IT Asset Management (ITAM) Software Market: Snapshot
The proliferation of smart device usage and the growing trend of bring-your-own-device (BYOD) in several leading telecom and IT companies have greatly influenced the IT asset management (ITAM) software market. ITAM software was initially preferred by large enterprises for the maintenance and reduction of risks associated with IT compliance and licensing management. Over time, these solutions have gained recognition among SMEs across the globe as an effective solution to balance spending with return on investments.
The ITAM software market is projected to reach a value of US$1.3 bn by 2024, rising from US$708.9 mn in 2015. The market is estimated to expand at a steady CAGR of 6.9% during the forecast period from 2016 to 2024.
Cloud-based ITAM Software Services Highly Lucrative Segment
By size of enterprise, ITAM software finds application in large enterprises and small and medium enterprises (SMEs). Large enterprises currently hold the majority in terms of revenue, while SMEs are likely to register the fastest growth over the course of the forecast period.
By type of deployment, the ITAM software market is segmented into on-premise, cloud, and hybrid. Cloud-based services are the key contributors to the revenue of the ITAM software market, accounting for an almost 50% share in the market by 2024.
ITAM software is used in a number of end-use industries, including banking, financial services, and insurance, transportation, manufacturing, telecom and IT, government, healthcare, and energy and utilities. Among these, the telecom and IT sector leads the ITAM software market, while the energy and utilities sector is projected to expand at the fastest pace over the coming years.
Growing Demand for Centralization and Automation Driving Adoption of ITAM Software in North America
The global ITAM software market comprises North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. North America presently leads the global ITAM software market owing to the enormous growth of the IT industry and growing awareness regarding the advantages of ITAM. North America is anticipated to retain its lead in the ITAM software market during the forecast period thanks to the surge in government regulations and strict software audit policies. The increasing demand for centralization and automation is also influencing the growth of the ITAM software market in this region. Organizations have been emphasizing on the reduction of operational expenditure by cutting down expenses in IT asset management through the deployment of ITAM software.
At present, the ITAM software market in Asia Pacific is driven by countries such as India, China, South Korea, Singapore, and Japan. This region is anticipated to record the fastest growth in the coming years due to the rising interest of investors in this region and the growing establishment of SMEs. As the adoption of cloud-based solutions in Asia Pacific rapidly increases, the number of smart devices is expected to rise, aided by improved communication technologies such as 4G LTE. Unlike larger corporations that adopt cloud technologies to save cost and improve efficiency, SMEs in this region seek a wider reach, enhanced agility, and the flexibility and ability to serve larger customer bases at a lower investment. ITAM software has been aiding SMEs in this very task.
Some of the key players operating in the global ITAM software market are IBM Corporation, Oracle Corp., Hewlett Packard Enterprise Development LP, BMC Software Inc., ServiceNow Inc., BDNA Corporation, LANDESK Software, Aspera Technologies Inc., Cherwell Software, Flexera Software LLC, CA Technology Inc., and Snow Software.
The research report on IT asset management (ITAM) software market provides a detailed analysis of how various organizations use ITAM software solutions thatenabletracking, and recording information related to IT inventory, particularly hardware and software. The ITAM software helps in reducing operational expenditure (OPEX) and capital expenditure (CAPEX) in an enterprise.Unlike hardware, visibility of software information is difficult to assemble, through deploying ITAM an enterprise can procure licensing and contractual data related to a particular software, thus eliminating regulatory risks. The ITAM software market report provides through analysis for the period from 2014to 2024, wherein the period from 2016 to 2024 is the forecast period, 2015 is considered the base year, while data from 2014 has been considered as historical data.The report provides complete outlook of all the major countries across the geography of Asia Pacific, Latin America, North America, Europe, and Middle East & Africa (MEA). Furthermore, it also covers the factors majorly trending in the market,and technological advancements supporting the growth of ITAM software market. However, not all the regions present similar growth prospects and the report also highlights the major factors supporting market expansion with respect to the specific regions.Additionally,opportunities that are likely to influence the market are also included in this report.
Cloud is a dynamic market and has significantlyevolved the way businesses are operated. Thegrowingprominenceof cloud-based solutions has changed the mode of operationof an enterprise. IT enterprises now are inclining toward centralization and automation of IT infrastructure. This has fueledthe demand for ITAM solutions and tools.The report also includes anexpansiveexposureover underlying financial, ecological, and technical factors influencing the ITAMsoftware market. Moreover, impact analysis of the key trends has been provided in addition for each geographic area in this report, keeping in mind the end goal to give an inside - out analysis of the situation of the ITAM market, on a worldwide. The ITAM software market estimations are the outcome of ourcomprehensive market exploration, primary interviews, and in-house expert panel opinions.
The report classifies the global ITAM software market by enterprise sizeintoSMEs and Large enterprises. Furthermore, the market is categorized by deployment types which include— On-premise, cloud and hybrid.Moreover, demand for ITAM software solutions has also been studied across variousend-use industries, including BFSI, telecom & IT, government, and energy & utilities and others.This explains which industry sector is helping the expansion of ITAM software market and which is fastest growing sector anticipated to support growth the market over a long run. Thus, the report provides a cross-segment study of the ITAM software market and classifies it into various levels, thus providing valuable insights.
Pertaining to increasing competition in this cloud computing age, resulting in development of cutting edge ITAM software solutions, the report delivers a brief overview of the major players operating in the ITAM software market along with an outline of miscellaneousstrategiesadopted by these players. Strategy has been formulated after brief analysis of the data which includes data related to mergers and acquisitions, partnership agreements, new product launches and product enhancements and future activities company is expected to undertake.
Besides, the report also provides the share of major companies operating in the ITAM software market.IBM Corporation, Oracle Corp., Hewlett Packard Enterprise Development LP, BMC Software Inc., ServiceNow Inc., BDNA Corporation, LANDESK Software, Aspera Technologies Inc., Cherwell Software,Flexera Software LLC, CA Technology Inc., and Snow Softwareare some of the major service providers within the global ITAMsoftware market, profiled in this study. These company profiles highlight the competitive landscape of the ITAM software market, the positioning of the key players is based on their financial data, product range, developments and geographical presence.
IT Asset Management (ITAM) Software Market
By Enterprise Size
- Large Enterprise
By Deployment Type
- On Premise
By End Use
- Telecom and IT
- Energy and Utilities
- North America
- Asia Pacific
- Middle East and Africa
- Latin America