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Title: IT Asset Management (ITAM) software Market Analysis | Coherent Market Insights


1
  • Coherent Market Insights
  • Market Research and Business Consulting Services
  • https//www.coherentmarketinsights.com/
  • COVID-19 Impact Tracker

2
IT ASSET MANAGEMENT (ITAM) SOFTWARE MARKET
ANALYSIS
  • IT Asset Management (ITAM) software Market, By
    Enterprise Size (SME and Large Enterprise), By
    Deployment (On Premise, Cloud and Hybrid), By
    End-use Sector (BFSI, Telecom and IT, Healthcare,
    Transportation, Government, Energy and Utilities
    and Manufacturing) and by Region (North America,
    Europe, Asia Pacific, Latin America, Middle East
    and Africa) - Size, Share, Outlook, and
    Opportunity Analysis, 2019 2027
  • The global IT asset management (ITAM) software
    market was valued US 955.6 Mn in 2019 and
    expected to grow at a CAGR of 6.9 over the
    forecasted period 2019-27.

3
Market Drivers
  • Increasing need for centralization and automation
    in IT infrastructure is expected to drive growth
    of the global IT Asset Management (ITAM) Software
    Market during the forecast period
  • Growing trend of consolidation has led to
    requirement of establishing simplified and
    centralized IT operations and infrastructure, in
    order to attain success in business.
    Implementation of automation to a centralized IT
    environment allows constant monitoring of
    activities. Moreover, organization-wide
    centralization ITAM facilitates inventory
    visibility across the organization and helps in
    budgetary planning. It also provides information
    enabling advance planning for future asset
    requirements thereby capitalizing on existing
    asset utilization and minimizing unnecessary IT
    expenditures. Hence, these factors are expected
    to support growth of the market during the
    forecast period.

4
  • Growing focus on cost, compliance, and security
    related to assets is expected to propel the
    global IT asset management (ITAM) software market
    growth over the forecast period
  • Asset inventory management enables an
    organization to record and track when equipment
    is procured, to what extent it has been utilized
    and whether there is a lease lapsing on the
    asset. Moreover, it is the same case with
    software where it is necessary to stay up-to-date
    regarding the latest software and OS. Asset
    management software identifies whether an
    unapproved or malicious software or hardware has
    been installed. It also allows managers to
    isolate any pertaining vulnerabilities and
    prevent major issues thereby ensuring compliance
    corporate security policies.

5
  • North America region dominated the global IT
    asset management (ITAM) software market in 2019,
    accounting for 30.5 share in terms of value,
    followed by Europe, Asia Pacific, Latin America,
    and Midde East and Africa respectively.

6
Market Restraints
  • High costs required for deployment is expected to
    hinder the global IT asset management (ITAM)
    software market growth over the forecast period
    Many organizations are struggling to minimize
    their operational costs. ITAM software enables
    them to track inventory and helps them terminate
    all the excess costs associated with IT expenses.
    However, initial installment cost of ITAM is
    significantly high, which is not affordable to
    small and medium-sized enterprises. Thus, many
    organizations are unwilling to adapt to ITAM
    software, which in turn, is expected to hinder
    the market growth in the near future.
  • Low awareness among small and medium-sized
    enterprises (SMEs) is expected to restrain growth
    of the global IT asset management (ITAM) software
    market during the forecast period Since SMEs
    often lack adequate financial support, they avoid
    implementing ITAM software. Apart from that, lack
    of understanding regarding ITAM solutions
    combined with varied perceptions over their
    capabilities is major reason SMEs are not
    adopting these solutions. Hence, these factors
    are expected to hinder the global IT asset
    management (ITAM) software market growth in the
    near future.

7
Market Opportunities
  • Lucrative opportunities offered by emerging
    markets such as MEA and Latin America
  • Volatility in economy and low awareness among
    organizations in these regions has impacted the
    regional market growth in the recent past.
    However, rising implementation of existing
    technologies and rising adoption of cloud-based
    solutions combined with strict regulatory
    policies has increased adoption of IT asset
    management (ITAM) software market.
  • Advent of IoT and M2M can provide major business
    opportunities for market players
  • A significant rise in number of connected smart
    devices has made challenging to track them. Many
    organizations are focused on finding methods to
    implement ITAM with BYOD. ITMA provides inventory
    information to a security system, which crucial
    in tracking and recording activity of connected
    devices.

8
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9
Market Trends
  • Growing integration of ITAM and ITSM software is
    a new trend in the market
  • It is difficult for any organization to minimize
    IT-related costs. Software leads to a major part
    of an organizations budget and unlike hardware,
    it is difficult to track and manage software. As
    a result, it often leads to overbuying and
    unnecessary investment. Moreover, organizations
    are understanding the true value of integration
    of IT service management (ITSM) and IT asset
    management (ITAM) processes and tools
    Furthermore, with this conjunction, an enterprise
    can drive down costs and lower the risk of
    license compliance violations while ensuring the
    smooth flow of business operations.
  • Introduction of ITAM robot solution is another
    major trend in the market
  • Key companies in the market are focused on
    launching ITAM-integrated robots, in order to
    enhance the market presence. For instance, in
    November 2015, Avotus Corporation, the provider
    of Intelligent Communications Management (ICM)
    solutions introduced its robot solution for ITAM.
    The Avotus ITAM robot constructs and monitors IT
    asset inventory. Online analytical processes
    (OLAP) are further used to develop configuration
    management database (CMDB) of all IT and telecom
    assets.

10
Segment information
  • In global IT asset management (ITAM) software
    market, by enterprise size segment, the large
    enterprise, sub-segment dominated the global
    market in 2019, accounting for 64.0 share in
    terms of value, followed by SME.

11
Competitive Section
  • Key players operating in the global IT asset
    management (ITAM) software market are Snow
    Software, Hewlett Packard Enterprise Development
    LP, Oracle Corporation, BMC Software Inc., Aspera
    Technologies Inc., CA Technologies Inc., LANDESK
    Software, Broadcom Inc., ServiceNow Inc., Flexera
    Software LLC, and Cherwell Software Inc.

12
Key Developments
  • Key companies in the market are focused on
    mergers and acquisitions, in order to expand
    their market presence. For instance, in December
    2019, Snow Software, a Sweden-based information
    technology company, acquired Embotics, a hybrid
    cloud management company.
  • Major players in the market are involved in
    mergers and acquisitions, in order to gain a
    competitive advantage in the market. For
    instance, in August 2019, Hewlett Packard
    Enterprise Development LP acquired the business
    assets of MapR, a U.S.-based business software
    company.

13
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  • Talk to Analyst
  • Reference https//www.coherentmarketinsights.com/
    market-insight/it-asset-management-software-market
    -3768

14
About Us
  • Coherent Market Insights is a global market
    intelligence and consulting organization focused
    on assisting our plethora of clients achieve
    transformational growth by helping them make
    critical business decisions.
  • What we provide
  • Customized Market Research Services
  • Industry Analysis Services
  • Business Consulting Services
  • Market Intelligence Services
  • Long term Engagement Model
  • Country Specific Analysis

15
Contact Us
  • Mr. Shah
  • Coherent Market Insights Pvt.Ltd.
  • Address 1001 4th Ave, 3200 Seattle, WA 98154,
    U.S.
  • Phone 1-206-701-6702
  • Email sales_at_coherentmarketinsights.com

16
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