Market Research Future Insights:
The process of ensuring that an organization's assets are correctly identified, installed, maintained, upgraded, and disposed of is known as IT asset management (ITAM). In a nutshell, it is the process of making sure that a company's significant assets, both tangible and intangible, are tracked down and used. IT equipment has a finite shelf life. To maximise the value a firm may derive from IT assets, their lifetimes may be actively controlled. Although each company may define its own lifecycle stages, planning, procurement, deployment, maintenance, and retirement are usually included. IT asset management includes implementing procedures at every stage of the lifecycle to assess total cost of ownership and maximise asset utilisation. Assets may previously be governed by IT departments within their own domain. IT Asset Management Software market size was valued at USD 5,927.10 million in 2021 and is projected to reach USD 11,878.84 million by 2030, with a CAGR rate of 8.07% during 2022–2030.
Key Players:
The key players of 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, and HP Inc.
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Market Segmentation:
The component, organisation size, deployment method, end user, tools, and regional segments have been used to divide the market for IT asset management software. The global market for IT asset management software has been divided into two categories based on component: software (in-house developed software and software licences (COTS)), and services (Professional Service, and Managed Services). The IT Asset Management Software market growth has been divided into SME and Large Enterprise segments based on the size of the company.
The IT Asset Management Software market has been divided into On-Premises and On-Cloud segments based on deployment type. The IT Asset Management Software market has been divided into banking and financial services, retail, aerospace and defence, IT and telecommunications, energy and power, automotive and transportation, and others based on end user.
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
Regional Analysis:
North America, Europe, Asia-Pacific, the Middle East Africa, and South America have all been considered in the regional study of the IT Asset Management Software market growth. North America holds a significant market share for IT asset management software as a result of significant technological investment, attention to the needs of complicated software lifecycle management, and strict laws and regulations regarding the acquisition of assets. These reasons encourage businesses to employ technology that can lower variable costs of purchases while also preserving equilibrium by keeping track of supply and demand. In terms of the advancement of infrastructure and the use of technology, North America has significantly outpaced other regions.
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The U.S. and Canada would be notably responsible for the rapid digitalization and strong presence of large IT corporations that would fuel regional market expansion. The market is anticipated to expand as a result of the increased usage of connected, smart, and secure technologies for asset-centric applications. Energy and utility companies utilise IT asset management systems to make sure their infrastructure can handle various issues. During the projection period, Europe is anticipated to have the second-highest market share. The European IT Asset Management market is anticipated to be driven by factors like the high need to reduce software licencing costs, manage audits to meet compliance standards, and heavy industrialization over the past ten years in a number of technologically advanced nations like Germany, the U.K., and France. Additionally, the U.K. dominates the European market for IT asset management. SAM solutions help businesses lower the total cost of their software, increase compliance, and simplify the processes for employee software requests.
The capacity of the businesses to update, replace, or enhance the entire skillset may be severely hampered. Additionally, businesses are struggling with the rising support and management costs of these essential assets, which could impede the market's expansion. Asia-Pacific nations are thriving in the field of IT asset management. For instance, the National Innovation Research Agenda of the Australian government encourages the adoption of novel concepts in innovation and science. In New Zealand, demand for systems integration services is increasing dramatically. As they intensify efforts to update current applications and make the switch to the On-Cloud, businesses in New Zealand are depending more and more on systems integrators.
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