Market overview of IT asset management (ITAM)
The global market for IT asset management (ITAM) will exhibit impressive growth and will be influenced by the growing demand for cloud-based ITAM software. For most organizations, the key benefit of cloud-based ITAM software is the associated cost benefit, especially because of its subscription-based pricing model. As per this subscription model, firms have to pay a subscription fee on a monthly or yearly basis, which covers everything from operations to maintenance. This model is affordable for most companies as it negates the need for any IT infrastructure to be built at the firm's end. According to Technavio’s market research analyst, the global ITAM market will grow at a CAGR of over 7% by 2020.
In terms of geography, the Americas dominated this market during 2015 and accounted for an impressive market share of more than 55% by 2020. The presence of large enterprises, availability of high-speed broadband networking, and an increase in the number of hosted servers are the key factors responsible for the strong growth of this market. In the Americas, the US and Canada are the two major revenue-generating regions as both these countries exhibit the extensive adoption of cloud-based services by enterprises and government organizations.
Competitive landscape and key vendors
This market is fragmented owing to the presence of many multinational vendors. During the forecast period, the level of market competition will intensify due to the high demand for ITAM software among large enterprises and SMEs. Since price wars among players have increased, the need to form high-value partnerships with large enterprises has subsequently increased.
Key vendors in the market are -
- CA Technologies
- IBM
- Oracle
- SolarWinds
- BMC
Other prominent vendors analyzed in this market study are Agiloft, Axios, Cherwell, Eracent, Express Metrix, Freshservice, HP, Innotas, InvGate, iQuate, Kaseya, LabTech, Landesk, Provance, Samanage, ServiceNow, Symantec, SysAid, and Vector Networks.
Segmentation by deployment type and analysis of the ITAM market
- Cloud
- On-premises
This market study has observed that the cloud segment dominated this market during 2015 by accounting for a market share of more than 70%. During the forecast period, this market segment will exhibit rapid growth as cloud-based solutions come with a regular payment instead of a significant one-time investment and periodic expenses for maintenance and updates.
Segmentation by end-user and analysis of the ITAM market
- Enterprises
- Government
During 2015, the enterprises segment dominated this market by accounting for a market share of more than 80%. The extensive use of enterprise communication products and services will lead to the steady growth of this market segment during the forecast period. Within the enterprises segment, the IT division dominated the market space and was closely followed by the BFSI segment. The adoption of ITAM software by IT enterprises will increase significantly during the forecast period due to advantages like visibility, cost cutting, increased software ROI, and operational efficiency.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global ITAM market?
- What are the key market trends impacting the growth of the global ITAM market?
- What are the challenges to market growth?
- Who are the key vendors in the global ITAM market?
- What are the market opportunities and threats faced by the vendors in the global ITAM market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global ITAM market?
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