Global IT Asset Management Software Market is segmented By Type (IT Asset Management, Digital Asset Management, Software Asset Management), By Organization Size (Small & Medium Enterprises, Large Enterprises), By Deployment Mode (Cloud-Based, On-Premise), By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
IT Asset Management Software Market is expected to grow at a high CAGR during the forecast period 2024-2031
IT Asset Management comprises all methods that can be implemented to manage IT Assets. For organizations, it acts as a business tool that helps them to maintain the financial, inventory, and risk management responsibilities to monitor assets' overall life cycle, also enabling organizations to manage their computer hardware and software inventories, correlate assets to contracts and financial records such as software licenses and equipment leases, and detect and prevent IT and regulatory risks to their various technology components.
Market Summary
| Metrics | Details |
| Market CAGR | 8% |
| Segments Covered | By Type, By Organization Size, By Deployment Mode, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Dynamics
Asset management software is becoming more popular, and asset tracking is becoming more important.
IT asset management and tracking systems are designed to decrease the amount of time and effort required to manage computer software and hardware. It also saves money by improving purchasing and better managing the full life cycle of IT equipment. IT asset management systems also minimize the risk of regulatory compliance, software licensing, and security vulnerabilities.
Increase in usage of cloud-based asset management software
Organizations in a variety of industries, including BFSI, healthcare, and other sectors, are using cloud computing solutions to reduce their costs. SMBs are turning to cloud-based solutions to increase the scalability of hardware and resources available from cloud solution providers.
As a result, demand for cloud-based asset management software has grown. In 2020, revenue from public cloud services in the United Kingdom, which accounts for the majority of the cloud computing market, was estimated to be around 12 billion US dollars. The global public cloud computing services market revenue was estimated to be 300 billion US dollars and is expected to reach 397 billion US dollars in 2021.
Companies use cloud-based software to examine data on assets and inventory in real time from a consolidated view. Additionally, it also provides several advantages to businesses, including more accurate tracking, efficient operations, financial accountability, and simple reporting.
ITAM software system setup is costly, both financially and in terms of time, and demands the creation of additional skilled labor, which many smaller businesses cannot afford. These factors contribute to restraining the market.
COVID-19 Impact on Market
The COVID-19 pandemic has affected countries all over the world. Economies are in danger of collapsing. Due to this, business organizations have been forced to draft new policies that facilitate remote work being done by employees from their homes. IT Asset Management software plays a huge role in ensuring that employees can work from home without any hassles. Research done by MRF shows that during the initial lockdown periods of the pandemic, more than 50% of the employees have started working remotely.
This sudden change in the working methods of the workers has resulted in an impact on the IT industry while also affecting market growth. The work relocation has resulted in the process of ITAM becoming much more complicated than it initially was. Now companies have to develop and improvise upon pre-existing software to ensure that IT Assets are being deployed, procured, and managed properly for the employees who are working from their homes. One of the major issues faced by this industry is the bad connectivity conditions for a lot of the employees who were working from home.
COVID-19 has also given a boost to the cloud computing workforce industry. Despite a drop in total hiring, demand for cloud technology skills has reached an all-time high, a trend that has been amplified by the epidemic. As more organizations attempt to shift to cloud platforms, the ongoing pandemic is just intensifying this need, pushing salaries up to as much as 100%.
Market Segment Analysis
Based on Product Type
The IT Asset Management Software market is segmented using on-premise and cloud-based deployment strategies. The cloud-based category is expected to grow at the highest CAGR over the forecast period due to the cost-effectiveness and easy availability of cloud-based IT Asset Management Software solutions. Cloud-based IT Asset Management Software solutions demand less physical setup and maintenance.
According to the latest research done by International Data Corporation, the Indian Cloud Public User market is expected to be valued at 9.5 billion dollars by 2025, almost a three-fold increase in market value as compared to 2020. The revenue from cloud management and security services in India is estimated to be around 270 million US dollars in 2020, a 20% increase in revenue from 2019.
Several market participants offer cloud-based IT Asset Management Software solutions. On April 19, 2021, it was announced that Siemens will take advantage of the Google Cloud to boost shop floor productivity. In March 2021, Amazon Web Services (AWS) and Niti Aayog launched a partnership to use Atal Tinkering Labs to teach students the foundations of cloud computing.
Market Geographical Share
North America, South America, Europe, Asia-Pacific, the Middle East, and Africa are the regions in which the IT Asset Management Software market is divided. North America dominated the IT Asset Management Software market among other regions, owing to the widespread use of IT Asset Management Software to meet the changing needs of businesses. Cleo Communications, an American company that provides integrated software solutions on a global scale, was invested in by HIG Capital, to accelerate its Integration software ecosystem department, which is valued currently at $5.5 billion.
Countries in the Asia-Pacific region are also thriving when it comes to IT asset management. For instance, the Australian government’s National Innovation & Science Agenda promotes innovation and science ideas. The demand for systems integration services is soaring in New Zealand. Recently, iManage, a Tata Tele Business service company, announced that it has officially adopted Microsoft Azure as its global cloud platform.
Companies and Competitive Landscape
Key players operating in the market are Hewlett Packard, ServiceNow Inc., Cherwell Software Inc., Aspera Technologies Inc., Deloitte, Microsoft Corporation, BMC Software, IBM Software, and Symantec. Leading multinational players dominate the market and hold substantial market share, thereby presenting tough competition to new entrants. Key players focus on various strategic initiatives such as merger & acquisition, geographical expansion, new product launches, and increasing R&D expenditure to stay competitive.
Hewlett Packard
Overview: The company was founded on 1st January 1939 by William Hewlett and David Packard, who had just graduated from Stanford as electrical engineers. The company is reputed for making sophisticated computer hardware and software devices. It was later divided into two companies, HP and Hewlett Packard Enterprise.
Product Portfolio: Hewlett Packard Enterprise provides many integrable cloud infrastructure services and focuses on insight generation from big data with a cloud-based, AI-driven approach.
Recent Developments:
- HPE’s Intelligent Edge business is reported to add an average of 150 clients per day. The company is expected to grow in profit as well as size in the coming years.
- HP Enterprise Services Spain announced 2 days ago that the Generalitat de Catalunya (CTTI), Catalonia's government, has signed a $67 million agreement with HP to transform the government's computing environment to a cloud-based infrastructure, allowing it to operate more efficiently while improving citizen services.
Why Purchase the Report?
- Visualize the IT Asset Management Software market products' composition in terms of data type, business function, component, deployment model, organization size, and industrial vertical, highlighting the critical commercial assets and players.
- Identify commercial opportunities in the IT Asset Management Software market by analyzing trends and co-development deals.
- Excel datasheet with thousands of data points of global IT Asset Management Software market-level4/5segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
Target Audience
- System Integrators
- Government Organizations
- Research/Consultancy Firms
- Technology Solution Providers
- IT Solution Providers
- Others
