IT asset management (ITAM) software or IT inventory management software is used for maintaining stock inventories of IT assets in an organization. This software plays a vital role in reducing costs associated with the excess purchase of IT assets. Involved in the identification and information about IT hardware and solutions being used in an organization, the software helps in making decisions related to the purchase and deployment of IT assets.
Over the past couple of years, the IT asset management software market is growing briskly; mainly due to the increasing competition in the cloud computing space. This competition is further encouraging the development of advanced ITAM software solutions. Moreover, the continually increasing number of businesses escalates the market on the global platform, increasing the uptake of ITAMs across the sectors.
According to Market Research Future (MRFR), an eminent research firm the global IT asset management software market is poised to touch a valuation of USD 3 BN by 2023, registering around 8% CAGR throughout the review period (2017-2023). There is a potential scope for ITAM software solutions to evolve further ahead of maintaining static inventory spreadsheets to empower IT departments to self-sufficiently manage the whole IT gamut effortlessly.
Additional factors driving the growth of the ITAM software market include the shift of IT sectors towards the centralized automation of IT infrastructure and the augmenting demand for faster and secure storage devices. This shift of IT industry is led by the evolving Cloud intervention that has initially changed the mode of operation in the sector.
IT Asset Management Software Market – Segments
For a better understanding, the report has been segmented into six key dynamics:
By Component: Hardware, Software, and Services
By Deployment: On-cloud, On-premise, and Hybrid.
By Tools: On the basis of tools, the market is segmented into Discovery/Automated Inventory, License Management, Patch & Version Management, Request Management, Product/Service Catalog, and Digital Asset Management among others.
By Organization Size: Small & Medium Enterprises (SME’s) and Large Enterprises.
By End-user: BFSI, Retail, Aerospace & Defense, IT & Telecom, Energy & Power, and Automotive & Transportation among others
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
IT Asset Management Software Market – Regional Analysis
Currently, the North American region dominates the global IT asset management software market size with the largest market share due to support from the technologically well-developed countries such as the US and Canada.
Moreover, factors boosting the growth of the regional market include the high investment made in the development of technologies that can cater the needs of lifecycle management of complicated software and strict laws and regulations regarding the purchase of assets.
Furthermore, the massive adoption of asset management solutions among the rapidly growing number of enterprises foster the growth of the regional market, helping them to reduce variable cost of purchases and maintenance by recording the demand and supply
The European region stands the second position in terms of market share due to the massive industrialization in the past couple of years in various countries in the region. Moreover, the technologically matured countries such as the UK, Germany, and France support the growth of the regional market.
The IT asset management software market in the Asia Pacific region has emerged as a substantially growing market holding a considerable market share. The region is expected to create a substantial revenue pocket by the end of the forecast period.
IT Asset Management Software Market – Competitive Analysis
Highly competitive, the IT asset management software market appears fragmented due to the presence of many well-established players. These players incorporate strategic initiatives such as collaboration, acquisition, partnership, expansion, and technology launch to gain a competitive advantage and thus to save their positions in the market.
They strive to develop software solutions that can deliver a suite of applications to help address the needs of IT departments. Incorporating time-tested methodologies and best practices, these players bring together disparate point systems into a security-rich, integrated environment that addresses resource planning, user experience, and asset management.
Players leading the global IT asset management software market include BMC Software (US), Freshworks Inc. (US), SysAid Technologies Ltd (Israel), Asset Panda (US), ServiceNow, Inc (US), Samanage Ltd (US), Wasp Barcode Technologies (US), Microsoft Corporation (US), Symantec Corporation (US), Dell, Inc (US), Ivanti (US), GRAGA Software Solutions Pty Ltd (Australia), Spiceworks Inc. (US), xAssets (U.K), CGI Group Inc (Canada), Dude Solutions Inc (US), Summit Software Pty Ltd (Australia), eMaint (US), Infor (US), IFS AB (Sweden), IBM Corporation (US), Oracle Corporation (US), HP, Inc (US), Landesk Software (US), and CA Technologies (US), among others.
June 24, 2019 --- REI (the US), a leading global vertically integrated engineering and manufacturing company, launched new service to streamline data and asset management - ARMOR Cloud service. Intended for use by small- and large-fleet transportation customers, ARMOR Cloud service can handle customers’ server management responsibilities. The new services feature REI’s ARMOR Software Suite, an all-in-one wireless solution for fleet management.
Traditionally, ARMOR is installed on customers’ on-premises servers and managed by their respective IT staffs. However, many companies have minimal IT staffs or no IT personnel at all. Implementation of ARMOR Cloud service can allow transportation companies of any size to reap the benefits for remote ARMOR server management services.