IT Asset Management Software Market Research Report—Global Forecast till 2030

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 2030

ID: MRFR/ICT/0415-CR | October 2022 | Region: Global | 143 Pages         

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IT Asset Management Software Market

IT Asset Management Software market was valued at USD 5,927.10 million in 2021 and is expected to reach USD 11,878.84 million by 2030, with a CAGR rate of 8.07% during 2022–2030.
Market Size
CAGR
Dominating Region
Forecast Period
$11,878.84 million
8.07%
North America
2022-2030
Segmentation
By Component
By Deployment
By Size
  • Hardware
  • Software
  • Service
  • Cloud
  • On-Premise
  • Hybrid
  • BFSI
  • Retail
  • Aerospace & Defense
  • IT & Telecom
Companies Profiled
Key Players
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.)
Market Driving Forces
Drivers
Organization-wide centralization of IT asset management software catalyzes inventory visibility across the organization and also helps in budgetary planning
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IT Asset Management Software Market Overview


The global IT Asset Management Software market was valued at USD 5,927.10 million in 2021 and is expected to reach USD 11,878.84 million by 2030, with a CAGR rate of 8.07% during 2022–2030.


IT asset management (also known as ITAM) is the process of ensuring that an organization's assets are properly identified, installed, maintained, improved, and disposed of. Simply put, it is the process of ensuring that an organization's important assets, both actual and intangible, are recorded and employed. IT assets have a limited lifespan. The IT asset lifetime may be proactively managed to optimise the value a business can earn from them. Each business may define its own lifespan stages, although they commonly comprise planning, procurement, deployment, maintenance, and retirement. Applying procedure across all lifecycle stages to evaluate total cost of ownership and maximise asset utilisation is an important aspect of IT asset management. Previously, IT departments could govern assets inside their own area.


This study on the global IT Asset Management Software market provides detailed information on industry trends, market dynamics, market size, competitive landscape, and growth opportunities. This research report categorizes the global IT Asset Management Software market by component, organization size, deployment type, end user, tools, and region/country.


Based on component, the global IT Asset Management Software market has been segmented into Software (In-House Developed Software, Software Licenses (COTS)), Services (Professional Service, and Managed Services). The Software Licenses (COTS) segment dominated the market in 2021 and is estimated to remain the same during the review period, whereas the Managed Services segment is expected to register the highest CAGR during the forecast period from 2022 to 2030.


COVID-19 Analysis


Many industries vertical experienced significant barriers during the pandemic. Supply chain disruption, trade barriers, work from home. work with limited staff, were some of them. Many industries shut down due to the high impact on their operations and less demand. The industries such as manufacturing, oil & gas. automotive have been adversely impacted due to the unprecedented effects of the pandemic. However, the IT & telecom and BFSI industries were at their peak during the pandemic. The IT and telecom sector is facing tremendous problems owing to digital competition.an unpredictable economy, and a new generation of customers with precise information and high demands. In 2020, humanity saw another seismic shift in business priorities and operating environment. Lockdown and social distancing mandates across the world forced almost every industry to drastically reduce in person collaboration and invest in remote IT assets technology software. As a result, there is a higher demand for a more trained workforce, as well as advanced recruiting tactics.


Many industry verticals experienced significant barriers during the pandemic. Supply chain disruption, trade barriers, work from home, work with limited staff, were some of them. Many industries shut down due to the high impact on their operations and less demand. The industries such as manufacturing, oil & gas, automotive have been adversely impacted due to the unprecedented effects of the pandemic. The coronavirus crisis is forcing businesses to look at risk and their approaches to risk management differently. Amid rapid change and deep uncertainty, business-critical decisions have to be made in the coming weeks and months that will have long-lasting effects. Strategic asset management has a critical part to play in steering the right course.


