About IT Asset Management Software
IT Asset Management Software is a set of business for an organization to maintain the financial, inventory and risk management responsibilities to monitor the overall life cycle of assets. It also enables organizations to better manage their computer hardware and software inventory, correlate assets to contracts and financial records such as software licenses and equipment leases and detect and also prevent IT and regulatory risks to their various technology components.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 7.1% |
Competition among existing players is due to the IT Asset Management Software market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for IT Asset Management Software Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global IT Asset Management Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Hewlett Packard (United States), ServiceNow Inc. (United States), Cherwell Software Inc. (United States), Aspera Technologies Inc. (United States), Deloitte (United Kingdom), Microsoft Corporation (United States), BMC Software (United States), IBM Software (United States) and Symantec (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Summit Software Pty Ltd (Australia), CGI Group Inc (Canada), Ivanti (United States) and eMaint (United States).
Segmentation Overview
AMA Research has segmented the market of Global IT Asset Management Software market by Type (IT Asset Management, Digital Asset Management and Software Asset Management), Application (Small and Medium Enterprises (SMEs) and Large Enterprises) and Region.
On the basis of geography, the market of IT Asset Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Type, the sub-segment i.e. Cloud-based will boost the IT Asset Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Surging Adoption of Hybrid Deployment Model
Market Growth Drivers:
Rising demand for centralizing and automating IT infrastructure, Increased asset life of aging infrastructure, Increasing Demand for Subscription-based IT Asset Management Solution, Reduced maintenance and procurement costs and Increased tracking ability of assets in an organization
Challenges:
High Deployment and Maintenance Cost, Rapid changes in technology and Lack of expertise and talent
Restraints:
High deployment costs for SMEs
Opportunities:
Increase in the adoption of cloud-based solutions and Integration of EAM and big data analytics
Market Leaders and their expansionary development strategies
In February 2024, Flexera has completed the acquisition of Snow Software. The combination empowers ITAM and FinOps teams with the data and technology intelligence to manage spend and reduce risk in their hybrid IT environments.
In March 2022, Aptean, a global provider of mission-critical enterprise software solutions, announced the launch of Aptean EAM, an all new, cloud-based enterprise asset management (EAM) solution for manufacturing and other businesses that depend on complex equipment to support production. The new offering can scale from functioning as a standalone computerized maintenance management system (CMMS) to delivering advanced EAM functionality. Thus, Aptean EAM can meet the needs of both small and mid-sized manufacturing organizations for which traditional EAMs are unnecessarily complex and larger, enterprise scale organizations that may have previously limited their EAM investments to only their largest sites. Aptean EAM simplifies intelligent preventative maintenance with a significant number of capabilities including advanced analytics.
California Consumer Privacy Act (CCPA) is passing a law for protection of data in United States which will be effective by January, 2020. It is expected to be country’s highest commendable security and privacy law. Also, SEC is taking risk prohibiting steps to overcome breaches in financial sectors specific to public listed companies to increase risk assurance. European Union laws (GDPR) is taking important measures to protect data privacy and is expected to impact ~4% of global annual sales.
Key Target Audience
System Integrators, Government Organizations, Research/Consultancy firms, Technology solution providers, IT Solution Providers and Original Equipment Manufacturers (OEM)
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.