(MENAFN- EIN Presswire)
IT Asset Management Market Segment
The IT Asset Management (ITAM) market is a rapidly growing segment of the broader IT and technology industry.
PORTLAND, PORTLAND, OR, UNITED STATES, October 19, 2023 /EINPresswire / -- As per the report, the global IT asset management market generated $1.3 billion in 2021, and is projected to reach $3.5 billion by 2031, growing at a CAGR of 11.1% from 2022 to 2031.
ITAM refers to the practices and tools used by organizations to manage, track, and optimize their IT assets, including hardware, software, and related resources. Effective ITAM can help organizations reduce costs, improve efficiency, enhance security, and ensure compliance with licensing agreements and regulatory requirements.
IT asset management solution helps to manage work orders, contracts, asset life cycles, supply chains and many other capabilities to stay at the top of business. Furthermore, businesses have shifted toward digitalization and increased implementation of Industry 4.0 to cope with ongoing tough business competition, which creates the need for a seamless solution and platform to meet the businesses requirements, which eventually boost the adoption of IT asset management in various sectors rapidly.
Request Sample Report at:
Increase in use of technology to cut costs and add capabilities and acceleration of digital transformation in enterprises have boosted the growth of the global IT asset management market. On the other hand, business have shifted toward digitalization and surge in implementation of Industry 4.0 to cope with ongoing tough business competition, which creates new opportunities in the future.
Covid-19 scenario:
.The Covid-19 pandemic drastically impacted businesses across the globe. The adoption of IT asset management solution witnessed an incline, due to several lockdown measures imposed by governments of different countries.
.On the other hand, companies started focusing on emerging technologies such as AI-powered solution, cloud-based technologies, and automation across industries such as healthcare, IT and telecom, and BFSI.
By deployment model, the cloud segment is anticipated to register the highest CAGR of 13.8% from 2022 to 2031, due to an increase in adoption of cloud-based IT asset management because of low cost and easier maintenance. However, the on-premise segment held the lion's share in 2021, contributing to nearly three-fifths of the global IT asset management market. This is attributed due to the numerous advantages offered by the on-premise deployment such as a high level of data security and safety.
For Report Customization:
On the basis of components, the solution segment dominated the IT asset management market size in 2021 and is expected to continue this trend during the forecast period. The adoption of IT asset management provides numerous benefits to the industry such as, streamlining the business process, eliminating the manual process and reducing the time and costs, further fuel the growth of the market. However, services segment highest growth market share in the upcoming year. The adoption of ITAM market enhances software implementation, maximizes the value of existing installation by optimizing it, and minimize the deployment cost & risks, and others, further fuel the growth of the ITAM market for this segment.
By enterprise size, the large enterprises segment dominated the market in terms of revenue in 2021, accounting for nearly two-thirds of the global IT asset management market. Colossal amount of data and an increase in complexities in large enterprises open numerous opportunities for the IT asset management market. However, the SMEs segment is expected to register the highest CAGR of 12.7% during the forecast period, owing to the continuous rise in a number of government initiatives through various digital SME campaigns throughout the world.
By industry vertical, manufacturing is projected to register the highest CAGR of 15.9% from 2022 to 2031, as it helps to predict IT infrastructure costs and cut maintenance overheads. However, the IT and telecom segment held the largest share in 2021, contributing to around one-fourth of the global IT asset management market. IT asset management enables teams to use the same technology across compatible devices, which can increase their productivity and efficiency. Departments can then focus on performing more important responsibilities such as security, support, and repair & device maintenance. All these benefits of IT asset management is driving the adoption of IT asset management solution in IT & telecom sector.
Buy this Report at:
Region-wise, North America dominated the market share in 2021 for the IT asset management market forecast. The adoption and growth of advanced and latest technologies, including IT asset management solutions, owing to favorable government policies to accelerate innovation and strengthen the infrastructure abilities, especially in developed countries such as the U.S. and Canada, will provide lucrative opportunities for market growth. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the increase in penetration of advanced technology and higher adoption of cloud-based solutions and services, AI, big data and IoT, which are particularly fueling regional growth of IT asset management solutions market.
Key Market Players:
.IBM Corporation
.Microsoft Corporation
.Dell Inc.
.HP Inc.
.Oracle Corp
.BMC Software Inc.
.ServiceNow Inc.
.Flexera Software LLC
.Snow Software AB
.Aspera Technologies Inc.
IT Asset Management Market Top Impacting Factors:
Increasing Digital Transformation: The accelerating pace of digital transformation in businesses and organizations drives the demand for ITAM solutions. As companies expand their digital footprint, they need efficient tools to manage and optimize their IT assets.
Compliance and Regulatory Requirements: Stringent data protection regulations and compliance requirements (e.g., GDPR, HIPAA) necessitate accurate tracking and management of IT assets. Non-compliance can result in hefty fines, making ITAM solutions crucial.
Rising Cybersecurity Concerns: The growing number of cyber threats and data breaches has increased the importance of ITAM. Proper management of assets helps in identifying and mitigating security risks and vulnerabilities.
Inquiry Before Buying:
Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.
If you have any special requirements, please let us know and we will offer you the report as per your requirements.
Other Trending Report:
1. IoT Device Management Market
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
Web:
Follow Us on: LinkedIn Twitter
Allied Market Research
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
MENAFN18102023003118003196ID1107267184