformation taking place across organizations in the region, especially in countries like China, India, Japan and South Korea. There is increasing focus on effectively managing widespread IT deployments, optimizing costly licenses and ensuring compliance. Additionally, organizations are moving workloads to cloud environments and adopting mobility, creating need for centralized asset visibility and control using ITAM solutions.
Key players operating in the IT Asset Management (ITAM) software Market are Cisco Systems Inc. (US), Akamai Technologies, Inc., Palo Alto Networks, Inc., Symantec Corporation, Okta, Inc., Forcepoint, LLC, Cyxtera Technologies, Sophos Group Plc, Google LLC, Microsoft, Inc., VMware Inc., Trend Micro Incorporated, Cloudflare, IBM Corporation, Fortinet, Check Point Software Technologies Ltd., Unisys, vArmour, Inc., OPAQ Networks, Inc., ExtraHop Networks, ShieldX, Bracket Computing Inc., Nutanix, and Cloudvisory.
Get more insights on this topic:
https://www.newsstatix.com/it-asset-management-software-market-trends/
Involved in the identification and information about IT hardware and solutions being used in an organization, the software helps in making decisions related to the purchase and deployment of IT assets.Over the past couple of years, the IT asset management software market is growing briskly; mainly due to the increasing competition in the cloud computing space.
Moreover, the continually increasing number of businesses escalates the market on the global platform, increasing the uptake of ITAMs across the sectors.According to Market Research Future (MRFR), an eminent research firm the global IT asset management software market is poised to touch a valuation of USD 3 BN by 2023, registering around 8% CAGR throughout the review period (2017-2023).
There is a potential scope for ITAM software solutions to evolve further ahead of maintaining static inventory spreadsheets to empower IT departments to self-sufficiently manage the whole IT gamut effortlessly.Additional factors driving the growth of the ITAM software market include the shift of IT sectors towards the centralized automation of IT infrastructure and the augmenting demand for faster and secure storage devices.
This shift of IT industry is led by the evolving Cloud intervention that has initially changed the mode of operation in the sector.Get a Free Sample @https://www.marketresearchfuture.com/sample_request/920IT Asset Management Software Market – SegmentsFor a better understanding, the report has been segmented into six key dynamics:By Component: Hardware, Software, and ServicesBy Deployment: On-cloud, On-premise, and Hybrid.By Tools: On the basis of tools, the market is segmented into Discovery/Automated Inventory, License Management, Patch & Version Management, Request Management, Product/Service Catalog, and Digital Asset Management among others.By Organization Size: Small & Medium Enterprises (SME’s) and Large Enterprises.By End-user: BFSI, Retail, Aerospace , IT & Telecom, Energy & Power, and Automotive & Transportation among othersBy Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.IT Asset Management Software Market – Regional AnalysisCurrently, the North American region dominates the global IT asset management software market with the largest market share due to support from the technologically well-developed countries such as the US and Canada.Moreover, factors boosting the growth of the regional market include the high investment made in the development of technologies that can cater the needs of lifecycle management of complicated software and strict laws and regulations regarding the purchase of assets.Furthermore, the massive adoption of asset management solutions among the rapidly growing number of enterprises foster the growth of the regional market, helping them to reduce variable cost of purchases and maintenance by recording the demand and supplyThe European region stands the second position in terms of market share due to the massive industrialization in the past couple of years in various countries in the region.
Moreover, the technologically matured countries such as the UK, Germany, and France support the growth of the regional market.The IT asset management software market in the Asia Pacific region has emerged as a substantially growing market holding a considerable market share.
These players incorporate strategic initiatives such as collaboration, acquisition, partnership, expansion, and technology launch to gain a competitive advantage and thus to save their positions in the market.