IT Asset Management Software Market Dynamics


The rising demand for increasing Centralization and Automation In It Infrastructure is driving the growth for the global IT Asset Management Software market. The growing focus on cost, compliance, and security related to assets is fueling market growth. However, the rising adoption of cloud-based IT Asset management solutions and introduction of M2M AND IOT is hampering IT Asset Management Software Market growth.


IT Asset Management Software Market Drivers



  • Increasing Need For Centralization And Automation In It Infrastructure


The management of software is becoming a more important part of business strategies as organizations are investing a heavy portion of their IT budget toward it. Organizations are increasingly looking for software asset management solutions to manage and optimize IT assets, as well as to better grapple with the rapidly changing landscape. Over time, organizations purchase or subscribe to use several software licenses. In smaller businesses, it may be easier to monitor. However, in bigger businesses, there is a higher risk of scattered IT expenditure, duplicated licenses within an organization, under-licensing, and wasted money on forgotten licenses. No matter how big or small the organization, they can be a victim of these consequences without a software asset management strategy. 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.


IT Asset Management Software Market Opportunity



  • Rising Adoption Of Cloud-based IT Asset Management Solutions And Introduction Of M2M AND IOT


Most organizations are increasingly adopting On-Cloud-based models by distributing their computing resources across environments. On-Cloud-based software asset management has gained popularity as it provides flexibility, scalability, and low-cost benefits. It also helps organizations centrally analyze data generated from various locations and collect data from different software assets, making it easy to gather and analyze data. Owing to the transition to On-Cloud, software asset management providers such as Snow Software, IBM, and ServiceNow have launched software asset management Software-as-a-Service (SaaS) offerings to cater to the demand for SaaS across geographies.


The major factors that help within the growth of the IT Asset Management Software Market are the growing need for improving the productivity of the organization by deploying advanced technology to meet the business needs. Additionally, the reduced cost of software licensing by relocating non-utilized resources is predicted to fuel the expansion of the market. 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 On-Cloud-based solutions combined with stringent regulatory policies has increased the adoption of the IT asset management software market.


IT Asset Management Software Market Segmentation


The IT Asset Management Software Market has been segmented based on component, organization size, deployment type, end user, tools, and region.


Based on component, the global IT Asset Management Software market has been segmented into Software (In-House Developed Software, Software Licenses (COTS)), Services (Professional Service, and Managed Services).


By organization size, the IT Asset Management Software market has been segmented into SME and Large Enterprise.


Based on deployment type, the IT Asset Management Software market has been segmented into On-Cloud and On-Premises.


By end user, the IT Asset Management Software market has been segmented into Banking & Financial Service, Retail, Aerospace & Defense, IT & Telecom, Energy & Power, Automotive & Transportation, and Others


IT Asset Management Software Market Regional Analysis


Globally, the IT Asset Management Software market has been categorized into five different regions—North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America accounted for the largest market share, with a market value of USD 2,051.92 Million in 2020; it is expected to register a CAGR of 7.84% during the forecast period. Europe was the second-largest market in 2020, valued at USD 1,574.84 Million; it is projected to register CAGR of 8.13%. 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. North America has taken a significant lead in terms of both infrastructure development and technology adoption. A strong presence of large IT companies and rapid digitalization in the U.S. and Canada would particularly drive the regional market growth. The rising adoption of connected smart, and secure technologies for asset-centric applications is also expected to drive the growth of the market. IT Asset Management solutions are used in energy and utilities industries to ensure their infrastructure can meet diverse challenges. In addition, power generation companies are now finding alternatives and investing in renewable energy to meet sustainability requirements.  Thus, for operations management and inventory management, IT solutions are the key for better and smooth operations and smooth transition from conventional to renewable energy adoption.


Europe is expected to hold the second-highest market share during the forecast period. Factors such as high need to optimize software licensing cost and manage audits to meet compliance standards, and heavy industrialization in the past decade in various technologically matured countries like Germany, the U.K, and France are expected to drive the European IT Asset Management market. Moreover, the U.K dominates the IT asset management market in the European region. SAM solutions assist companies to reduce their overall software cost, improve compliance and enhance procedures for employee software requests. The companies’ ability to update, replace, or improve the whole skillset can become drastically impaired. Moreover, companies are facing challenges in terms of the increasing support and managing costs of these crucial assets, which may hamper the growth of the market.


