IT Asset Management Software Market Analysis North America, Europe, APAC, Middle East and Africa, South America - US, Canada, China, UK, Germany - Size and Forecast 2024-2028

IT Asset Management Software Market Forecast 2024-2028

The IT Asset Management Software Market size is projected to increase by USD 456.14 million, at a CAGR of 7.58% between 2023 and 2028. The growth rate of the market depends on several factors, including the rapid adoption of asset management software and the growing importance of asset tracking, the increasing need to comply with industry standards, and the expansion of IT infrastructure. 

Additionally, the market is evolving rapidly due to the increasing adoption of remote work environments and the integration of digital technologies. However, organizations face complex barriers such as budget constraints and lack of awareness. To overcome these challenges, businesses are turning to IT asset management software for license and cost optimization. Cloud-based deployments offer flexibility, while on-premises limitations persist due to poor management and a lack of skilled workforce.

What will be the Size of the Market During the Forecast Period?

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In today's rapidly evolving landscape, the BFSI Industry grapples with the need for efficient (ITAMS) to navigate complex technological ecosystems. Solutions from industry giants like CA Technologies and Cherwell Software are paramount in optimizing asset procurement and lifecycle management. As tech hubs burgeon worldwide, businesses seek comprehensive platforms for streamlined business management of hardware components, minimizing asset acquisition costs and ensuring adherence to contractual obligations. ITAMS offers a holistic approach to asset management, encompassing the entire lifecycle from procurement to retirement. By providing insights into asset utilization and performance, these solutions empower organizations to make informed decisions, enhancing operational efficiency and maximizing ROI in the ever-evolving BFSI landscape.

Market Segmentation

Business management, the efficient handling of IT assets is crucial throughout their lifecycle. With the rise of AI and low-code solutions, organizations can streamline processes such as contractual obligations, asset procurement, and management of hardware components. Amidst unforeseen events like outbreaks and shutdowns, the financial markets experience fluctuations, necessitating astute purchasing decisions to mitigate risks. Particularly in the big enterprise sector, where organizational restructuring is common, managing storage requirements and licensing becomes paramount. Innovative approaches like software discovery and metering aid in optimizing asset utilization, especially in the cloud sector. In industries like banking, financial services, insurance (BFSI), pharmaceutical & medical, and IT and telecommunications, the adoption of SaaS apps and cloud improvements revolutionizes operations, ensuring agility and scalability in an ever-evolving landscape.

By End-user Insights

The market share growth by the large enterprises segment will be significant during the forecast period. Large enterprises such as manufacturing, healthcare, finance, government, telecommunications, retail, technology, energy, transportation, and education serve as significant end-users in the global industry. These companies need to manage their vast assets and extensive IT infrastructure effectively.

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The large enterprises segment was the largest and was valued at USD 568.13 million in 2018. Moreover, major companies such as Microsoft Corp. and Oracle Corp. have the flexibility to manage assets across numerous locations and business divisions due to the growing uptake of cloud-based IT asset management systems. As a result, large enterprises improve operational effectiveness and cost optimization in the always-changing IT ecosystem. These factors are expected to drive the adoption of this software in large enterprises, which in turn is expected to drive the growth of the market during the forecast period.

By Deployment Insights

The on-premises segment of the market is expected to lead the software market and witness high growth in terms of market revenue compared with the cloud-based segment. However, the high cost associated with the maintenance of on-premises infrastructure is constraining market growth over the years. For instance, in July 2023, PDQ.com Corp., announced the launch of PDQ Connect, which is an advanced device management tool for keeping Windows machines secure. Industries such as the BFSI, aerospace, defense, and healthcare are expected to prefer the on-premises deployment as they deal with critical and sensitive national security, finance, and healthcare data. Hence, the increasing focus of enterprises on data visibility, security, and control is expected to drive the growth of the on-premises segment of the market during the forecast.

