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IT Asset Management Software Market Trends

ID: MRFR//0415-CR | 143 Pages | Author: Ankit Gupta| June 2023

IT Asset Management Software Market Overview

IT Asset Management Software Market Size was valued at USD 6881.3 million in 2023. The IT Asset Management Software market industry is projected to grow from USD 7422.2 Million in 2024 to USD 13968.6 million by 2032, exhibiting a compound annual growth rate (CAGR) of 8.22% during the forecast period (2024 - 2032). IT Asset Management Software Growing focus on cost, compliance, and security related to assets and increasing need for centralization and automation in it infrastructure are the key market drivers boosting the growth of the IT Asset Management Software market.  


IT Asset Management Software Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

  • IT Asset Management Software Market Trends

The increasing need for centralization and automation in it infrastructure is expected to drive market growth.

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 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 is, 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. 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.

IT Asset Management Software Market Platform Segment Insights

IT Asset Management Software Components Insights

Based on components, the IT Asset Management Software Market segmentation includes hardware, software, and service. The software held the majority share in 2022, contributing around ~65% to the market revenue. Software Asset Management (SAM) is a practice that involves managing and optimizing the purchase, deployment, maintenance, utilization, and disposal of software applications within an organization. This helps an organization reduce software costs, improve compliance, and develop processes for employee requests. The enterprise must address the BYOD strategy during SAM implementation, as it allows software license access from personal devices. It is increasing Internet and Mobile operation. Due to the cost and operational benefits, the BFSI industry is the major adopter of On-Cloud. 40–50 percent of the customers globally use the internet and mobile for BFSI-related transactions. The enterprise needs to plan and communicate the strategy before implementing SAM. BMC Software and ServiceNow are the best-in-class vendors for Software Asset Management solutions. Structure SAM includes every aspect of acquiring IT assets, which starts from the initial request, selection, deployment, training, and support services for the end-user. Enables control and accountability for spending and standards.

IT Asset Management Software Organization Size Insights

Based on the organization size, the IT Asset Management Software Market segmentation is SME and Large Enterprises. Large Enterprises dominated the market in 2022. Large enterprises can make huge investments in high-end software to increase productivity in the company. A SAM tool will be required for larger enterprises. Manual processes may be automated, accelerated, and improved using a software asset management tool. Moreover, software asset management helps organizations across various verticals effectively improve the performance and agility of their IT assets. There is a growing usage of IT Asset Management Software and services for handling and tackling issues, including security, corporate restructuring, and open standard-based interfaces. This software and services increase storage needs. Large enterprises use software asset management solutions for license management, software discovery, optimization, and metering.



Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

IT Asset Management Software Deployment Insights

Based on the deployment, the IT Asset Management Software Market segmentation includes on-cloud and on-premise. Cloud dominated the market in 2022. The On-Cloud segment is expected to hold a higher market share as organizations across various regions are rapidly adopting On-Cloud for digital transformation. Asset management is becoming easier due to advancements in On-Cloud. It has tremendous potential to add value and help companies reduce costs and improve operational efficiency. With the introduction of SaaS applications, options for reducing the total cost of ownership have dramatically increased. On-Cloud enables shorter implementation schedules, a shift from CAPEX to OPEX, and decentralized control. VMware CEO has pointed out three laws that may make a case for the hybrid On-Cloud future: economics, physics, and data sovereignty.

IT Asset Management Software End-User Insights

Based on end-user, the IT Asset Management Software Market segmentation includes BFSI, retail, aerospace & defense, IT & telecom. The BFSI owners held the majority share in 2022. Banks need help with tracking ATMs & other assets and ATM deployment issues on different sites. Need help tracking finance-related information and depreciation reports. This drives IT banking asset management software that eliminates issues in the banking industry. IT asset management provides data analytics for each asset individually. It helps keep track of asset performance and can enhance asset performance with analytics. Assets in the banking sector are very crucial for running daily operations. If these assets do not work or failure occurs, it might lead to a delay in work operation.

