The Global IT Asset Management (ITAM) software Market, By Enterprise Size (SME and Large Enterprise), By Deployment (On Premise, Cloud and Hybrid), By End-use Sector (BFSI, Telecom and IT, Healthcare, Transportation, Government, Energy and Utilities and Manufacturing) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 1,602.4 million by 2027, exhibiting a CAGR of 6.7% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
The asset management tool is a software application used to record and track equipment and inventory or assets throughout its lifecycle. 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. 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.
Rising complexities in managing software licensing are expected to boost the global IT asset management (ITAM) software market growth during the forecast period
Lack of standard licensing practices and increased complexity of software licensing agreements has made managing high-valued asset difficult. Generally, organizations various applications and thousands of different suites of software from several vendors installed within their IT environment, which increases the possibility of facing risks related to management software licenses. Moreover, it is not feasible for an organization to address every vendor, thus it is critical to prioritize which vendor is to be addressed first. ITAM software enables asset management teams to identify vendors/applications that pose the greatest risks to their organization. Hence, these factors are expected to boost the global IT asset management (ITAM) software market growth over the forecast period.
Rising trend of BOYD can present lucrative growth opportunities for market players
In corporate IT environments, employees are allowed to bring their personal devices such as the smartphone of other computing devices. As a result of this, it has become a major challenge to deal with risks in an IT environment. Bring your own device (BYOD) introduces three major challenges to organizations namely compliance, security, and device. However, ITAM software aids in identifying and managing these devices within the organization, which in turn reduces risks.
Substantial cost required for deployment is expected to restrain growth of the global IT asset management (ITAM) software market over the forecast period
Organizations are struggling to reduce their operational costs. ITAM software enables them to track inventory and helps them terminate all the excess costs associated with IT expenses. Although ITAM software helps optimize cost, the initial cost of deployment for ITAM software is high. Not all organizations are capable of paying this cost, which is an important factor affecting the growth of the market. Therefore, high cost of deployment is expected to restrict growth of the global IT asset management (ITAM) software market in the near future.
Many organizations are adopting advanced IT solutions, in order to gain a competitive advantage in the market. Since it saves time and cost related to the software and hardware deployment and their management, IT management outsourcing has witnessed enormous demand in the recent past. For instance, in December 2015, Giant Eagle Inc., a U.S.-based private retail company, migrated its IT infrastructure to IBM’s new flexible infrastructure. Similarly, both Google Inc. and Hewlett Packard Enterprise Company have started offering enhanced and control flexibility over their cloud IT infrastructures. This trend is expected to continue during the forecast period.
In the recent past, there has been a significant increase in the use of mobile devices as a primary substitute for traditional desktops. This is owing to increasing number of employees carrying their own cell phones and tablets to work and interfacing them with their organizations’ systems. This trend has encouraged remote access to the company’s information and allows individuals to work even when they are not in the office. Moreover, increasing number of devices are used within organizations, which has boosted the demand for enhanced IT management and governance over hardware and software audits. This, in turn, is expected to increase the demand for ITAM software among organizations.
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.