ID: MRFR/ICT/0415-HCR | February 2021 | Region: Global | 143 pages
Asset Management is indispensable for an organization to monitor its asset usage and to maintain the cost of purchases of assets. The software used to monitor IT-related assets in an organization is called IT asset management software. The IT asset comprises both software and hardware components. The IT asset management software has a major role in the growth strategy of an organization. It helps the senior management to make appropriate purchase decisions. IT asset management software industry is also referred to as IT inventory management as it involves gathering information on the hardware and software used in the enterprise.
The major factors that help in increasing the IT Asset Management Software Market size are the growing need for the productivity of major organizations. Also, the reduced cost of licensing software licensing by relocating non-utilized resources is expected to catalyze the growth of the market.
The impact of the coronavirus pandemic and the lockdown that followed is conspicuous in the financial markets. Every business has the battle to fight on both fronts – health and economic and will have to go through this time of forced recession. The global economic downtown has run down by 3 trillion dollars, but there are speculations that the IT Asset management software market report will be stable and recovering by the first quarter of the next financial year.
The only way out of this loophole of a pandemic is to strategize through the disruption. The traditional plan of strategizing is to evaluate strengths, weaknesses, opportunities, and threats, and then use this information to determine the steps to be taken further. To tackle the challenges posed by Covid-19, a different approach is required for strategy and planning. It needs to understand that only 4 key areas are essential for survival and recovery – Practice, Staff, Patients, and finance.
Increasing want for automation and centralization in IT infrastructure is expected to facilitate the growth of the IT Asset Management Software Market
The growing trend of consolidation had led to the need for centralized and simplified IT operations and infrastructure to achieve a successful business. Implementation of automation in a centralized IT environment allows constant monitoring of activities. Also, organization-wide centralization of IT asset management software catalyzes inventory visibility across the organization and also helps in budgetary planning. It also provides information regarding enabling planning for future asset management by capitalizing on current asset utilization and reducing unnecessary IT expenditures. Thus, these factors are expected to support growth during the IT Asset Management Software market forecast period.
Increased focus on compliance, cost, and security germane to assets is expected to spur the global IT asset management software market growth over the forecasted period
Asset inventory management helps an organization to track and record when equipment is procured – to what extent it has been used and whether there is a lease lapsing on the asset. Moreover, it is the same case with software where it is necessary to be updated regarding the latest OS and software. IT asset management software related to whether any unapproved hardware or software has been installed. It allows managers to isolate any relating vulnerabilities and avoid any major issues thereby ensuring compliance with corporate security policies.
Lucrative opportunities provided by emerging markets like MEA and Latin America
Volatility is low awareness and the economy amongst organizations in several regions has impacted the market growth in the regional market in the recent past. However, the rising execution of the past technologies and the rising acceptance of cloud-based solutions combined with stringent regulatory policies has increased the adoption of the IT asset management software market.
Introduction of M2M and IoT can provide major business opportunities for IT Asset Management software market opportunities for key players
A considerable rise in the number of connected smart devices has made it challenging to track them. Several organizations are focused on looking for methods to implement the IT Asset Management software market with BYOD. IT asset management services provide inventory information to a security system which is necessary for tracking and recording activities of connected devices.
High costs required for deployment are expected to be hindered under the global IT asset management software market growth over the forecasted period.
Several organizations are struggling to reduce their operational costs. IT asset management software helps to track inventory and terminate all the excess costs related to IT expenses. However, the initial installment cost of its Asset Management is very high which cannot be afforded by small and medium-sized organizations. Therefore, many enterprises are unwilling to adapt to IT Asset Management Software which will hinder the market growth shortly.
Low cognizance among the small and medium-size organizations is expected to hinder the growth of global IT Asset management software market analysis during the forecasted period.
Since small and medium enterprises usually lack enough financial support, they aver from implementing ITAM software. Apart from that, the lack of understanding about IT asset management solutions combined with varied perceptions over their capabilities is a major reason SMEs are not using these solutions.
Cumulative Growth Analysis:
Key companies in the IT asset management software market are focused on acquisitions and mergers to expand their market presence. Also, major players in the market are involved in acquisitions and mergers to gain a competitive advantage in the market.
In the corporate world, an asset is a part and parcel of a company's financial worth. Assets hold future benefits and economic value as they can generate cash flow. Thus, IT asset management is quintessential in today's tech world.
Based on the component:
Hardware: in the form of laptops, desktop computers, keyboards, printers, wi-fi routers, or any other physical devices used by a company. This type of asset is easy to keep track of.
Software: is represented by all the applications and files that are executed within a corporate network to achieve work-related purposes. It is the most confusing and hard to define part of IT asset management due to compliance issues and licensing requirements amongst other matters.
Based on Tools: The IT asset management software market is segmented into automated/discovery inventory, version management, license management, request management, digital asset management, and others.
Digital is a subtype of IT asset which consists of photos, videos, and other forms of digital data like scanned documents. While these are relatively simpler to record, they are highly sought after by malicious actors due to high confidentiality.
Based on deployment: The IT asset management software market is segmented into on-premise, hybrid, and cloud.
Cloud is the most elusive kind of IT asset. But despite its impalpable nature, it can replace the need for hardware components or licenses in IT asset management thus making the task of your network admins more straightforward.
The global IT Asset management software market is expected to grow at a significant rate during the forecasted period because of the higher demand for secure and faster storage devices. The geographical analysis of the IT asset management software market marks the study for regions like Europe, North America, Asia Pacific, Australia, New Zealand, Russia, Middle East, South America, and Africa.
At present, the IT asset management software market is highly dominated by North America due to high investment in technology, looking after the needs of lifecycle management of complex software, and stringent laws and regulations about the purchasing of assets. These factors motivate the organizations to adopt a technology that can decrease the variable cost of purchases and also maintain balance by having a record of demand and supply.
IT Asset Management Software Market Key Players/ Competitive landscape:
Some of the major players in the global IT 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.)
IBM Corporation (U.S.)
IT Asset Management Software trends/ Recent developments:
The growing integration of ITSM and ITAM software:
With this merger, an organization can reduce the costs and risk of license compliance violations while ensuring the smooth flow of business operations.
This study encompasses the regional and global markets with an in-depth analysis of the overall growth prospects of the market. It also sheds light on the comprehensive competitive landscape of the global market. It further offers a dashboard overview of the key companies encompassing their market contribution, strategies, and recent developments in both present and historic context.
Frequently Asked Questions (FAQ) :
Freshworks Inc. (U.S.), BMC Software (U.S.), SysAid Technologies Ltd (Israel), ServiceNow, Inc (U.S.), Asset Panda (U.S.) are the top market players being influential to the market’s growth.
The global IT Asset Management Software market will be growing significantly in the forecast period for having a higher demand for faster and secure storage devices.
North America is the region that is going to score the largest market share for having high investment in technology.
The global IT Asset Management Software market will be recording a valuation of USD 3 Billion in the assessment period.
The global IT Asset Management Software market will be gaining its prominence at a CAGR of 16.02% in the coming years.