Market Overview

The IT asset management (ITAM) software market is a rapidly growing industry that provides businesses with tools and solutions to effectively manage their hardware and software assets. ITAM software helps organizations to streamline their asset management processes, reduce costs, improve efficiency, and enhance security.

The market for ITAM software has been expanding in recent years, driven by the increasing adoption of cloud computing, the rise in the number of devices and applications used by businesses, and the need for companies to comply with regulatory requirements. The global ITAM software market was valued at USD 1.23 billion in 2020 and is expected to grow at a CAGR of 9.2% from 2021 to 2028, according to a report by Grand View Research.

Meaning

IT asset management software refers to a set of tools and processes that help organizations to manage their hardware and software assets. This software is designed to provide businesses with a comprehensive view of their IT infrastructure, including information about the hardware and software components, their location, and usage. ITAM software also helps organizations to track the lifecycle of their assets, from procurement to disposal, and to optimize their IT asset management processes.

ITAM software provides a range of benefits to businesses, including increased visibility into their IT infrastructure, better control over IT assets, improved security, and reduced costs. With the help of ITAM software, organizations can make informed decisions about their IT assets, such as when to upgrade or replace hardware, which software licenses to renew, and how to optimize their IT asset utilization.

Executive Summary

The global IT asset management software market is expected to grow at a CAGR of 9.2% from 2021 to 2028, driven by factors such as the increasing adoption of cloud computing, the rise in the number of devices and applications used by businesses, and the need for companies to comply with regulatory requirements. ITAM software helps organizations to streamline their asset management processes, reduce costs, improve efficiency, and enhance security.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

• The global ITAM software market was valued at USD 1.23 billion in 2020 and is expected to grow at a CAGR of 9.2% from 2021 to 2028.
• The cloud-based deployment segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing adoption of cloud computing and the benefits of cloud-based ITAM software, such as scalability, cost-effectiveness, and ease of deployment.
• The North America region dominated the global ITAM software market in 2020, due to the presence of major ITAM software vendors in the region and the high adoption of ITAM software by businesses in the region.
• The key players operating in the ITAM software market include IBM Corporation, BMC Software Inc., Microsoft Corporation, SolarWinds Worldwide LLC, HP Development Company, L.P., ServiceNow Inc., and Snow Software AB, among others.

Market Drivers

1. Increasing adoption of cloud computing The increasing adoption of cloud computing is driving the growth of the ITAM software market, as more businesses are moving their IT infrastructure to the cloud. Cloud-based ITAM software provides businesses with several benefits, such as scalability, cost-effectiveness, and ease of deployment. Cloud-based ITAM software also enables businesses to manage their assets from anywhere, at any time, and on any device.
2. Rise in the number of devices and applications used by businesses The increasing number of devices and applications used by businesses is driving the demand for ITAM software, as businesses need to manage their assets efficiently and effectively. With the rise in the number of devices and applications used by businesses, the complexity of managing IT assets has increased, making ITAM software an essential tool for businesses.
3. Need for companies need for companies to comply with regulatory requirements Regulatory requirements related to IT asset management are becoming more stringent, and businesses need to comply with these regulations to avoid legal and financial penalties. ITAM software helps businesses to comply with regulatory requirements related to IT asset management, such as software license compliance, data privacy regulations, and security regulations.

3. Benefits of ITAM software ITAM software provides several benefits to businesses, such as increased visibility into their IT infrastructure, better control over IT assets, improved security, and reduced costs. With the help of ITAM software, businesses can make informed decisions about their IT assets, such as when to upgrade or replace hardware, which software licenses to renew, and how to optimize their IT asset utilization.

Market Restraints

1. High implementation costs The high implementation costs of ITAM software can be a significant barrier to adoption, especially for small and medium-sized businesses. ITAM software requires a significant investment in terms of software licenses, hardware, and implementation services, which can make it cost-prohibitive for some businesses.
2. Lack of awareness The lack of awareness about the benefits of ITAM software can be a significant barrier to adoption, especially for businesses that are not aware of the importance of IT asset management. Businesses that do not understand the benefits of ITAM software may not see the value in investing in ITAM software and may not allocate the necessary resources to implement and maintain it.
3. Resistance to change Some businesses may be resistant to change and may prefer to stick to their existing IT asset management processes, even if those processes are outdated or inefficient. Resistance to change can be a significant barrier to adoption for businesses that are not willing to embrace new technology and new ways of managing their IT assets.

