Market Overview
Asset management software is a dedicated application used to track and record an asset throughout its life cycle, starting from procurement to disposal. It offers organization critical information regarding location of certain assets, who is using them, details about the assets, and how they are being utilized. The asset management software is used for management of both hardware and software assets. Asset management software is also called asset management tool. It provides various features such as vendor audit and policy compliance, optimization of costs for licensing, analyzing vendor performance, streamlining of procurement processes, and optimization of supplier portfolio. Asset management software offers various advantages such as maximum utilization and value of assets, service and asset management, proactive licensing compliance, etc.
The global IT asset management (ITAM) software market was valued US$ 955.6 Mn in 2019 and expected to grow at a CAGR of 6.9% over the forecasted period 2019-27.
Market Dynamics- Drivers
Growing trend of consolidation has led to requirement of establishing simplified and centralized IT operations and infrastructure, in order to attain success in business. Implementation of automation to a centralized IT environment allows constant monitoring of activities. Moreover, organization-wide centralization ITAM facilitates inventory visibility across the organization and helps in budgetary planning. It also provides information enabling advance planning for future asset requirements thereby capitalizing on existing asset utilization and minimizing unnecessary IT expenditures. Hence, these factors are expected to support growth of the market during the forecast period.
Asset inventory management enables an organization to record and track when equipment is procured, to what extent it has been utilized and whether there is a lease lapsing on the asset. Moreover, it is the same case with software where it is necessary to stay up-to-date regarding the latest software and OS. Asset management software identifies whether an unapproved or malicious software or hardware has been installed. It also allows managers to isolate any pertaining vulnerabilities and prevent major issues thereby ensuring compliance corporate security policies.
North America region dominated the global IT asset management (ITAM) software market in 2019, accounting for 30.5% share in terms of value, followed by Europe, Asia Pacific, Latin America, and Midde East and Africa respectively.
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Source: Coherent Market Insights
Market Dynamics- Restraints
Many organizations are struggling to minimize their operational costs. ITAM software enables them to track inventory and helps them terminate all the excess costs associated with IT expenses. However, initial installment cost of ITAM is significantly high, which is not affordable to small and medium-sized enterprises. Thus, many organizations are unwilling to adapt to ITAM software, which in turn, is expected to hinder the market growth in the near future.
Since SMEs often lack adequate financial support, they avoid implementing ITAM software. Apart from that, lack of understanding regarding ITAM solutions combined with varied perceptions over their capabilities is major reason SMEs are not adopting these solutions. Hence, these factors are expected to hinder the global IT asset management (ITAM) software market growth in the near future.
Market Opportunities
Volatility in economy and low awareness among organizations in these regions has impacted the regional market growth in the recent past. However, rising implementation of existing technologies and rising adoption of cloud-based solutions combined with strict regulatory policies has increased adoption of IT asset management (ITAM) software market.
A significant rise in number of connected smart devices has made challenging to track them. Many organizations are focused on finding methods to implement ITAM with BYOD. ITMA provides inventory information to a security system, which crucial in tracking and recording activity of connected devices.
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Source: Coherent Market Insights
Market Trends
It is difficult for any organization to minimize IT-related costs. Software leads to a major part of an organizations’ budget and unlike hardware, it is difficult to track and manage software. As a result, it often leads to overbuying and unnecessary investment. Moreover, organizations are understanding the true value of integration of IT service management (ITSM) and IT asset management (ITAM) processes and tools Furthermore, with this conjunction, an enterprise can drive down costs and lower the risk of license compliance violations while ensuring the smooth flow of business operations.
Key companies in the market are focused on launching ITAM-integrated robots, in order to enhance the market presence. For instance, in November 2015, Avotus Corporation, the provider of Intelligent Communications Management (ICM) solutions introduced its robot solution for ITAM. The Avotus ITAM robot constructs and monitors IT asset inventory. Online analytical processes (OLAP) are further used to develop configuration management database (CMDB) of all IT and telecom assets.
Segment information:
In global IT asset management (ITAM) software market, by enterprise size segment, the large enterprise, sub-segment dominated the global market in 2019, accounting for 64.0% share in terms of value, followed by SME.
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Source: Coherent Market Insights
Competitive Section
Key players operating in the global IT asset management (ITAM) software market are Snow Software, Hewlett Packard Enterprise Development LP, Oracle Corporation, BMC Software Inc., Aspera Technologies Inc., CA Technologies Inc., LANDESK Software, Broadcom Inc., ServiceNow Inc., Flexera Software LLC, and Cherwell Software Inc.
Key Developments
Frequently Asked Questions
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