Market Dynamic and Customer Landscape

IT infrastructure management, SMEs seek solutions that balance efficiency and cost-effectiveness. Platforms like VMware offer options for both on-premise and hybrid on-cloud setups, catering to diverse organizational needs. From license management to patch & version management, these solutions streamline operations while ensuring compliance with regulatory standards and addressing compliance concerns. Additionally, features like request management and product/service catalog enhance productivity and facilitate seamless workflows, particularly in the SMB segment. Amidst strategic market developments and technological advancements, cloud adoption continues to rise, driven by factors such as scalability and flexibility, impacting end-user industries across the board. As organizations navigate uncertainties like outbreaks and shutdowns, effective licensing management and strategic partnerships with trusted providers like ITConcepts and Helsana become increasingly vital. In this landscape, telecom and IT sectors play a pivotal role, leveraging innovations and strategic initiatives to drive growth and resilience.

Market Growth Analysis Driver

The rapid adoption of asset management software and the growing importance of asset tracking are notably driving market growth. Currently, organizations are facing a common challenge of accurately tracking and managing IT assets, irrespective of size and field. Historically, IT asset management and tracking were mostly handled manually with the support of Excel sheets. However, with a rapid increase in the use of IT devices at the workplace, increasing adoption of complex cloud technologies, and frequent updates of license-based software, manual analysis through spreadsheets became more complex. 

Furthermore, these systems also reduce the risks associated with regulatory compliance, software licensing, and security vulnerabilities. With the growing importance of such solutions, vendors such as BMC Software Inc., International Business Machines Corp., Hewlett Packard Enterprise Co., and ServiceNow Inc. are offering these solutions. Therefore, the growing need for organizations to improve efficiency in the management of assets is expected to drive the market during the forecast period.

Market Growth and Trends

The evolution of IoT and the rapidly growing number of IoT devices is an emerging trend shaping market growth. The emergence of wireless networks and the introduction of new connected devices are driving the growth of IoT. IoT enables businesses to solve their operational or connectivity problems independently within a network infrastructure. It is an ecosystem of interrelated computing devices, objects, and machines that perform tasks without the need for human intervention. With the advent of IoT, vendors in the market are offering IoT-enabled solutions.

For instance, International Business Machines Corp. offers an asset management solution that ties with the IoT for its enterprise-level solution called Watson IoT Enterprise Asset Management. This solution helps organizations provide information about asset health and predict asset failure. Hence, the benefits of real-time visibility and asset tracking are accelerating the adoption of IoT-enabled solutions, which is expected to drive the growth of the market significantly during the forecast period.

Market Restrain

Increasing availability of open-source asset management solutions is a major challenge restricting market development. Open-source IT software is easily available software that provides hassle-free asset management services to organizations. Small enterprises are the major adopters of this software. The low cost of adoption is the major factor driving organizations to adopt open-source asset management software as it reduces the cost of initial investments required. One of the open-source asset management and asset tracking solutions available in the market is SysAid IT Asset Management by SysAid Technologies Ltd. Organizations that work on small profit margins due to the lack of adequate capital to buy licensed software adopt open-source IT asset management software.

Additionally, SMEs and startups are the key customers of open-source this software such as Quidlo, and GLPI, owing to their low purchasing power. They adopt open-source solutions as they allow customization of business objectives. Open-source solutions are often expandable and customizable; however, organizations need skilled developers who are familiar with the products to customize them. Hence, the availability of such solutions is expected to be a major challenge during the forecast period.

Regional Overview

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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The market growth in this region is primarily driven by the presence of large IT companies and growing technological advances such as digitalization in the US and Canada. The rising need to reduce operational costs and the increasing asset utilization are the major factors driving the adoption in the region. Furthermore, the presence of key players in the region's market is expected to be a significant factor in driving market growth in North America. Major players, such as International Business Machines Corp., Oracle Corp., Microsoft Corp., and Dell Technologies Inc., along with several startups in the region, are offering enhanced asset management solutions to cater to the needs of customers.