Market Opportunities

1. Increasing demand for mobile device management (MDM) The increasing adoption of mobile devices in the workplace is driving the demand for mobile device management (MDM) solutions, which are designed to manage mobile devices and their applications. ITAM software vendors can capitalize on this opportunity by offering integrated ITAM and MDM solutions that provide businesses with a comprehensive view of their IT infrastructure, including mobile devices.
2. Growing need for IT asset management in emerging economies Emerging economies such as China, India, and Brazil are experiencing rapid growth in their IT infrastructure, and businesses in these regions are increasingly recognizing the importance of IT asset management. ITAM software vendors can capitalize on this opportunity by expanding their presence in these regions and offering localized solutions that meet the unique needs of businesses in these regions.
3. Increasing demand for integrated ITAM and IT service management (ITSM) solutions The increasing demand for integrated ITAM and ITSM solutions is driving the growth of the ITAM software market, as businesses are looking for solutions that provide a holistic view of their IT infrastructure. ITAM software vendors can capitalize on this opportunity by offering integrated ITAM and ITSM solutions that provide businesses with a comprehensive view of their IT infrastructure, including assets, incidents, changes, and service requests.

Regional Analysis

The global ITAM software market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In vendors in the region and the high adoption of ITAM software by businesses in the region. The region is also home to several large enterprises that have complex IT infrastructure and require sophisticated ITAM software solutions to manage their assets effectively.

Europe is also a significant market for ITAM software, driven by factors such as the increasing adoption of cloud computing, the need for businesses to comply with data privacy regulations, and the growing demand for integrated ITAM and ITSM solutions. The region is also characterized by a large number of small and medium-sized businesses, which are increasingly recognizing the importance of IT asset management and are adopting ITAM software solutions to manage their assets effectively.

The Asia Pacific region is expected to grow at the highest CAGR during the forecast period, driven by factors such as the increasing adoption of cloud computing, the rise in the number of devices and applications used by businesses, and the growing need for IT asset management in emerging economies such as China and India. The region is also characterized by a large number of small and medium-sized businesses, which are increasingly adopting ITAM software solutions to manage their assets effectively.

Competitive Landscape

Leading Companies in the IT Asset Management Software Market:

1. ServiceNow, Inc.
2. IBM Corporation
3. BMC Software, Inc.
4. Microsoft Corporation
5. Oracle Corporation
6. Hewlett Packard Enterprise Development LP
7. Ivanti Software, Inc.
8. Snow Software AB
9. Atlassian Corporation Plc
10. Cherwell Software, LLC

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The global ITAM software market is segmented on the basis of deployment, organization size, end-use industry, and region.

By deployment, the market is segmented into on-premise and cloud-based.

By organization size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises.

By end-use industry, the market is segmented into IT and telecom, healthcare, retail, manufacturing, government and public sector, and others.

By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Category-wise Insights

1. On-premise vs. cloud-based ITAM software On-premise ITAM software requires businesses to host the software on their own servers and manage it in-house. Cloud-based ITAM software, on the other hand, is hosted in the cloud and can be accessed from anywhere, at any time, and on any device. Cloud-based ITAM software provides several benefits to businesses, such as scalability, cost-effectiveness, and ease of deployment. However, on-premise ITAM software can be more secure and can provide businesses with more control over their IT infrastructure.
2. SMEs vs. large enterprises SMEs are increasingly recognizing the importance of IT asset management and are adopting ITAM software solutions to manage their assets effectively. However, SMEs may face challenges in terms of high implementation costs and lack of IT resources. Large enterprises, on the other hand, have more complex IT infrastructure and require sophisticated ITAM software solutions to manage their assets effectively.
3. End-use industries Different end-use industries have different IT asset management needs and requirements. For example, the healthcare industry may require ITAM software solutions that comply with data privacy regulations, while the manufacturing industry may require ITAM software solutions that provide real-time asset tracking and inventory management.

Key Benefits for Industry Participants and Stakeholders

1. Increased visibility into IT infrastructure ITAM software provides businesses with a comprehensive view of their IT infrastructure, including information about the hardware and software components, their location, and usage. This increased visibility into IT infrastructure helps businesses to make informed decisions about their IT assets, such as when to upgrade or replace hardware, which software licenses to renew, and how to optimize their IT asset utilization.

2. Better control over IT assets ITAM software helps businesses to better control their IT assets, such as hardware and software licenses, by providing tools to track their lifecycle, from procurement to disposal. This helps businesses to ensure that they are using their IT assets effectively, that they are complying with regulatory requirements, and that they are avoiding unnecessary costs and risks.
3. Improved security ITAM software helps businesses to improve their IT security by providing tools to track their IT assets, monitor their usage, and detect potential security threats. This helps businesses to identify and mitigate security risks, such as unauthorized access, data breaches, and cyber attacks.
4. Reduced costs ITAM software helps businesses to reduce their IT costs by providing tools to optimize their IT asset utilization, track software license compliance, and reduce unnecessary hardware and software purchases. This helps businesses to save money on IT expenses and improve their overall financial performance.

