IT Asset Management Software Market Size, Share, Growth, Latest Trends, Global Forecast 2027 | Coronavirus Effects
Market Highlights
Asset
Management is essential for an organization for the maintenance of the cost of
purchases of assets and for monitoring their asset usage. Software used for
monitoring IT-related assets in an enterprise is referred to as IT asset
management software. IT asset management software plays a vital role in the
growth strategy of the organization. It aids the decision-makers of an
organization with accurate decision-making when it comes to purchasing assets.
IT asset management is also denoted as IT inventory management as it mainly
inculcates the collection of information, regarding hardware and software that
are used in an organization.
The
IT assets include the hardware component as well as the software component. IT
asset management software has a prominent role in the growth strategy of an
enterprise. It helps the senior level management to make accurate purchase
decisions. IT asset management is also referred to as IT inventory management
as it largely involves the collection of information, regarding hardware and
software used in an organization.
The
IT asset management software market is expected to proliferate at a fast pace
during the forecast period. Such ascension is recorded to take place at a
lucrative CAGR of 8% during the forecast period. Such speedy growth of the
global IT asset management software market is attributable to the ascending
need for the augmentation of productivity of the organization through the
deployment of advanced technology for meeting business needs. Also, a reduction
in the cost of software licensing through the relocation of non-utilized
resources is also predicted to fuel the growth of the global IT asset
management software market. IT asset management can be considered as hardware
asset management, digital asset management, as well as software asset
management.
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Key
Players
Some
noteworthy players in the global IT asset management software market include
Freshworks Inc. (U.S.), BMC Software (U.S.), SysAid Technologies Ltd (Israel),
ServiceNow, Inc (U.S.), Asset Panda (U.S.), Samanage Ltd (U.S.), Microsoft
Corporation (U.S.), Wasp Barcode Technologies (U.S.), IBM Corporation (U.S.),
HP, Inc (U.S.), Oracle Corporation (U.S.), Landesk Software (U.S.), CA
Technologies (U.S.).
Segmentation:
The IT
asset management software market trends studied for an array of segments that
are based on component, tools, organization size, end-user, deployment, and
region. Based on component, the global IT asset management software market is
segmented into software, hardware, and services. The software segment is
sub-segmented into software licenses (COTS) and in-house developed software.
The services segment is further segmented into professional services and
managed services. The professional services segment is sub-segmented into
consulting services, and maintenance and support services.
Based
on organization size, the global IT asset management software market is
analyzed for the segments of small and medium enterprise, and large enterprise.
Based on tools, the market segments include discovery/automated inventory,
license management, patch & version management, request management,
product/service catalog, and digital asset management.
Based
on end-users, the global IT asset management software market is segmented into
banking & financial service, retail, aerospace & defense, IT &
telecom, energy & power, automotive & transportation. Based on
deployment, the global market for IT asset management software is segmented
into on cloud, on-premise and hybrid.
Detailed
Regional Analysis
On
the basis of geography, the market is studied for North America, Europe, Asia
Pacific, and rest of the world. Among the regions mentioned above, at present,
the market is highly dominated by North America due to the high investment in
technology, catering the need of lifecycle management of complex software, and
strict laws and regulations. These encourage the enterprises to adopt
technology to reduce variable cost of purchases and also maintain l balance by
having a record of demand and supply.
On
the other hand, Asia Pacific is expected to show the highest growth in the
market. This is due to the emergence of organizations in manufacturing,
software development wherein there is a need for monitoring the assets of the
enterprises that are being deployed on a higher scale. In addition to the
substantial presence of industries, the region has seen an increase in the
adoption of cloud services. The manufacturers in Asia Pacific are becoming more
and more advanced by deploying newer technologies to monitor and improve their efficiency.
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Global
IT Asset Management Software Market: Component (Hardware, Software, Service),
Deployment (Cloud, On-Premise, Hybrid), Tools, Organization Size (SME, Large
Enterprise), End-User (BFSI, Retail, Aerospace & Defense, IT & Telecom)
– Forecast till 2023
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