February 25, 2024
IT Asset Management (ITAM) software Market

IT Asset Management Software Market Is Expected To Flourish By Rising Adoption Of Cloud-Based Deployment Models

IT asset management (ITAM) software helps organizations track and optimize their IT assets, from hardware and software to cloud licenses and support contracts. ItAM solutions provide visibility into all IT resources, enabling better allocation of equipment, streamlining procurement and software licensing, and supporting asset lifecycle procedures. With advanced reporting and analytics capabilities, ITAM tools facilitate compliance with vendor terms and audit requirements while improving budget management. By gaining real-time awareness of technology deployments and usage across departments and locations, companies can simplify asset audits, maximize cost savings from upgrades and eliminations, and free up funds for innovation initiatives that fuel digital transformation.

IT asset management has become increasingly vital as enterprises adopt flexible working models and build hybrid cloud architectures. ITAM software provides a centralized platform to gain visibility and control over dispersed resources and empower remote employees with self-service access to the tools they need. It standardizes configuration management, software distribution, and license optimization globally.

The global IT Asset Management software Market is estimated to be valued at US$ 6907.57 Mn in 2023 and is expected to exhibit a CAGR of 6.9%over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving growth in the ITAM software market is the rising adoption of cloud-based deployment models. Cloud-based ITAM solutions offer even greater flexibility and scalability compared to on-premises alternatives. They eliminate the need for server hardware maintenance and software updates and allow remote access from any internet-connected device. This has made cloud ITAM appealing for small and medium-sized businesses with distributed workforces. Another major trend is the integration of ITAM capabilities with other IT service management functions like configuration management, cybersecurity asset management, and software license optimization on a unified platform. This delivers a holistic view of all technology assets for improved resource utilization, spend optimization, and strategy alignment across IT operations.

Porter’s Analysis

Threat of new entrants: Low barrier of entry and established players make it difficult for new entrants to gain market share.

Bargaining power of buyers: Large buyers can negotiate better prices and contracts due to high bargaining power.

Bargaining power of suppliers: Few major players supply core components, giving them significant influence on pricing.

Threat of new substitutes: Emerging technologies like cloud computing offer alternative solutions but compatibility issues limit potential substitution.

Competitive rivalry: Intense competition among key players to gain larger market share through expansions and new offerings.

Key Takeaways

The Global IT Asset Management (ITAM) Software Market Demand  is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 6907.57 Mn.

Regional analysis: North America accounts for largest share of the global ITAM software market currently due to strong adoption among enterprises. Asia Pacific is expected to grow at fastest pace during the forecast period with increasing digitization in various industries across countries like India and China.

Key players: Belden Inc., Alpha Wire, General Cable Corporation, L-Com Global Connectivity, LS Cable & System are some of the prominent players in the global ITAM software market. These players are focusing on new product launches and strategic partnerships to gain competitive advantage.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it