IT Asset Management Software Market: Assessment Covering Growth Factors and Upcoming Trends by 2023

Market Highlights

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.

Asset management is essential for an organization to maintain its cost of purchases of assets and to monitor their asset usage. The major factor that helps in the growth of IT asset management software market is the need for improving the productivity of the organization by deploying the technology to meet business needs.

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. This competition is further encouraging the development of advanced ITAM software solutions. Moreover, the continually increasing number of businesses escalates the market on the global platform, increasing the uptake of ITAMs across the sectors.

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.

IT Asset Management Software Market – Regional Analysis

On the basis of geography, the market is studied for North America, Europe, Asia Pacific, and rest of the world. Among the regions mentioned above, at present, the market is highly dominated by North America due to the high investment in technology, catering the need of lifecycle management of complex software, and strict laws and regulations. These encourage the enterprises to adopt technology to reduce variable cost of purchases and also maintain l balance by having a record of demand and supply.

On the other hand, Asia Pacific is expected to show the highest growth in the market. This is due to the emergence of organizations in manufacturing, software development wherein there is a need for monitoring the assets of the enterprises that are being deployed on a higher scale. In addition to the substantial presence of industries, the region has seen an increase in the adoption of cloud services. The manufacturers in Asia Pacific are becoming more and more advanced by deploying newer technologies to monitor and improve their efficiency.

IT Asset Management Software Market – Segments

For a better understanding, the report has been segmented into six key dynamics:

By Component: Hardware, Software, and Services

By 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 & Defense, IT & Telecom, Energy & Power, and Automotive & Transportation among others

By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.

IT Asset Management Software Market – Competitive Analysis

Highly competitive, the IT asset management software market appears fragmented due to the presence of many well-established players. 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.

They strive to develop software solutions that can deliver a suite of applications to help address the needs of IT departments. Incorporating time-tested methodologies and best practices, these players bring together disparate point systems into a security-rich, integrated environment that addresses resource planning, user experience, and asset management.

Major Players

Players leading the global IT asset management software market include BMC Software (US), Freshworks Inc. (US), SysAid Technologies Ltd (Israel), Asset Panda (US), ServiceNow, Inc (US), Samanage Ltd (US), Wasp Barcode Technologies (US), Microsoft Corporation (US), Symantec Corporation (US), Dell, Inc (US), Ivanti (US), GRAGA Software Solutions Pty Ltd (Australia), Spiceworks Inc. (US), xAssets (U.K), CGI Group Inc (Canada), Dude Solutions Inc (US), Summit Software Pty Ltd (Australia), eMaint (US), Infor (US), IFS AB (Sweden), IBM Corporation (US), Oracle Corporation (US), HP, Inc (US), Landesk Software (US), and CA Technologies (US), among others.

Industry/Innovation/Related News:

June 24, 2019 --- REI (the US), a leading global vertically integrated engineering and manufacturing company, launched new service to streamline data and asset management - ARMOR Cloud service. Intended for use by small- and large-fleet transportation customers, ARMOR Cloud service can handle customers’ server management responsibilities. The new services feature REI’s ARMOR Software Suite, an all-in-one wireless solution for fleet management.

Traditionally, ARMOR is installed on customers’ on-premises servers and managed by their respective IT staffs. However, many companies have minimal IT staffs or no IT personnel at all. Implementation of ARMOR Cloud service can allow transportation companies of any size to reap the benefits for remote ARMOR server management services.

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