IT asset management is the effective use of electronic records and metadata for the purpose of tracking and categorization of an organization’s assets. Metadata is the depiction of the digital or physical asset or any information which is required for taking any asset management decision. The depth of metadata can differ depending on the requirements of the organization. IT assets are the components of hardware and software that are found in a business environment. According to HDI survey, in 2017, IT asset management is one amongst the top five IT trends adopted by organizations.
The global IT asset management software market was valued at approximately US$ 861.1 million in the year 2018 and is expected to reach US$ 1,490.7 million by the year 2026, growing at a CAGR of approximately 7.1%. The increasing focus on the identification of illegal installations, IT asset inventory management, and other vulnerable activities is expected to accentuate the growth of the market. However, the high cost of deployment is expected to impede the growth of the market.
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On the basis of the enterprise size, the global IT asset management software market is categorized as small & medium enterprises (SMEs) and large enterprises. In this category, large enterprises are holding the highest share in the market, owing to affordability and economies of scale benefits.
According to the end-user, the IT asset management software market is segmented into IT & Telecom, BFSI, healthcare, manufacturing, transportation, and other end-users. Among these, the IT & Telecom vertical is holding the highest share in the market, owing to the usage of a large number of IT assets in this industry. The manufacturing sector is also holding a significant market share, owing to the increasing adoption of automated processes in manufacturing.
Geographically, North America is holding the highest market share in the global IT asset management software market. The region is observing a rapid growth of IT industry and a rising adoption of IT asset management for leveraging its benefits. Moreover, increasing government regulations and strict software audit policies in this region are some other factors that are propelling the growth of the IT asset management software during the forecast period.
Key players of the global IT asset management software are, BMC (US), Attachmate (US), Hewlett Packard (US), IBM Corporation (US), JustSAMIt (Australia), Microsoft (US), Samanage (US), Scalable Software (UK), and Symantec (US), amongst others.
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