April 24, 2024
IT Asset Management (ITAM) Software Market

IT Asset Management Software Market Driving Digital Transformation Trends

The IT asset management (ITAM) software market provides organizations with comprehensive solutions to manage their entire IT infrastructure lifecycle and optimize technology spending. ITAM solutions help track software licenses, hardware assets, configurations, contracts, and purchases to maintain compliance and identify over-procurement and under-utilization of assets. They offer capabilities like software license optimization, hardware asset audits, software distribution, and contract and warranty management. With the growing digital transformation across industries, the adoption of advanced technologies like cloud, IoT, and edge computing has increased complexity in IT asset management.

The Global IT Asset Management (ITAM) Software Market Demand 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.

Growing digitalization initiatives and increasing emphasis on optimizing IT budgets are fueling demand for cost-effective and automated ITAM solutions.

Key Takeaways

Key players operating in the IT asset management (ITAM) software 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.

Growing demand in industries like IT & telecom, healthcare, retail, education, and BFSI is driving the adoption of advanced ITAM solutions. By optimizing technology spending and enhancing compliance, companies are saving 15-30% of annual IT costs using ITAM software.

Major ITAM software providers are focusing on expanding their global presence through partnerships and mergers & acquisitions. For instance, in 2022, IBM acquired The Weather Company’s business segment to integrate location intelligence into its AI and hybrid cloud platform. This enhanced IBM’s capabilities in verticals like transportation and energy.

Market Key Trends

The increasing adoption of cloud technologies is a key trend in the ITAM Software Market. Many organizations are shifting their workloads and applications to hybrid cloud environments. This is creating demand for cloud-based and cloud-optimized ITAM solutions that provide visibility and control over assets across on-premises, private, and public clouds. ITAM vendors are enhancing their offerings with capabilities like cloud services management, cloud billing analytics, and hybrid asset tracking. They are helping IT teams optimize cloud spending while maintaining compliance and security in complex multi-cloud environments.

Porter’s Analysis

Threat of new entrants: Low set up costs thanks to cloud services and SaaS delivery models. However, large IT vendors have scale advantages and strong brand recognition.

Bargaining power of buyers: High as buyers can easily compare offerings and switch between vendors. Standardized capabilities limit potential for vendor lock-in.

Bargaining power of suppliers: Low as ITAM software requires few components and has many potential suppliers.

Threat of new substitutes: Moderate threat from alternative approaches like just-in-time provisioning or outsourced help desks. However, ITAM provides comprehensive asset optimization.

Competitive rivalry: Fierce as many large and small vendors compete on functionality, price and support quality.

Geographical Regions

North America currently accounts for the largest share of the global ITAM software market in terms of value. This is due to the early adoption of automated asset management practices among large enterprises based in the US and Canada.

The Asia Pacific region is expected to be the fastest growing market for ITAM solutions between 2024-2031. This growth will be driven by the increasing complexity of IT infrastructures in countries like China, India and Japan as digital transformation initiatives gather pace across industries. Growing concerns around license compliance and optimization of existing asset investments are also boosting APAC demand.

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