by IT Asset Management (ITAM) software efficiently track hardware and system details, contract and license information of organizations. The software provide centralized dashboard for IT departments to gain real-time visibility into all IT assets across different locations, manage software licenses, perform hardware and software audits and optimize asset investments. The global IT Asset Management (ITAM) software Market is estimated to be valued at US$ 6907.57 Mn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for tracking IT assets across diverse locations and departments along with need for optimization of existing assets across organizations has been driving the adoption of ITAM software. Use of AI and analytics in ITAM solutions is allowing organizations to gain deeper insights into asset usage patterns and predict failures. ITAM vendors have been actively incorporating capabilities like predictive maintenance, configuration management and automated software discovery in their solutions to provide more value to clients. This has elevated the demand for advanced ITAM software amid organisations. Growing preference for cloud-based SAAS ITAM solutions due to advantages like easy deployment, updates and scalability is another key trend expected to fuel the market growth over the coming years.
SWOT Analysis
Strength: ITAM software helps organizations to manage and optimize the entire IT asset lifecycle including procurement, deployment, maintenance and disposal of assets. This helps in cost reduction and improved productivity.
Weakness: Implementation of ITAM solutions requires changes to existing business processes which causes resistance to change from employees. High initial investment and training costs associated with ITAM adoption can be prohibitive for small organizations.
Opportunity: Growing digitization across industries is increasing the volume and complexity of IT assets. This creates demand for ITAM solutions to manage assets more efficiently. Adoption of cloud, IoT and mobile technologies is expanding the purview of assets that need to be managed using ITAM.
Threats: Open source and low-cost ITAM alternatives pose pricing pressure on established vendors. Lack of integration capabilities of some point solutions limits their effectiveness for managing diverse assets. Cyber threats can compromise the security of asset data in ITAM platforms.
Key Takeaways
The Global IT Asset Management (ITAM) Software Market Size is expected to witness high growth.
Regional Analysis: North America dominates the market currently due to high technology adoption rate and presence of major players. Growing digitization of enterprises across industries in Asia Pacific is a key factor driving the demand for ITAM solutions in the region.
Key players operating in the IT Asset Management 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. Strategic partnerships for product integrations and acquisitions for tech upgrades are common in this market.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
