Pune, Sept. 10, 2024 (GLOBE NEWSWIRE) -- “According to SNS Insider, the IT Asset Management (ITAM) Software Market Size was valued at USD 1.7 Billion in 2023 and is projected to reach USD 2.9 Billion by 2032, growing at a significant CAGR of 6.2% over the forecast period 2024-2032.”
Increasing focus on regulatory compliance requirements for IT asset optimization is increasing.
The growing need for IT asset optimization has become a key driver of the IT Asset Management (ITAM) software market. Governments across the world are increasingly focusing on optimizing their digital infrastructure due to which they streamline their asset management, and this results in more businesses opting for ITAM solutions. U.S. companies invested over $1.5 trillion in IT infrastructure in 2023, highlighting the need for tools that provide better oversight and control of these resources. This focus on asset optimization helps businesses reduce unnecessary spending, improve resource allocation, and ensure that they maximize the lifespan of IT investments. ITAM systems are also being driven by governments through tax benefits and grants to improve operational efficiency within key critical sectors such as healthcare, banking, defense, etc. The ITAM is getting integrating with emerging technologies such as AI, and machine learning. This technology can enhance asset management through presenting predictive analytics, automated tactics, and progressed selection-making capabilities.
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Major Players Analysis Listed in this Report are:
- Dell Inc.
- Microsoft Corporation
- IBM Corporation
- BMC Software Inc.
- HP Inc.
- ServiceNow Inc.
- Oracle Corp
- Flexera Software LLC
- Ivanti
- Aspera Technologies Inc.
IT Asset Management (ITAM) Software Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.7 Billion |
| Market Size by 2032 | USD 2.9 Billion |
| CAGR | CAGR of 6.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Organizations may become dependent on a particular ITAM software vendor, making it difficult to switch to another solution. • ITAM software stores sensitive information about IT assets, so data security breaches can be a major risk. |
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Segment analysis
The IT & Telecom sector is the major end-user segment in the market and accounted 29% share in 2023. The volume and complexity of the infrastructure necessary to drive this rise in online activity are enormous and call for constant monitoring and optimization. As per recent statistics, India alone has more than 1.17 billion mobile connections and over 800 million internet users in the year 2024 as stated by the Indian Ministry of Communications. It requires capable asset management solutions to manage such vast amounts of IT assets from servers and routers to end-user devices. Rising digitization of services and decreasing need for physical presence, combined with growing dependence on cloud-based infrastructure heightens the for effective asset tracking. The increasing digitalization of services and growing reliance on cloud-based infrastructure further amplify the need for effective asset tracking. The IT & Telecom sector benefits from real-time IT asset visibility, improved compliance with data security standards, and enhanced operational efficiency, ensuring that it remains a significant end-user market for ITAM solutions.
The software segment of the IT Asset Management market accounts for the largest share in terms of components. This dominance is due to the move towards cloud-native platforms and more difficult distributed IT asset management. The adoption of cloud services amongst businesses in Europe increased to more than 40%, from 2023, as per the Digital Economy and Society Index (DESI). ITAM software is able to not only account for all IT assets but also manage the lifecycle of those assets and provide a comprehensive, up-to-date record-keeping framework that enables businesses in efficiently run large IT ecosystems. In addition, governments are promoting programs on digital transformation with the European Commission earmarking more than €9.2 billion in support for projects related to IT services under its new Digital Europe Programme (2021-2027), driving further requirements for ITAM software. That is the reason why software, programmability, and integration with other IT systems are crucial features for this market.
IT Asset Management (ITAM) Software Market Key Segmentation:
By Component
- Hardware
- Software
- Service
By Organization
- SME
- Large Enterprise
By Deployment
- On-Cloud
- On-Premise
By Tools
- Discovery/ Automated Inventory
- License Management
- Patch & Version Management
- Request Management
- Product/Service Catalog
- Digital Asset Management
- Others
By End-User
- BFSI
- Retail
- Aerospace & Defense
- IT & Telecom
By Region
North America dominated the global IT Asset Management software market and held around 38% revenue share in 2023 because the majority of US-based organizations are early adopters in advanced technologies and organizations that have a long history or legacy system this is aimed to integrate with modern solutions. The U.S. Bureau of Economic Analysis notes that spending on IT in North America is expected to reach $4,400 billion by 2023 with a sizeable portion targeted for asset management solutions. Home to many of the world's largest IT companies, including Microsoft, IBM, and Oracle building on a long heritage in application deployment. The growth of cloud computing and increasing demand for cybersecurity in lucrative fields such as finance and healthcare. Furthermore, the leadership position of the region in the ITAM market supported by positive government policies and financial incentives to embrace digital transformation is likely to create growth opportunities for stakeholders. Asia-Pacific market is set to grow at the highest CAGR between 2024 and 2032 This growth is being driven by the multi-faceted roles performed by software asset management in enterprises covering a wide range of tasks such as development of software portfolios, managing available resources, enhancing IT infrastructure and meeting business objectives.
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Latest News:
- IBM IT Asset Management Innovation (January 2024) — IBM unveiled an upgrade to its version of its existing ITAM software with AI-powered analytics to enable improved asset tracking and management. This update is expected to improve operational efficiency for enterprises globally.
- Microsoft Azure Integration (March 2024): Microsoft has launched an integration of its ITAM solution with its existing cloud-based asset management on Azure. The company says this latest development is in response to an increase in demand for enterprise-grade, cloud-based asset management.
Key Takeaways:
- The report provides the global IT Asset Management (ITAM) Software market, emphasizing drivers such as asset optimization and regulatory compliance.
- The report analyses the major growth trends and provides detailed segmentation, regional spread, and market leaders in North America.
- It covers the last of advancements and innovations by key players such as IBM, Microsoft, etc.
- The report delivers actionable insights into market opportunities and emerging trends, enabling businesses to make informed investment decisions in ITAM solutions.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. IT Asset Management (ITAM) Software Market Segmentation, By Component
8. IT Asset Management (ITAM) Software Market Segmentation, By Organization
9. IT Asset Management (ITAM) Software Market Segmentation, By Deployment
10. IT Asset Management (ITAM) Software Market Segmentation, By Tools
11. IT Asset Management (ITAM) Software Market Segmentation, By End-user
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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