IT Asset Management Software Tool Insights

Based on the tool, the IT Asset Management Software Market segmentation includes discovery/ automated inventory, license management, patch & version management, request management, product/service catalog, and digital asset management. The digital asset management owners held the majority share in 2022. A digital asset management solution is a software and systems solution that systematically stores, organizes, manages, retrieves, and distributes an organization’s digital assets. Digital Asset Management (DAM) can refer to both a business process and a form of information management technology or a digital asset management system. DAM functionality helps many organizations create a centralized place where they can access their media assets.

IT Asset Management Software Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American IT, Asset Management Software market accounted for ~37% market share in 2022 and is expected to exhibit a significant CAGR growth during the study period. Due to high investment in technology, they are looking after the needs of complex software lifecycle management and stringent laws and regulations about the purchasing of assets. These factors motivate organizations to adopt a technology that can decrease the variable cost of purchases and maintain balance by having a record of demand and supply. North America has taken a significant lead in infrastructure development and technology adoption. A strong presence of large IT companies and rapid digitalization in the U.S. and Canada would particularly drive regional market growth. The rising adoption of connected smart, and secure technologies for asset-centric applications is also expected to drive the market’s growth.



Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil. 

European marketing platform market accounts for the second-largest market share. Factors such as the high need to optimize software licensing costs 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. 

The Asia-Pacific IT Asset Management Software Market is expected to grow at the fastest CAGR between 2022 and 2032. There are numerous functions performed by software asset management in companies, including developing software portfolios, resource availability, IT infrastructures, and fulfilling business objectives. Several companies implement IT asset programs, particularly to balance the number of software licenses a company has with the number of actual licenses used.

IT Asset Management Software Key Market Players & Competitive Insights

With a strong presence across different verticals and geographies, the IT Asset Management Software market is highly competitive and dominated by established, pure-play vendors. Over 30 vendors cater to this market, and they continually innovate their solutions to meet the evolving needs of businesses by adopting new technologies. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The IT Asset Management Software market is highly competitive, with many vendors offering similar products and services.

The major players in the market include Freshworks Inc, BMC Software, Servicenow, Inc, and others. Freshworks was launching products in a marketplace dominated by large incumbents and aimed to achieve an ambitious mission to serve companies of all sizes, including the often hard-to-crack SMB segment. Since its launch, Freshworks used Google Search advertising to build a customer base in mature markets across the US and Europe. With a unique global inside-sales model that lowered the company’s cost of selling, Freshworks could put more into its digital marketing budget and improve the customer onboarding experience.

The IT Asset Management Software Market is a consolidated market due to increasing competition, acquisitions, mergers and other strategic market developments and decisions to improve operational effectiveness.

Key Companies in the IT Asset Management Software market include

  • Freshworks Inc.

  • BMC Software

  • SysAid Technologies Ltd

  • ServiceNow, Inc

  • Asset Panda Llc

  • Samanage Ltd

  • Microsoft Corporation

  • Flexera Software LLC

  • IBM Corporation

  • HP Inc

IT Asset Management Software Industry Developments

  • 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 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. The partnership will provide customers looking to go beyond basic IT asset management (ITAM) capabilities with a holistic ETM practice that elevates IT service management and delivery supported by automation at scale.

IT Asset Management Software Market Segmentation

IT Asset Management Software Platform- Component Outlook

  • Hardware

  • Software

  • Service

IT Asset Management Software Deployment Outlook

  • On-Cloud

  • On-Premise

IT Asset Management Software Organization Size Outlook

  • SME

  • Large Enterprise

IT Asset Management Software End-User Outlook

  • BFSI

  • Retail

  • Aerospace & Defense

  • IT & Telecom

IT Asset Management Software Tools Outlook

  • Discovery/ Automated Inventory

  • License Management

  • Patch & Version Management

  • Request Management

  • Product/Service Catalog

  • Digital Asset Management

  • Others

IT Asset Management Software Regional Outlook

  • North America

    • US

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • UK

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East & Africa

    • Latin America

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