 In addition,  most enterprises in the US and Canada are increasingly adopting mobility management applications, IoT, and machine learning to leverage the opportunities of increased connectivity and accessibility of corporate resources. The increasing adoption of the bring-your-own-device (BYOD) policy is expected to drive the need to streamline software licensing costs, along with the resources that are connected remotely. Such factors are expected to drive the regional market growth during the forecast period. 

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.

Global Market Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

BMC Software Inc. - The company offers IT asset management software such as BMC Helix ITSM Cloud-native IT service management for productivity and innovation.

Certero Ltd. - The company offers IT asset management software namely Certero for enterprises with integrated IT Asset Management solutions delivering full discovery and inventory across the technology estate.

Dell Technologies Inc. - The company offers IT asset management software such as eSMART which is a powerful, easy-to-deploy solution that captures critical information about enterprise assets and delivers management reports that assist in software license compliance and decisions regarding hardware and software inventory.

The  Market  growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• Aptean Group of Companies
• Datalogic SpA 
• Flexera Software LLC
• Freshworks Inc.
• Hewlett Packard Enterprise Co.
• Hexagon AB
• International Business Machines Corp.
• InvGate
• Ivanti Software Inc.
• Microsoft Corp.
• Oracle Corp.
• PDQ.com Corp.
• SAP SE
• ServiceNow Inc.
• Snow Software
• SolarWinds Corp.
• SymphonyAI Summit

Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

The market caters to organizations seeking enhanced business efficiencies and cost optimization across their IT infrastructure. ITAM software facilitates the management of hardware, software, and various device types, ensuring optimal utilization of resources. Enterprises and businesses globally are investing in ITAM solutions to digitalize sectors, contributing to economic development. Cloud technologies play a pivotal role in the ITAM software industry, offering robust data analysis, reporting capabilities, and custom report-making features. Financial tools integrated into ITAM systems enable organizations to manage license costs effectively and achieve a higher ROI (Return on Investment). Market trends indicate a shift towards cloud services, with corporations and IT departments increasingly adopting Software as a Service (SaaS) applications. 

The market within the IT & Telecom sector is witnessing significant growth driven by the Healthcare and life sciences industry vertical. Hospitals and clinics are increasingly adopting advanced technologies for tracking, monitoring, and managing software assets. Effective software asset management solutions offer benefits such as centralization and automation, optimizing the utilization of software licenses while aligning with IT budget constraints. Features like on-cloud deployment, On-premises model, discovery/automated inventory, and digital asset management enhance software management efficiency. As organizations prioritize business strategies for digital transformation, the demand continues to rise, driving Industrialization in the sector.

Segment Overview

The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028

• End-user Outlook
  • Large enterprises
  • SMEs

• Deployment Outlook
  • On-premises
  • Cloud

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Report Coverage	Details
Page number	169
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 7.58%
Market Growth 2024-2028	USD 456.14 million
Market structure	Fragmented
YoY growth 2023-2024(%)	7.04
Regional analysis	North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution	North America at 32%
Key countries	US, Canada, China, UK, and Germany
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Aptean Group of Companies, BMC Software Inc., Certero Ltd., Datalogic SpA, Dell Technologies Inc., Flexera Software LLC, Freshworks Inc., Hewlett Packard Enterprise Co., Hexagon AB, International Business Machines Corp., InvGate, Ivanti Software Inc., Microsoft Corp., Oracle Corp., PDQ.com Corp., SAP SE, ServiceNow Inc., Snow Software, SolarWinds Corp., SymphonyAI Summit, SysAid Technologies Ltd, and Zoho Corp. Pvt. Ltd.
Market dynamics	Parent market trends and analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market report forecast during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Market Growth Analysis across North America, Europe, APAC, Middle East and Africa, and South America
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Industry companies

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