Global IT Asset Management (ITAM) Software Report Examines Latest Trends and Key Drivers Supporting Growth through 2024

Albany, USA, 2018-Apr-17 — /EPR Network/ —In order to study the various trends and patterns prevailing in the overall market for IT Asset Management (ITAM) Software, Market Research Reports Search Engine (MRRSE) has included a new report titled “IT Asset Management (ITAM) Software Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. Readers can access the regional as well as segment-wise analysis for acquiring precise information about the global market structure.

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Most leading companies in the global IT asset management (ITAM) software market have a strong presence in North America, making the region immensely competitive, with the likes of Hewlett Packard Enterprise Development, ServiceNow Inc., Cherwell Software Inc., and Aspera Technologies, Inc. setting up base in the U.S. Collaborations and partnerships with other prominent companies has been a go-to strategy for players in the global ITAM software market, states MRRSE.

For instance, in June 2016, Deloitte Touche Tohmatsu Limited and Snow Software announced the offering of advanced end-to-end software asset management to enterprises that have SAP and IBM software in data centers. This move has enabled the companies to increase savings and avoid risks in software licensing.

“Offering tailor-made products to keep with the growing complexities of the IT environment has been another key strategy for players like Oracle Corporation,” the author of the MRRSE study finds. This allows companies to address various technology challenges.

Rising Focus on Compliance and Security Issues a Key Driving Factor

Asset inventory management, whether of software or hardware, allows an organization to keep a check on the software bought, its utilization, and the need for upgrading software and OS. “ITAM software has been successful in identifying the harmful or illegal installation of software across various platforms, in preventing vulnerabilities, and ensuring compliance with corporate security policies,” the MRRSE analyst states. The growing emphasis on the adherence to security and compliance policies is a key factor driving the ITAM software market.

Another major driving force is the need for automation and centralization of IT infrastructure. “An increasing number of companies have been leaning toward consolidation and establishing streamlined and centralized IT operations,” the author of the study observes. This trend is likely to have a medium impact on the growth of the ITAM software market in the coming years.

On the flip side, organizations’ struggle with reducing operational costs limits the deployment of ITAM software owing to the excess expenditure associated with its installation.

Global ITAM Software Market to Cross US$1 bn-mark by 2024

The ITAM software market is projected to reach a value of US$1.3 bn by 2024, rising from US$708.9 mn in 2015. The market is estimated to expand at a steady CAGR of 6.9% from 2016 to 2024. Accounting for a massive share of over 60% by 2024, large enterprises will be the leading contributor to the growth of the ITAM software market. Registering an 8.0% CAGR during the forecast period, SMEs are anticipated to record the highest growth by 2024.

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Based on deployment model, cloud-based ITAM software is the leading segment by revenue, with hybrid models expanding at the most rapid pace from 2016 to 2024. On the basis of end use, the telecom and IT sector contributes a majority to the overall revenue of the ITAM software market. On the other hand, the energy and utilities industry will present the highest CAGR by 2924. By region, North America leads the global ITAM software market and will continue doing so through the end of the forecast period with stiff competition from Asia Pacific. The APAC market for ITAM software is, on the other hand, estimated to register the fastest growth from 2016 to 2024.

The report classifies the global ITAM software market by enterprise sizeintoSMEs and Large enterprises. Furthermore, the market is categorized by deployment types which include— On-premise, cloud and hybrid.Moreover, demand for ITAM software solutions has also been studied across variousend-use industries, including BFSI, telecom & IT, government, and energy & utilities and others.This explains which industry sector is helping the expansion of ITAM software market and which is fastest growing sector anticipated to support growth the market over a long run. Thus, the report provides a cross-segment study of the ITAM software market and classifies it into various levels, thus providing valuable insights.

Pertaining to increasing competition in this cloud computing age, resulting in development of cutting edge ITAM software solutions, the report delivers a brief overview of the major players operating in the ITAM software market along with an outline of miscellaneousstrategiesadopted by these players. Strategy has been formulated after brief analysis of the data which includes data related to mergers and acquisitions, partnership agreements, new product launches and product enhancements and future activities company is expected to undertake.

Besides, the report also provides the share of major companies operating in the ITAM software market.IBM Corporation, Oracle Corp., Hewlett Packard Enterprise Development LP, BMC Software Inc., ServiceNow Inc., BDNA Corporation, LANDESK Software, Aspera Technologies Inc., Cherwell Software,Flexera Software LLC, CA Technology Inc., and Snow Softwareare some of the major service providers within the global ITAMsoftware market, profiled in this study. These company profiles highlight the competitive landscape of the ITAM software market, the positioning of the key players is based on their financial data, product range, developments and geographical presence. 

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IT Asset Management (ITAM) Software Market

By Enterprise Size

  • SMEs
  • Large Enterprise

By Deployment Type

  • On Premise
  • Cloud
  • Hybrid

By End Use

  • BFSI
  • Telecom and IT
  • Government
  • Healthcare
  • Transportation
  • Manufacturing
  • Energy and Utilities
  • Others

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