The asset management software offers several advantages to an organization that can eventually translate into greater efficiency and lesser costs. Asset management helps organizations maintain the cost of purchasing assets and monitor asset usage. The IT Asset Management Software is the software that is specifically used for monitoring IT-related assets in an enterprise. Here, IT assets refer to both hardware and software components.
IT asset management is sometimes also referred to as IT inventory management. In an enterprise, the IT Asset Management Software plays a crucial role, as it helps managers make accurate purchasing decisions. It collects all information related to hardware and software usage in an organization.
The global IT Asset Management Software market is expected to grow at a CAGR of 6.9% during the period from 2016 to 2024. The market is estimated to reach USD 1.3 billion by 2024 from USD 708.9 million in 2015. Large enterprises are going to hold a larger share in the global market and sectors like IT and telecom are going to lead the market.
The growth of the IT Asset Management Software market will be propelled by the growing need for improving productivity and asset inventory management. IT Asset Management Software enables organizations to monitor the usage of software and thus, helps identify if any upgrading is required. It also helps detect the presence of illegal installation.
All such advantages offered by the IT Asset Management Software are going to boost the global IT Asset Management Software market in the coming days. Factors like growing demand for centralizing and automating IT infrastructure will also give a major boost to the market. However, high cost associated with the deployment of the software may inhibit the growth of the market in the coming days.
The global IT asset management market is presently dominated by North America, owing to increasing investments in technology and the presence of stringent laws and regulations for purchasing assets in the region. Europe stands second in terms of market share in the global IT Asset Management Software market. In the coming years, the Asia-Pacific region is expected to exhibit impressive growth.
Some of the key players operating in the global IT Asset Management Software market are, BMC Software, Dell Inc., Symantec Corporation, Freshworks Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, SysAid Technologies Ltd, ServiceNow, Inc., Asset Panda, Samanage Ltd, CA Technologies, Wasp Barcode Technologies, Landesk Software, and HP, Inc.