IT Asset Management Software Market Size, Share, Growth, and Industry Analysis by Type (Cloud Based, On-Premise‎), by Application (Large Enterprise, SMEs), and Regional Forecast to 2032

Updated On: 06 May 2024

IT ASSET MANAGEMENT SOFTWARE MARKET REPORT OVERVIEW

global IT asset management software market size was USD 2254.4 million in 2021 and market is projected to touch USD 3364 million by 2028 at CAGR 5.8% during the forecast period.

IT asset management software is a type of inventory monitoring software that is designed for the needs of IT managers. It can track from one to millions of pieces of hard and soft technology assets. IT Asset Management (ITAM) software is a type of technology solution that is designed to help organizations manage and optimize their IT assets, including hardware, software, and cloud-based resources. ITAM software typically provides a centralized platform for tracking and monitoring IT assets throughout their entire lifecycle, from procurement and deployment to maintenance, usage, and retirement.

Organizations in a variety of industries, including BFSI, healthcare, and other sectors, are using cloud computing solutions to reduce their costs. Companies use cloud-based software to examine data on assets and inventory in real time from a consolidated view. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact:  Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

Use Of Innovative Products To Boost The Market Growth

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

IT ASSET MANAGEMENT SOFTWARE MARKET SEGMENTATION

• By Type Analysis

According to type, the market can be segmented into cloud based, on-premise

Cloud based will capture the maximum market share through forecast period.  

Cloud-based deployment: Software hosted remotely and accessed via the internet, offering scalability, flexibility, and reduced IT infrastructure requirements.

On-premises deployment: Software installed and managed within an organization’s internal infrastructure, providing direct control over data and systems.

• By Application Analysis

According to application, the market can be segmented into large enterprise, SMEs

IT asset management software market players cover segment as large enterprise will dominate the market share during forecast period.

Large Enterprise: Organizations with extensive operations and complex IT environments, requiring robust and customizable IT asset management solutions to manage diverse assets.

Small and Medium-sized Enterprises (SMEs): Organizations with limited scale and resources, often seeking cost-effective and scalable IT asset management solutions.

DRIVING FACTORS

Increased Complexity Of IT Environments To Boost The Market Growth

With businesses increasingly relying on a diverse mix of on-premise, cloud-based, and hybrid IT infrastructures, the complexity of managing these assets has grown. ITAM software helps organizations keep track of their assets across different environments. IT asset management and tracking systems are designed to decrease the amount of time and effort required to manage computer software and hardware.

Technological Advancement and Innovation To Upsurge The Market

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the IT asset management software market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Regulatory compliance requires businesses to have a clear understanding of their IT assets and how they are used. ITAM software helps in maintaining compliance with various regulations and reduces the risk of penalties.

RESTRAINING FACTOR

Data Privacy and Security Concerns To Hamper The Market Growth

Data security and privacy issues are brought up when private information about IT assets is kept in a centralised database. Managing and storing large amounts of data about IT assets can raise concerns about data privacy and security, especially in highly regulated industries. Technical difficulties will reduce the industry revenue.

IT ASSET MANAGEMENT SOFTWARE MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.

Asia Pacific to Dominate the Region Due To Strong Presence Of Large Number Of Manufacturers

Asia Pacific is further expected to witness growth in the IT asset management software market share. The region is dominating the market due to strong presence of large number of manufacturers, high demand for enterprise content management in emerging economies and increase in the demand for digitalization. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

Key Players Focus On Partnerships To Gain Competitive Advantage

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List Of Market Players Profiled

• Microsoft (U.S.)
• BMC Software (U.S.)
• IBM (U.S.)
• Symantec (U.S.)
• Micro Focus (U.K.)

INDUSTRIAL DEVELOPMENT

November 2022:  Microsoft Corp announced the Microsoft supply chain platform, which helps organizations maximize their supply chain data estate investment with an open approach, bringing the best of Microsoft AI, collaboration, low-code, security, and SaaS applications in a composable platform.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.