GLOBAL IT ASSET MANAGEMENT SOFTWARE MARKET, BY REGION, 2020 (% SHARE)GLOBAL IT ASSET MANAGEMENT SOFTWARE MARKET, BY REGION, 2020 (% SHARE)Source: Industry Expert, Secondary Research, and MRFR Analysis


Asia Pacific Region to Bolster the IT Asset Management Software Market


Countries in the Asia-Pacific region are thriving when it comes to IT asset management. For instance, the Australian government’s National Innovation & Science Agenda promotes the uptake of new ideas in innovation and science. The demand for systems integration services is soaring in New Zealand. Enterprises in New Zealand are relying more on systems integrators, as they ramp up on efforts to modernize existing applications and move to the On-Cloud. In 2018, Tech Mahindra delivered three large Maximo On-Cloud Implementations in Asia-Pacific on IBM SaaS, Azure, and AWS. The company believes that customers prefer hosted solution as the next best option to on-premises solution. There are numerous functions performed by software asset management in companies including development of software portfolios, resource availability, IT infrastructures, and fulfilling the business objectives.


IT Asset Management Software Market Competitive Landscape


The global market for IT Asset Management Software has witnessed significant growth over the forecast period due to the growing digital content. There are several domestic, regional, and global players operating in the IT Asset Management Software market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the global IT Asset Management Software market who have contributed to the market growth. These include Freshworks Inc., BMC Software, Sysaid Technologies Ltd, Servicenow, Inc, Asset Panda LLC, Samanage Ltd, Microsoft Corporation, Flexera Software LLC, IBM Corporation, and HP Inc.


During the study, MRFR has analyzed some of the major players in the global IT Asset Management Software market who have contributed to the global IT Asset Management Software Industry growth.


IT Asset Management Software Market Key Players



Recent Developments



  • In April 2022, SysAid, a service automation company and leading provider of IT service management software has partnered with Oomnitza, a market leader in delivering Enterprise Technology Management (ETM) solutions.

  • In April 2022, Freshworks Inc., a software company empowering the people who power businesses announced that it has deepened its strategic partnership with Device42, the market leader in asset management, to give Freshservice customers enterprise-grade asset management for enhanced business continuity.

  • In March 2020, IBM announced new solutions with IT management software company, Flexera, and IBM Turbonomic Application Resource Management (ARM) to help organizations use automation to streamline IT asset management. The new solutions are aimed at helping businesses lower costs and automate the increasingly complex tasks of software license compliance and optimization.


Report Overview


This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2030. For this analysis, MRFR segmented the global IT Asset Management Software Market report based on component, organization size, deployment type, end user, tools, and region.


IT Asset Management Software Market By Component



  • Software (In-House Developed Software, Software Licenses (COTS))

  • Services (Professional Service, and Managed Services)


IT Asset Management Software Market By Organization Size



  • SME

  • Large Enterprise


IT Asset Management Software Market By Deployment Type



  • On-Cloud

  • On-Premises


IT Asset Management Software Market By End User



  • Banking & Financial Service

  • Retail

  • Aerospace & Defense

  • IT & Telecom

  • Energy & Power

  • Automotive & Transportation

  • Others



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 11,878.84 million
  CAGR   8.07%
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Component, end Users
  Geographies Covered   North America, Europe, Asia-Pacific
  Key Vendors   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.)
  Key Market Opportunities   A considerable rise in the number of connected smart devices has made it challenging to track them.
  Key Market Drivers   The growing trend of consolidation had led to the need for centralized and simplified IT operations and infrastructure to achieve a successful business.


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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 11,878.84 million in the assessment period.

The global IT Asset Management Software market will be gaining its prominence at a CAGR of 8.07% in the coming years.