Impact of COVID-19 on the Global IT Asset Management Software Market
The COVID-19 virus is spreading across the world. The declaration of the coronavirus as a pandemic has significantly impacted businesses. The precautionary measures taken by the governments for the people to stay at home around the globe has forced small as well as large enterprises to adopt remote work policies and allow the employees to work from home. IT asset management software plays a very important role in such situations. Asset management is essential for firms to monitor the usage of assets and maintain the purchase cost of the asset. The software which is used to monitor IT-related assets in a business is referred to as IT asset management software. IT asset management software has helped in the purchase decisions of a large number of hardware components within organizations during the coronavirus. The software, as well as hardware components, are considered as the IT assets. According to the MRF analysis, more than 50% of the employees are working from home during the lockdown period. This shift in the working methods has had a significant impact on the IT infrastructure and has also affected the market growth. There has been a massive surge in software and hardware deployment and relocation during this shift. The emergency of using millions of new remote devices on-line along with the need to track, monitor, procure, and deploy hardware assets has become more complicated than ever.
The primary factor driving the market is the increasing need for enhancing organizational productivity by deploying advanced technologies to meet the needs of the businesses. Data storage vendors have introduced data storage technologies such as simple data protection software for free, to help employees in keeping their data safe during the COVID-19 outbreak. Few of these free data-storage software are for short-term use, while others are expected to have a long-lasting impact on organizations.
North America is a leading region in the IT asset management software market owing to the high investments in the latest technologies, strict regulations and laws associated with the purchase of assets, and the need to cater to the lifecycle management of complex software. The factors contributing to the growth of the regional market are expected to encourage businesses to adopt a technology that can help in keeping a record of supply and demand as well as decrease the variable costs of purchases. Thus, IT asset management software is expected to maintain inventory accuracy while increasing business productivity. During the pandemic, IT asset management software are expected to manage scaled software license consumption and large-scale hardware deployments for remote work and assets.