IT asset management (ITAM) software helps organizations to manage physical and virtual IT assets across their lifecycle. Key features of ITAM software include asset tracking and discovery, software license optimization and compliance, reporting, and analytics. ITAM supports IT departments by automating processes such as software metering, hardware and software audits, license allocation, procurement, and contract management. With increasing digital transformation initiatives across industries, demand for IT asset optimization is growing. This is driving adoption of ITAM software among enterprises to maximize return on IT investments and reduce costs associated with over-licensing and non-compliance. The global IT asset management (ITAM) software Market is estimated to be valued at US$ 6907.57 Mn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Digital Transformation Boosting Demand for IT Asset Optimization: Digital transformation projects have increased significantly over the last few years as organizations look to enhance customer experiences and improve business processes. This has led to a surge in device and software procurement globally. However, managing the entire IT asset lifecycle across distributed enterprises manually is challenging. ITAM software helps optimize license utilization, track assets, and reduce over-procurement. This is driving many companies to adopt ITAM solutions to support their digital initiatives.
IT Asset Management Tools Help Lower Costs and Improve Compliance: IT operations carry heavy costs associated with over-licensing, unused or underutilized assets, hardware maintenance, security vulnerabilities etc. Non-compliance with software licenses also opens enterprises to audits and hefty penalties. ITAM solutions automate asset discovery, software metering, procurement and license optimization functions. This helps organizations lower IT costs by up to 20% by eliminating waste. ITAM tools also facilitate compliance by automating software license assignment and tracking utilization. This is boosting adoption across industries.
Segment Analysis
The IT Asset Management (ITAM) software market is dominated by the cloud segment which holds around 65% market share. The cloud segment is dominating due to advantages like scalability, flexibility, low upfront cost and minimal IT infrastructure requirements. Organizations are preferring cloud deployment over on-premises as it offers deployment on pay-per-use model suiting their dynamic requirements. The small and medium enterprises segment is the fastest growing segment for cloud ITAM software owing to benefits like easy deployment and affordable pricing of cloud solutions.
PEST Analysis
Political: Data privacy laws and regulations are getting stricter across regions which is positively impacting the growth of ITAM software ensuring compliance. Economic: High digitization spending by organizations globally on cloud computing and asset management is fueling market growth. Social: Increased usage of digital devices and BYOD trend is driving need to efficiently manage diverse IT assets using software. Technological: Advancements in technologies like AI, analytics are helping ITAM software provide predictive maintenance and optimize usage of assets.
Key Takeaways
The Global IT Asset Management (ITAM) Software Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising technology spending of enterprises across sectors on cloud computing.
Regionally, North America dominates currently due to stringent regulations and early adoption of cloud technologies by organizations in the region. However, Asia Pacific is expected to ascend at the fastest pace led by increasing investments in digital transformation by countries like China and India.
Key players operating in the IT Asset Management (ITAM) software market are Cisco Systems Inc. (US), Akamai Technologies, Inc., Palo Alto Networks, Inc., Symantec Corporation, Okta, Inc., Forcepoint, LLC, Cyxtera Technologies, Sophos Group Plc, Google LLC, Microsoft, Inc., VMware Inc., Trend Micro Incorporated, Cloudflare, IBM Corporation, Fortinet, Check Point Software Technologies Ltd., Unisys, vArmour, Inc., OPAQ Networks, Inc., ExtraHop Networks, ShieldX, Bracket Computing Inc., Nutanix, and Cloudvisory. Some key players are expanding through strategic partnerships to strengthen their product portfolio and global footprint in this high growth market.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
