IT Asset Management software Market Driven by the Need for Managing...

IT Asset Management software Market Driven by the Need for Managing Increasing IT Assets proactively

Postado 2024-03-21 12:31:02

The 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

Key Takeaways

Key players operating in the IT Asset Management (ITAM) Software Market Growth 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. The increasing adoption of cloud technologies and BYOD trends across organizations has significantly increased the number of IT assets, resulting in growing demand for automated IT asset management and optimization software. Major software companies are expanding their ITAM product capabilities and global presence aggressively to gain more customers and market share.

Market drivers

One of the key drivers for the growth of the ITAM software market is the rising need for proactive management of growing IT costs. With most organizations having a large, complex, and continuously evolving IT infrastructure, managing licensing compliance and optimizing software investments through flexible procurement and allocation has become critical. ITAM software assists IT departments in gaining real-time visibility and control over all types of IT assets to take data-driven decisions and spot opportunities for savings. This is expected to drive increased demand over the forecast period.

Impact of geopolitical situation on the growth of IT Asset Management (ITAM) software Market

The current geopolitical tensions and conflicts between major trading nations are negatively impacting the growth of the ITAM software market globally. The economic sanctions imposed by some nations on others for political reasons are disrupting international trade and businesses. This is reducing the IT spending of many firms operating across borders. Furthermore, the ongoing Russia-Ukraine war has increased uncertainties in the European markets which account for a significant share of the global ITAM spending. The supply chain disruptions caused by the pandemic and war are also hampering the ability of IT asset management solution providers to expand into new international geographies smoothly.

However, the market players must focus on diversifying their businesses geographically instead of relying heavily on few countries for revenues. They should aggressively target emerging APAC and Latin American markets and launch customized solutions catering to the needs of organizations in these regions. Furthermore, offering multi-cloud and hybrid deployment options can help mitigate risks arising from heightened geopolitical conflicts. Collaborating with local channel partners is also crucial to navigate changing trade policies and continue serving customers amid political tensions.

Regions where IT Asset Management (ITAM) software Market is concentrated in terms of value

The North American region currently dominates the global ITAM software market and accounts for over 35% of the total valuation. This is due to the large presence of leading IT asset management solution providers as well as early adoption of advanced technologies by enterprises across industries in the US and Canada. Furthermore, countries like the US offers supportive policies and good IT infrastructure which encourages businesses to significantly invest in digital transformation initiatives involving efficient asset lifecycle management. Europe is another major revenue generator for vendors, with UK, Germany and France having a high concentration of large enterprises proactively leveraging ITAM solutions.