July 19, 2024
IT Asset Management (ITAM) software Market

Global IT Asset Management (ITAM) Software Market Is Estimated To Witness High Growth Owing To Rising Need For Effective Asset Management & Increasing Adoption Of Cloud-Based Solutions

The Global IT Asset Management (ITAM) Software Market Is Estimated To Be Valued At US$ 955.6 Mn In 2019 And Is Expected To Exhibit A CAGR Of 6.9% Over The Forecast Period Of 2019-2027, As Highlighted In A New Report Published By Coherent Market Insights.

A) Market Overview: IT Asset Management (ITAM) Software Refers To A Set Of Tools And Processes That Help Organizations Manage And Track Their IT Assets Throughout Their Lifecycle. These Assets Include Software, Hardware, Licenses, Contracts, And Other Digital And Non-Digital Entities. With The Increasing Complexity Of IT Infrastructure In Organizations, The Need For Effective Asset Management Has Become Crucial. ITAM Software Solutions Provide The Capability To Efficiently Track And Manage IT Assets, Optimize Asset Utilization, Streamline Procurement Processes, And Ensure Compliance With Regulatory Standards. These Solutions Find Applications Across Various Industries Including Healthcare, IT And Telecom, Retail, Manufacturing, And Government Sectors.

B) Market Dynamics: The Primary Drivers For The Growth Of The IT Asset Management (ITAM) Software Market Include The Rising Need For Effective Asset Management In Organizations And The Increasing Adoption Of Cloud-Based Solutions.

One Of The Major Drivers For The Market Is The Growing Need For Effective Asset Management In Organizations. As Organizations Continue To Expand Their IT Infrastructure, Managing And Tracking IT Assets Becomes Challenging. ITAM Software Solutions Offer Functionalities Such As Real-Time Asset Tracking, Maintenance Scheduling, Depreciation Tracking, And Contract Management, Which Help Organizations Effectively Manage Their IT Assets And Streamline Their Business Operations. Moreover, These Solutions Also Enable Organizations To Strategically Plan Their IT Asset Investments, Minimize Unauthorized Software Usage, Optimize Asset Utilization, And Improve Overall Operational Efficiency.

Another Driver For The Market Is The Increasing Adoption Of Cloud-Based Solutions. Cloud-Based ITAM Software Solutions Offer Several Advantages Over Traditional On-Premise Solutions, Such As Ease Of Deployment, Scalability, Flexibility, And Cost-Efficiency. These Solutions Enable Organizations To Access Their IT Asset Data From Anywhere, Anytime, And Across Multiple Devices. Moreover, Cloud-Based Solutions Also Offer Automated Updates, Data Backups, And Enhanced Security Measures, Which Further Contribute To Their Growing Adoption Among Enterprises.

C) Segment Analysis: The IT Asset Management (ITAM) Software Market Can Be Segmented Based On Deployment Type, Organization Size, And Industry Vertical. By Deployment Type, The Market Can Be Divided Into On-Premise And Cloud-Based Solutions. The Cloud-Based Segment Is Expected To Witness Significant Growth During The Forecast Period, Owing To The Aforementioned Benefits Of Cloud-Based Solutions. Based On Organization Size, The Market Can Be Categorized Into Small And Medium-Sized Enterprises (Smes) And Large Enterprises. The Smes Segment Is Expected To Grow At A Higher CAGR, Due To The Increasing Focus Of Small And Medium-Sized Enterprises On Digitization And Automation. On The Basis Of Industry Vertical, The Market Can Be Classified Into Healthcare, IT And Telecom, Retail, Manufacturing, Government, And Others. The Healthcare Industry Segment Is Anticipated To Dominate The Market, Owing To The Need For Effective Management Of IT Assets In Hospitals, Clinics, And Other Healthcare Facilities.

D) PEST Analysis: The Political Factors Affecting The IT Asset Management (ITAM) Software Market Include Government Regulations And Policies Related To Data Privacy And Security. Economic Factors Include The Growing Adoption Of Cloud-Based Solutions Owing To Their Cost-Efficiency And Scalability. Social Factors Include The Increasing Focus On IT Infrastructure Management And The Need For Effective IT Asset Management Across Industries. Technological Factors Include The Advancements In Technologies Such As Artificial Intelligence (AI) And Machine Learning (ML), Which Are Being Incorporated Into ITAM Software Solutions To Improve Functionalities And Enhance User Experience.

E) Key Takeaways:
– The Global IT Asset Management (ITAM) Software Market Is Expected To Witness High Growth, Exhibiting A CAGR Of 6.9% Over The Forecast Period, Due To Increasing Need For Effective Asset Management And The Rising Adoption Of Cloud-Based Solutions.
– North America Is Anticipated To Be The Fastest-Growing And Dominating Region, Owing To The Presence Of Major ITAM Software Providers And The Growing Demand For Efficient Asset Management Solutions In The Region.
– Key Players Operating In The Global IT Asset Management (ITAM) Software Market Include Snow Software, Hewlett Packard Enterprise Development LP, Oracle Corporation, BMC Software Inc., Aspera Technologies Inc., CA Technologies Inc., LANDESK Software, Broadcom Inc., Servicenow Inc., Flexera Software LLC, And Cherwell Software Inc. These Companies Are Focusing On Strategies Such As Mergers And Acquisitions, Partnerships, And Product Launches To Enhance Their Market Presence And Expand Their Customer Base.