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 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.
The IT asset management software market is 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
The COVID-19 analysis of IT asset management software market is studied for a distinctive regional segmentation that includes Europe, North America, Asia Pacific, and the rest of the world. Among the regions mentioned above, the market for IT asset management software is dominated by North America owing to the high investments in technology that are catering to the needs of lifecycle management of complex software, and the rising need for strict laws and regulations in terms of the points of purchase. These factors are anticipated to contribute to the rising adoption of IT asset management software market over the forecast period.
Alternatively, Europe is anticipated to rank the second in the global IT asset management software market owing to the heavy industrialization in the past decade in several technologically mature countries such as the UK, Germany, and France. On the other hand, Asia Pacific is estimated to witness the fastest CAGR during the forecast period.
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.).