IT asset management (ITAM) software helps organizations in gaining visibility into their IT assets, maintain control and optimize usage of hardware and software assets. IT asset management solutions enable organizations to perform inventory management, software license management, compliance management and optimize procurement through their reporting and analytics capabilities. With growing usage of software and services by organizations due to digital transformation and remote working policies, the demand for ITAM solutions has accelerated in order to effectively manage licenses and assets usage.
The global IT Asset Management (ITAM) software Market is estimated to be valued at US$ 7957.53 Bn in 2024 and is expected to exhibit a CAGR of 25.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of IT asset management software market is propelled by the expansion of software and services usage in organizations. With organizations increasingly relying on various software solutions and cloud-based subscriptions in their digital operations, the number of software licenses and assets being used has ballooned. Managing this growing portfolio of software licenses and subscriptions through manual means has become challenging. ITAM solutions offers capabilities for software license optimization and spend control which helps organizations to avoid costs arising due to over-procurement or under-utilization of licenses. The analytics and reporting features of ITAM software provide visibility to organizations regarding software and subscriptions usage trends. This helps them to optimize procurement based on actual needs and eliminate redundancies.
Segment Analysis
The ITAM software market is dominated by the software as a service (SaaS) sub-segment. This sub-segment holds a market share of around 65% as most organizations are adopting cloud-based solutions for IT asset management. The benefits of SaaS-based ITAM solutions such as low upfront costs, scalability, easy deployment and maintenance are encouraging companies to opt for this model over on-premises solutions.
Key Takeaways
The Global IT Asset Management (ITAM) Software Market Size is expected to witness high growth during the forecast period of 2024-2031.
Regional analysis: North America dominates the global ITAM software market currently with a share of over 40%. Rapid digital transformation across industries and early adoption of cloud technologies in countries like the US and Canada are driving the demand for ITAM solutions in the region. Asia Pacific is expected to be the fastest growing regional market during the forecast period owing to increasing technology spending by various organizations in developing economies of China and India.
Key players operating in the IT Asset Management (ITAM) software market are Cisco Systems Inc. (US), Akamai Technologies, Inc., Palo Alto Networks, Inc., Symantec Corporation, Okta, Inc., Forcepoint, LLC, Cyxtera Technologies, Sophos Group Plc, Google LLC, Microsoft, Inc., VMware Inc., Trend Micro Incorporated, Cloudflare, IBM Corporation, Fortinet, Check Point Software Technologies Ltd., Unisys, vArmour, Inc., OPAQ Networks, Inc., ExtraHop Networks, ShieldX, Bracket Computing Inc., Nutanix, and Cloudvisory.
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