SWOT Analysis

Strengths:

• ITAM software provides businesses with increased visibility into their IT infrastructure, better control over IT assets, improved security, and reduced costs.
• Cloud-based ITAM software provides businesses with scalability, cost-effectiveness, and ease of deployment.
• ITAM software vendors are offering flexible pricing models, educational resources, and training programs to help businesses overcome barriers to adoption.

Weaknesses:

• ITAM software implementation can be costly, especially for small and medium-sized businesses.
• Lack of awareness about the benefits of ITAM software can be a significant barrier to adoption.
• Resistance to change can be a significant barrier to adoption for businesses that are not willing to embrace new technology and new ways of managing their IT assets.

Opportunities:

• Increasing demand for mobile device management (MDM) solutions.
• Growing need for IT asset management in emerging economies.
• Increasing demand for integrated ITAM and ITSM solutions.

Threats:

• Intense competition in the ITAM software market, with numerous vendors offering solutions to businesses of all sizes and across all industries.
• Regulatory requirements related to IT asset management are becoming more stringent, and businesses need to comply with these regulations to avoid legal and financial penalties.
• Rapidly evolving technology and changing customer needs and preferences can make it challenging for ITAM software vendors to keep up with market trends and stay competitive.

Market Key Trends

1. Increasing adoption of cloud-based ITAM software Cloud-based ITAM software is becoming increasingly popular among businesses, as it provides several benefits, such as scalability, cost-effectiveness, and ease of deployment. Cloud-based ITAM software also enables businesses to manage their assets from anywhere, at any time, and on any device.
2. Growing demand for integrated ITAM and ITSM solutions Businesses are increasingly looking for solutions that provide a comprehensive view of their IT infrastructure, including assets, incidents, changes, and service requests. This has led to a growing demand for integrated ITAM and ITSM solutions that provide businesses with a holistic view of their IT infrastructure.
3. Increasing focus on data privacy and security Businesses are becoming more focused on data privacy and security, as data breaches and cyber attacks become more common. This has led to an increased demand for ITAM software solutions that provide tools to monitor and mitigate security risks, such as unauthorized access and data breaches.

Covid-19 Impact

The Covid-19 pandemic has had a significant impact on the ITAM software market, as businesses have had to rapidly adapt to remote work and virtual collaboration. This has led to an increased demand for cloud-based ITAM software solutions, as businesses have had to manage their assets from remote locations and ensure that their IT infrastructure is secure and reliable.

The pandemic has also highlighted the importance of IT asset management, as businesses have had to quickly adapt to new technologies and work processes, often with limited IT resources. This has led to an increased awareness of the benefits of ITAM software and a growing recognition of the need for businesses to have a comprehensive view of their IT infrastructure.

Overall, the pandemic has accelerated the adoption of cloud-based ITAM software and highlighted the importance of IT asset management in ensuring business continuity and resilience in times of crisis.

Key Industry Developments

1. IBM Corporation launched IBM Cloud Pak for Asset Management, a cloud-based ITAM solution that provides businesses with a comprehensive view of their IT infrastructure and enables them to manage their assets effectively.
2. SolarWinds Worldwide LLC acquired Samanage, a provider of IT service management (ITSM) solutions, to expand its portfolio of ITAM and ITSM solutions.
3. Snow Software AB acquired Embotics, a provider of cloud management platform solutions, to expand its portfolio of cloud-based ITAM solutions.

Analyst Suggestions

Analysts suggest that ITAM software vendors should focus on offering flexible and cost-effective solutions, as well as integrated ITAM and ITSM solutions, to meet the evolving needs of businesses. Vendors should also invest in educational resources and training programs to help businesses overcome barriers to adoption, such as lack of awareness and resistance to change.

Future Outlook

The ITAM software market is expected to continue growing in the coming years, driven by factors such as the increasing adoption of cloud computing, the rise in the number of devices and applications used by businesses, and the need for companies to comply with regulatory requirements. The market is also expected to be characterized by increasing competition, as numerous vendors offer ITAM software solutions to businesses of all sizes and across all industries.

In the future, ITAM software vendors are likely to focus on offering integrated ITAM and ITSM solutions, as well as solutions that provide real-time asset tracking and inventory management. Vendors are also likely to invest in artificial intelligence (AI) and machine learning (ML) technologies to improve the accuracy and efficiency of their ITAM software solutions.

Conclusion

The ITAM software market is a dynamic and rapidly evolving industry, driven by factors such as the increasing adoption of cloud computing, the rise in the number of devices and applications used by businesses, and the need for companies to comply with regulatory requirements. The market is also characterized by intense competition, with numerous vendors offering ITAM software solutions to businesses of all sizes and across all industries.