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Market Insight- Global IT Asset Management (ITAM) Software Market

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

  1. Increasing need for centralization and automation in IT infrastructure is expected to drive growth of the global IT asset management (ITAM) software market during the forecast period

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.

  1. Growing focus on cost, compliance, and security related to assets is expected to propel the global IT asset management (ITAM) software market growth over 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.

IT Asset Management (ITAM) software  | Coherent Market Insights

Source: Coherent Market Insights

Market Dynamics- Restraints

  1. High costs required for deployment is expected to hinder the global IT asset management (ITAM) software market growth over the forecast period

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.

  1. Low awareness among small and medium-sized enterprises (SMEs) is expected to restrain growth of the global IT asset management (ITAM) software market during the forecast period

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

  1. Lucrative opportunities offered by emerging markets such as MEA and Latin America

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.

  1. Advent of IoT and M2M can provide major business opportunities for market players

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.

IT Asset Management (ITAM) software  | Coherent Market Insights

Source: Coherent Market Insights

Market Trends

  1. Growing integration of ITAM and ITSM software is a new trend in the market

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.

  1. Introduction of ITAM robot solution is another major trend in the market

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.

IT Asset Management (ITAM) software  | Coherent Market Insights

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

  1. Key companies in the market are focused on mergers and acquisitions, in order to expand their market presence. For instance, in December 2019, Snow Software, a Sweden-based information technology company, acquired Embotics, a hybrid cloud management company.
  2. Major players in the market are involved in mergers and acquisitions, in order to gain a competitive advantage in the market. For instance, in August 2019, Hewlett Packard Enterprise Development LP acquired the business assets of MapR, a U.S.-based business software company.

Asset management software is a dedicated application used to track and record an asset throughout its life cycle, starting from procurement to disposal. The asset management software is used for management of both hardware and software assets. Asset management software is also called asset management tool. This includes a record of asset from its procurement to its disposal. In other words, it is a set of processes that enables a company to understand information regarding asset usage, location, and performance to take proper decisions at every phase of lifecycle. With ITAM software, an organization can manage its IT inventory efficiently and effectively at affordable cost and with enhanced productivity 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.

Market Dynamics

Increasing need for centralization and automation in IT infrastructure to reduce the operation and IT assets cost is expected to drive the global IT asset management (ITAM) software market in the forecast period. 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. 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. It also provides information enabling advance planning for future asset requirements thereby capitalizing on existing asset utilization and minimizing unnecessary IT expenditures. It also allows managers to isolate any pertaining vulnerabilities and prevent major issues thereby ensuring compliance corporate security policies. Thus increasing 

Market Taxonomy

This report segments the global IT asset management (ITAM) software market on the basis of Company Size, Deployment, End-use Sector and region. On the basis of Enterprise Size, global IT asset management (ITAM) software market is segmented into SME, Large Enterprise. On the basis of Deployment, the global IT asset management (ITAM) software market is segmented into On Premise, Cloud and Hybrid. On the basis of End-use Sector, the global IT asset management (ITAM) software market is segmented into BFSI, Telecom and IT, Healthcare, Transportation, Government, Energy and Utilities and Manufacturing. On the basis of region, global IT asset management (ITAM) software market is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.

Key features of the study:

  • This report provides an in-depth analysis of the global IT asset management (ITAM) software market and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2019-2027), considering 2018 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global IT asset management (ITAM) software market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the global IT asset management (ITAM) software market includes 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.
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
  • The global IT asset management (ITAM) software market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global IT asset management (ITAM) software market.

Detailed Segmentation:

  • Global IT Asset Management (ITAM) Software Market, By Enterprise Size:
    • SME
    • Large Enterprise
  • Global IT Asset Management (ITAM) Software Market, By Deployment:
    • On Premise
    • Cloud
    • Hybrid
  • Global IT Asset Management (ITAM) Software Market, By End-use Sector:
    • BFSI
    • Telecom and IT
    • Healthcare
    • Transportation
    • Government
    • Energy and Utilities
    • Manufacturing
  • Global IT Asset Management (ITAM) Software Market, By Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
  • Company Profiles
    • Snow Software*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • 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
    • Cherwell Software Inc.

*Browse all the market data tables and figures on “Global IT Asset Management (ITAM) Software Market- Forecast to 2027”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Enterprise Size
      • Market Snippet, By Deployment
      • Market Snippet, By End-use Sector
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. Global IT Asset Management (ITAM) Software Market, By Enterprise Size, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • SME
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Large Enterprise
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  5. Global IT Asset Management (ITAM) Software Market, By Deployment, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • On Premise
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Cloud
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Hybrid
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
  6. Global IT Asset Management (ITAM) Software Market, By End-use Sector, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • BFSI
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Telecom and IT
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Healthcare
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Transportation
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Government
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Energy and Utilities
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Manufacturing
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
  7. Global IT Asset Management (ITAM) Software Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Enterprise Size, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Deployment, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-use Sector, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Enterprise Size, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Deployment, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-use Sector, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Enterprise Size, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Deployment, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-use Sector, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Enterprise Size, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Deployment, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-use Sector, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Enterprise Size, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Deployment, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-use Sector, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  8. Competitive Landscape
    • Company Profiles
      • Snow Software
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Hewlett Packard Enterprise Development LP
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Oracle Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • BMC Software Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Aspera Technologies Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • CA Technologies Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • LANDESK Software
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Broadcom Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • ServiceNow Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Flexera Software LLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Cherwell Software Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  9. Section
    • References
    • Research Methodology
    • About us and Sales Contact

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Frequently Asked Questions

This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts.
• By Enterprise Size • By Deployment • By End-use Sector • By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
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