Market Highlights
The IT assets include the hardware component as well as the software component. IT asset management software has a prominent role in the growth strategy of an enterprise. It helps the senior level management to make accurate purchase decisions. IT asset management is also referred to as IT inventory management as it largely involves the collection of information, regarding hardware and software used in an organization.
The IT asset management software market is estimated to reach a valuation of USD 3 Bn towards the end of 2023. The software has developed a significant role in devising growth strategies of enterprises which is likely to accelerate its adoption over the next couple of years.
Additionally, the reduced cost of software licensing by relocating non-utilized resources is expected to fuel the growth of the market. IT asset management can be categorized as hardware asset management, digital asset management, and software asset management.
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Regional Analysis:
On the basis of geography, the market is studied for North America, Europe, Asia Pacific, and rest of the world. Among the regions mentioned above, at present, the market is highly dominated by North America due to the high investment in technology, catering the need of lifecycle management of complex software, and strict laws and regulations. These encourage the enterprises to adopt technology to reduce variable cost of purchases and also maintain l balance by having a record of demand and supply.
On the other hand, Asia Pacific is expected to show the highest growth in the market. This is due to the emergence of organizations in manufacturing, software development wherein there is a need for monitoring the assets of the enterprises that are being deployed on a higher scale. In addition to the substantial presence of industries, the region has seen an increase in the adoption of cloud services. The manufacturers in Asia Pacific are becoming more and more advanced by deploying newer technologies to monitor and improve their efficiency.
Competitive Dashboard:
Some of the key players profiled by MRFR in the report are Freshworks Inc. (U.S.), BMC Software (U.S.), Samanage Ltd (U.S.), Microsoft Corporation (U.S.), Wasp Barcode Technologies (U.S.), IBM Corporation (U.S.), HP, Inc (U.S.), Oracle Corporation (U.S.), Landesk Software (U.S.), CA Technologies (U.S.), Dell, Inc (U.S.), Symantec Corporation (U.S.), Ivanti (U.S.), Spiceworks Inc. (U.S.), Summit Software Pty Ltd (Australia), CGI Group Inc (Canada), Dude Solutions Inc (U.S.), eMaint (U.S.), IFS AB (Sweden), Infor (U.S.), SysAid Technologies Ltd (Israel), ServiceNow, Inc (U.S.), Asset Panda (U.S.), GRAGA Software Solutions Pty Ltd (Australia), and xAssets (U.K).
Segmentation:
By component, the IT asset management software market is segmented into hardware, software, and services. The software segment is further sub-segmented into in-house developed software, and software licenses (COTS). The services segment is sub-segmented into professional and managed services.
By tools, the global IT asset management software market has been segmented into discovery/automated inventory, license management, patch & version management, request management, product/service catalog, digital asset management, and others.
By organization size, the IT asset management software market is segmented into small and medium enterprise, and large enterprise.
By end-user, the global IT asset management software market has been segmented into banking & financial service, retail, aerospace & defense, IT & telecom, energy & power, automotive & transportation, and others
By deployment, the IT asset management software market is segmented into on cloud, on-premise, and hybrid.
Industry Developments:
In May 2018, Freshworks, a leading business software company, has announced its plan of expansion in Africa with committed investments and strategic focus on Kenya and Nigeria.
