IT asset management software enables organizations to gain comprehensive visibility into their distributed IT infrastructure and securely manage physical, virtual, and cloud-based assets from a single console. The software offers inventory management, software license optimization, procurement management, reporting and analytics capabilities to help organizations effectively track hardware and software assets, repair or replace expired assets, and demonstrate compliance.
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:
Leveraging cloud-based technologies is a key trend propelling the growth of the ITAM software market. Modern cloud-based ITAM solutions enable distributed teams to gain real-time visibility and control over all assets from any location. They empower organizations to seamlessly manage both cloud-based infrastructure including virtual servers, networking devices, and software licenses in hybrid and multi-cloud environments together with on-premise physical assets from a single user interface. Cloud delivery of ITAM solutions has simplified deployment, reduced upfront costs, and enabled Software-as-a-Service pricing models. This has increasingly appealed to organizations, especially small and medium enterprises, and accelerated market revenue growth over the forecast period.
Strength: ITAM software provides centralized visibility and management into an organization’s IT assets which help improve IT governance and security. It also helps optimize utilization and reduces maintenance costs.
Weakness: Initial implementation requires significant investment to integrate with existing systems and processes. On-premise deployment also requires infrastructure investments.
Opportunity: Increasing digital transformation among organizations is driving need for improved IT asset optimization. Growing adoption of cloud-based solutions also provides an opportunity for cloud-based ITAM offerings.
Threats: Open-source and free ITAM tools act as alternatives which can affect vendor revenues. Lack of skilled resources and IT budget constraints are also challenges faced by the market.
The Global IT Asset Management (ITAM) Software Market Size is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: North America accounts for the largest share in the global ITAM market due to presence of established players and growing focus of enterprises on optimizing existing IT infrastructure. Asia Pacific is expected to witness highest growth during the forecast period supported by increasing adoption of cloud-based solutions and growing focus on improving IT governance in developing economies.
Key players: 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., and Nutanix.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it