IT Asset Inventory Management Market Size, Share, Growth, and Industry Growth, By Type (Cloud-Based and On-Premises), By Application [Large Enterprises and Small and Medium Enterprises (SMEs)], Regional Forecast (2022-2028)

REPORT OVERVIEW

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The global IT asset inventory management market size was USD 2.254 billion in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with IT asset inventory management experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 3.364 billion by 2028, exhibiting a CAGR of 5.8% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

IT asset inventory management (ITAM), in IT refers to tools and processes that are needed to keep records for all software and hardware within any organization. One of the main functions of IT asset management is to scan all the assets in the network. It is one of the foundations for cybersecurity in any organization. It lays a foundation for a robust, strong, and efficient security model. It facilitates making key such decisions regarding risk posture and ensures that asset portfolio is covered to assess. It provides various features and benefits such as policy compliance, optimization of licensing costs and supplier portfolio, reformation of procurement, and vendor audit 

Market growth for IT asset inventory management is being driven due to growing needs for a centralized and automated IT infrastructure. Growing focus on compliance, cost, security of assets is expected to propel the growth for the market. Increasing and growing integration of ITSM (IT service management) and ITAM (IT asset management) software is projected to drive demand. One of the major fueling factors for the market growth is the introduction of ITAM solutions to develop configuration management databases for IT assets. Profitable opportunities offered by various emerging regional markets for the service is expected to drive service demand and propel market growth.  

COVID-19 Impact: Need to Have a Centralized IT Infrastructure During Pandemic to Support Market Growth

The effects of the COVID-19 pandemic are already being felt on a global level, the IT asset inventory management market was considerably influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. Outbreak of the COVID-19 pandemic positively influenced the demand for IT asset inventory management as many organizations adopted such services. Need to have a centralized IT infrastructure created demand during the pandemic which supported the growth for the market. Due to lockdown rules and regulations.

LATEST TRENDS

"Introduction of Various Technologies to Inflate Market Development"

The global IT asset inventory management market growth is intended to progress owing to the lucrative opportunities offered by evolving markets. Introduction of Internet of Things (IoT) and M2M can offer major business opportunities for the market. Introduction of IATM robot solutions is one of the major trends that is anticipated to fuel market growth. Prominent market players have been focusing on introducing IATM-integrated robots to enhance their market presence. IATM-integrated robots help in construction and monitoring of IT asset inventory. Online analytical processes which are used to develop configuration management databases. Such integration of new technologies in IT asset inventory management is estimated to pose prospects for market growth during the forecast period.

SEGMENTATION

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• By Type

Based on type; the market is divided into cloud-based and on-premises.

Cloud-based is expected to be the leading part of the type segment.  

• By Application

Based on application; the market is divided into small and medium enterprises (SMES) and large enterprises.

Large enterprises are expected to be the leading part of the application segment.  

DRIVING FACTORS

"Increasing Need for Centralization in IT Infrastructure to Boost Market Growth "

Increasing need for centralization and automation of IT infrastructure is projected to drive IT asset inventory management market growth. Growing need to have centralized and simplified IT operations and IT infrastructure. Implementation of a centralized IT infrastructure and environment allows monitoring of various activities. It also provides information that enables advanced planning for future requirements of assets. It also provides capitalization on current asset utilization and minimization of unnecessary IT expenditures. Such need for centralization and automation of IT infrastructure are anticipated to provide lucrative opportunities for IT asset inventory management.  

"Focus on Compliance and Security to Magnify Product Demand"

Preference for IT asset inventory management is driven due to growing focus on compliance, security, and cost. Asset inventory management helps organizations to track IT equipment, usage, and lease lapsing of the asset. It helps in identifying malicious, unapproved, or if any hardware is installed which is expected to create demand for the IT asset inventory management market growth. It allows managers to prevent major issues by ensuring the compliance of corporate policies with security and safety.

RESTRAINING FACTORS

"High Costs of the Software to Impede Service Demand "

There are a number of factors that can impel the growth of the IT asset inventory management market. Restraining factors such as high cost of buying and installing can cause hindrance in market growth. Cost of installation is high which is not affordable by every organization. Due to which many organizations are unwilling to adapt ITAM software which is expected to restrict and limit the market growth.

REGIONAL INSIGHTS

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"North America to Lead the Market Share Owing to Increasing Adoption of IATM"

North America holds the largest part in the global IT asset inventory management market share owing to increasing adoption of IATM software. Increasing number of large organizations in the region is expected to drive service demand in the region. Need for a centralized and automated IT infrastructure in large scaled organizations is estimated to generate lucrative opportunities in the market. Presence of majority market players is predicted to drive market growth. Organizations in the region require cost, security, and compliance is expected to propel the growth in the region. Increasing importance of ITSM (IT service management) and ITAM (IT asset management) software is anticipated to drive market growth in the region.  

KEY INDUSTRY PLAYERS

"Market Players to Boost Market Growth"

The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• SolarWinds (U.S.)
• Infor (U.S.)
• IBM (U.S.)
• SAP (Germany)
• Oracle (U.S.)
• Avantis (U.S.)
• ManageEngine (India)
• Flexera Software (U.S.)
• EZOfficeInventory (U.S.)
• Sunbird Software (U.S.)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.