by Is estimated to be valued at US$ 955.6 Mn in 2019 and is expected to exhibit a CAGR of 6.9% over the forecast period 2019-2027, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The IT asset management (ITAM) software market involves the management of an organization’s IT assets, including hardware, software, and networking devices. This software is designed to track and monitor the entire lifecycle of an organization’s IT assets, from procurement and deployment to usage and retirement. It helps organizations optimize their IT asset inventory, reduce costs, and ensure regulatory compliance. ITAM software also provides features such as license management, software inventory, asset tracking, and contract management.
Market Dynamics:
The growing need for efficient IT asset management in organizations is driving the growth of the ITAM software market. The increasing adoption of cloud-based solutions and the rising demand for effective inventory management and cost optimization are the key drivers fueling market growth. Additionally, the growing significance of regulatory compliance and the need for enhanced security measures are creating opportunities for market expansion. However, the high implementation and maintenance costs associated with ITAM software pose a challenge to market growth. The market is highly competitive, with several key players providing a wide range of ITAM software solutions. Overall, the ITAM software market is poised for high growth in the forecast period.
Segment Analysis:
The IT asset management (ITAM) software market can be segmented based on component, deployment mode, organization size, and industry vertical. In terms of component, the software segment is expected to dominate the market. This can be attributed to the increasing adoption of ITAM software by organizations to effectively manage and track their IT assets. The software segment offers various features such as inventory tracking, license compliance, and asset lifecycle management, which are driving its dominance in the market.
PEST Analysis:
Political: The political factors influencing the ITAM software market include government regulations and policies related to data privacy and security. Governments across the globe are implementing stricter regulations to protect sensitive data, which is driving the demand for ITAM software.
Economic: The economic factor influencing the market is the increasing digitalization of businesses. As organizations increasingly rely on IT infrastructure, the need for effective management and tracking of IT assets becomes crucial, driving the demand for ITAM software.
Social: The social factor influencing the market is the growing awareness among organizations about the importance of managing their IT assets. With the increasing complexity of IT infrastructure, organizations are realizing the need for ITAM software to optimize their asset utilization and reduce costs.
Technological: The technological factor influencing the market is the advancements in cloud computing and automation. ITAM software providers are leveraging these technologies to offer scalable and flexible solutions that can effectively manage and track IT assets in real-time.
Key Takeaways:
The global IT asset management (ITAM) software market Growth is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period of 2019-2027. This growth can be attributed to the increasing adoption of ITAM software by organizations to effectively manage their IT assets.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the market. This can be attributed to the presence of a large number of IT companies and the increasing focus on data security and compliance in the region.
Key players operating in the IT asset management (ITAM) software market include 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 players are focusing on technological advancements and strategic collaborations to expand their market presence and gain a competitive edge.
