June 16, 2024
IT Asset Management Software Market

IT Asset Management Software Market Propelled by leveraging cloud-based technologies

IT asset management (ITAM) software assists organizations across industries manage their IT assets effectively by providing real-time visibility into hardware and software assets. The software helps monitor IT assets throughout their lifecycle from procurement to deployment, usage, and maintenance to disposal. This offers benefits like optimized procurement, reduced costs of maintaining assets, greater visibility into license compliance, and ensuring business continuity.

The global IT asset management software market is estimated to be valued at US$ 7,957.53 billion in 2024 and is expected to exhibit a CAGR of 25% over the forecast period from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

ITAM software allows organizations to maintain an up-to-date asset inventory and track unique asset details, location, purchase records, warranties, licenses, and more from a centralized platform. This enables organizations to quickly locate assets, monitor usage and licenses, plan upgrades/replacements, and repurpose old assets. The software streamlines asset lifecycle management and helps reduce costs associated with over-procurement, non-compliance of licenses, and repair/maintenance of unauthorized or unmanaged assets. With global connectivity and workforce mobility trends, ITAM solutions ensure smooth operations and business continuity by empowering flexible and remote access to vital IT infrastructure and resources.

Market key trends:
One of the key trends in the ITAM software market is the rise of SaaS-based solutions. More organizations are adopting cloud-hosted or software-as-a-service (SaaS) based ITAM solutions as these do not require large upfront capital investments and ongoing on-premise maintenance. The SaaS model offers advantages like lower total cost of ownership, instant updates and upgrades, scalability, easy remote access, and better collaboration. Vendors are also enhancing their offerings with predictive analytics, AI, IoT and blockchain-powered capabilities to provide deeper insights into asset performance and help organizations make proactive, data-driven decisions. This is expected to further fuel the demand for advanced ITAM software.

Porter’s Analysis
Threat of new entrants: The ITAM software market is niche and has considerable barriers for new entrants to acquire the required technology, resources and expertise.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various vendors providing ITAM solutions.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are multiple solution providers.

Threat of new substitutes: There is low threat of substitution as ITAM software integrates with other IT solutions very well compared to alternatives.

Competitive rivalry: The ITAM software market is competitive with concentration of few large players.

Key Takeaways
The Global IT Asset Management (ITAM) Software Market Size is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis: Asia Pacific is expected to witness the fastest growth during the forecast period supported by increasing investments in cloud computing technologies across organizations in countries such as China and India.

Key players: Key players operating in the IT Asset Management (ITAM) 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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it