IT asset management (ITAM) software enables organizations to optimize technology usage, reduce procurement and maintenance costs, and extend useful life cycles. ITAM solutions help track software licenses, monitor hardware and software usage, and facilitate decision-making regarding technology refreshes or upgrades. The software finds applications across industries to manage diverse technology assets employed within complex IT environments and remote teams. ITAM solutions integrated with cloud-based platforms allow centralized monitoring and management of all assets from any location.
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 6.9%over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growing adoption of cloud computing is expected to power the demand for ITAM software during the forecast period. Cloud environments require robust yet flexible solutions to track a variety of dynamic assets leased on subscription models. ITAM software integrated with cloud platforms provides visibility and optimizes cloud spending. Additionally, the increasing deployment of Bring Your Own Device (BYOD) policy across corporate sectors has augmented asset management complexities for IT teams. Advanced ITAM solutions automate processes to streamline management of personal devices accessing internal networks and business applications. They facilitate compliance with security protocols and license contracts from a centralized portal. These factors are anticipated to boost the ITAM software market expansion over the forecast period.
Segment Analysis
The IT asset management software market is segmented based on organization size into large enterprises and small and medium enterprises. The large enterprises segment dominates the market and accounts for around 62% share due to the high adoption of ITAM solutions to manage complex IT infrastructure in large corporations. The small and medium enterprises segment is expected to grow at a higher CAGR during the forecast period due to the increasing awareness about the benefits of ITAM tools, such as reduced costs and improved IT operations, among SMEs.
PEST Analysis
Political: Changes in data protection laws and regulations across countries are driving organizations to carefully track and manage IT assets containing sensitive data.
Economic: Reduced IT budgets during economic slowdowns increase focus on efficient utilization of existing IT assets using management software.
Social: BYOD and work from anywhere trends increase need for IT asset optimization and security through constant monitoring.
Technological: Advancements in technologies like AI, IoT, blockchain are helping ITAM tools offer enhanced capabilities around predictive analytics, asset life cycle tracking.
Key Takeaways
The Global IT Asset Management Software Market Size is expected to reach US$ 9,783.21 Mn by 2030, expanding at a CAGR of 6.9%during the forecast period.
North America dominates the market currently due to heavy investments in IT infrastructure by organizations in the region. The ITAM market in the Asia Pacific region is expected to witness the highest growth during the forecast period. Factors such as growing digitization, increasing number of startups, and improving IT budgets in major APAC economies like China and India are fueling the demand for ITAM solutions in the region.
Key players operating in the IT asset management software are Belden Inc., Alpha Wire, General Cable Corporation, L-Com Global Connectivity, LS Cable & System, Southwire, TE Connectivity Ltd, Nexans S.A., Amphenol Corporation, and Coleman Cable Inc. These players are focused on new product development, mergers & acquisitions and digital transformations to gain higher market shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
