A recent analysis by Future Market Insights projects that the IT asset management market will grow at a CAGR of 6.9% to reach US$ 2.3 billion by 2032. During the forecast period, the market growth is anticipated to pick up speed due to the growing need to manage audits, adhere to regulatory compliance standards, manage and optimise the purchase, deployment, maintenance, use, and disposal of software applications within the business, as well as reduce software spend costs.
Additionally, the expanding requirement for enhancing organisational productivity via the use of cutting-edge technology to satisfy corporate needs is fueling market expansion.IT asset management demand increased at a CAGR of 7.5% between 2015 and 2021, reaching a value of US$ 1.1 billion. Moreover, an absolute dollar opportunity worth US$ 1.1 Billion has been forecast for the market during the coming decade.
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Key Takeaways from the Market Study
- Global IT asset management market to reach US$ 1.2 Billion by 2022-end
- The U.S to account for the highest value share of US$ 320.8 Million of global market demand for IT asset management in 2032
- By deployment, the cloud category constitutes the bulk of IT asset management market with a CAGR of 7.0%
- IT asset management solutions for large enterprises to remain preferred, flourishing at a 6.2% CAGR
- India to emerge as a highly opportunistic market, documenting a value of US$ 224.8 Million
- China and Japan to document value CAGRs of 2.3% and 7.8% respectively until 2032
- Global IT asset management market to nearly double during the forecast period
Driving Factors for Market Growth
The study identifies several driving factors propelling the growth of the IT asset management market. The increasing adoption of cloud-based IT asset management solutions, coupled with the growing demand for efficient asset tracking and inventory management, is boosting market expansion. Additionally, the rising focus on optimizing IT infrastructure and reducing operational costs is stimulating the uptake of IT asset management solutions across various sectors. Furthermore, the surge in data breaches and security threats is driving the need for robust IT asset management practices, fueling market growth.
Challenges to the Global Market
Despite the favorable growth prospects, the IT asset management market faces certain challenges. Complex IT environments, data security concerns, and interoperability issues pose hurdles to the seamless implementation of asset management solutions. Moreover, the initial setup cost and ongoing maintenance expenses might deter some businesses from adopting advanced IT asset management practices. However, the report highlights the importance of overcoming these challenges to unlock the market’s full potential.
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Competitive Landscape
Players in the global IT Asset Management Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In July 2021, Snow Software introduced Snow Atlas, the first integrated platform built to help organizations discover, monitor, and optimize their technology investments both on-premises and in the cloud. The first solutions available on the new cloud-native platform are SAM, SaaS management, and ITSM integrations which were earlier delivered as a service, are now in early access.
- In May 2021, Flexera introduced interoperability between its Software Vulnerability Manager solution and VMware Workspace ONE Unified Endpoint Management. Through this interoperability, customers will be able to identify, prioritize, and satisfy the need for third-party patch deployment to remediate software vulnerabilities.
Know More about What the IT Asset Management Market Repost Covers
Future Market Insights offers an unbiased analysis of the global IT Asset Management Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the IT Asset Management Market, the market is segmented on the basis of enterprise size, deployment, and end-use across five major regions.
Key Segments Covered in the IT Asset Management Industry Report
IT Asset Management by Enterprise Size:
- IT Asset Management for SMEs
- IT Asset Management for Large Enterprises
IT Asset Management by Deployment:
- On-Premise IT Asset Management Deployment
- Cloud-based IT Asset Management Deployment
- Hybrid IT Asset Management Deployment
IT Asset Management by End-Use:
- IT Asset Management for BFSI
- IT Asset Management for Telecom and IT
- IT Asset Management for Healthcare
- IT Asset Management for Transportation
- IT Asset Management for Government
- IT Asset Management for Energy and Utilities
- IT Asset Management for Manufacturing
- IT Asset Management for Other End Use Industries
IT Asset Management by Region:
- North America IT Asset Management Market
- Latin America IT Asset Management Market
- Europe IT Asset Management Market
- Asia Pacific IT Asset Management Market
- Middle East and Africa IT Asset Management Market
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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