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IT Asset Management Software Market Size, Share, Opportunities, Growth Analysis, Trends, Business Revenue, Key Players and Impact of COVID

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Market Highlights

Asset Management is essential for an organization for the maintenance of the cost of purchases of assets and for monitoring their asset usage. Software used for monitoring IT-related assets in an enterprise is referred to as IT asset management software. IT asset management software plays a vital role in the growth strategy of the organization. It aids the decision-makers of an organization with accurate decision-making when it comes to purchasing assets. IT asset management is also denoted as IT inventory management as it mainly inculcates the collection of information, regarding hardware and software that are used in an organization.

The IT assets include the hardware component as well as the software component. IT asset management software has a prominent role in the growth strategy of an enterprise. It helps the senior level management to make accurate purchase decisions. IT asset management is also referred to as IT inventory management as it largely involves the collection of information, regarding hardware and software used in an organization.

The IT asset management software market is expected to proliferate at a fast pace during the forecast period. Such ascension is recorded to take place at a lucrative CAGR of 8% during the forecast period. Such speedy growth of the global IT asset management software market is attributable to the ascending need for the augmentation of productivity of the organization through the deployment of advanced technology for meeting business needs. Also, a reduction in the cost of software licensing through the relocation of non-utilized resources is also predicted to fuel the growth of the global IT asset management software market. IT asset management can be considered as hardware asset management, digital asset management, as well as software asset management.

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Key Players

Some noteworthy players in the global IT asset management software market include Freshworks Inc. (U.S.), BMC Software (U.S.), SysAid Technologies Ltd (Israel), ServiceNow, Inc (U.S.), Asset Panda (U.S.), Samanage Ltd (U.S.), Microsoft Corporation (U.S.), Wasp Barcode Technologies (U.S.), IBM Corporation (U.S.), HP, Inc (U.S.), Oracle Corporation (U.S.), Landesk Software (U.S.), CA Technologies (U.S.).

Segmentation:

The IT asset management software market trends studied for an array of segments that are based on component, tools, organization size, end-user, deployment, and region. Based on component, the global IT asset management software market is segmented into software, hardware, and services. The software segment is sub-segmented into software licenses (COTS) and in-house developed software. The services segment is further segmented into professional services and managed services. The professional services segment is sub-segmented into consulting services, and maintenance and support services.

Based on organization size, the global IT asset management software market is analyzed for the segments of small and medium enterprise, and large enterprise. Based on tools, the market segments include discovery/automated inventory, license management, patch & version management, request management, product/service catalog, and digital asset management.

Based on end-users, the global IT asset management software market is segmented into banking & financial service, retail, aerospace & defense, IT & telecom, energy & power, automotive & transportation. Based on deployment, the global market for IT asset management software is segmented into on cloud, on-premise and hybrid.

Detailed Regional Analysis

On the basis of geography, the market is studied for North America, Europe, Asia Pacific, and rest of the world. Among the regions mentioned above, at present, the market is highly dominated by North America due to the high investment in technology, catering the need of lifecycle management of complex software, and strict laws and regulations. These encourage the enterprises to adopt technology to reduce variable cost of purchases and also maintain l balance by having a record of demand and supply.

On the other hand, Asia Pacific is expected to show the highest growth in the market. This is due to the emergence of organizations in manufacturing, software development wherein there is a need for monitoring the assets of the enterprises that are being deployed on a higher scale. In addition to the substantial presence of industries, the region has seen an increase in the adoption of cloud services. The manufacturers in Asia Pacific are becoming more and more advanced by deploying newer technologies to monitor and improve their efficiency.

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Global IT Asset Management Software Market: Component (Hardware, Software, Service), Deployment (Cloud, On-Premise, Hybrid), Tools, Organization Size (SME, Large Enterprise), End-User (BFSI, Retail, Aerospace & Defense, IT & Telecom) – Forecast till 2023

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