IT Asset Management Market Research, 2031
The global it asset management market was valued at $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.
IT asset management (ITAM) is the end-to-end tracking and management of IT assets to ensure that every asset is properly used, maintained, upgraded and disposed of at the end of its lifecycle. Moreover, IT asset management solution market involves planning and scheduling, supply chain management, work management, asset maintenance, and environmental, health and safety initiatives. Furthermore, IT asset management saves time & money and eliminate the paperwork, which provide lucrative growth opportunities for the market. On the contrary, the pandemic has highlighted and accelerated the potential for technology to redefine the industry. Automation, harnessing data, gaining insight from analytics and offering a personalized customer experience are several efforts, asset management organizations can implement in the race to a digital future. Furthermore, rise in investments in the industry such as BFSI, healthcare, and IT & telecom sector and increase in deployment of cloud-based IT asset management solution market further propel the IT Asset Management Market Growth during the forecast period.
The it asset management market is segmented into Component, Deployment Model, Enterprise Size and Industry Vertical.
The IT asset management market is segmented into component, deployment model, enterprise size, industry vertical, and region. By component, it is bifurcated into solution and services. On the basis of deployment model, it is segregated into cloud and on-premise. Depending on industry vertical, it is segregated into IT and telecom, manufacturing, BFSI, healthcare and life science, government and public sector, education, energy and utility and others. By organization size, it is categorized into SMEs and large enterprise. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of deployment model, the on-premise segment captured the largest market share in 2021 and is expected to continue this trend throughout the forecast period in IT asset management market analysis. This is attributed due to the numerous advantages offered by the on-premise deployment such as a high level of data security and safety. Industries prefer on-premise model owing to high data security and less data breach as compared to cloud based deployment models, which further drive the demand for on-premise deployment model within the sectors. However, cloud segment is expected to exhibit highest growth during the forecast period. Factor such as rise in the adoption of cloud-based IT asset management due to low cost and easier maintenance drives the growth of the market. In addition, it provides flexibility & scalability in order to boost business process, which propels the growth of the IT asset management market.
Depending on the region, the North America dominated the market share in 2021 for the IT asset management market forecast. The increase in usage of IT asset management solution in banking & finance, manufacturing, healthcare and other sectors to improve businesses and the customer experience are anticipated to provide the lucrative growth opportunities for the IT asset management market in North America. However, Asia-Pacific is expected to exhibit highest growth during the forecast period. This is attributed to increase in penetration of advanced technology and higher adoption of cloud-based solution and services, propel the growth of the IT Asset Management Solutions Market in this region.
COVID-19 Impact Analysis
The global COVID-19 pandemic has drastically affected businesses across the world. It has positively impacted the adoption of IT asset management solution due to lockdown imposed by governments of different countries. Post COVID-19 situation, companies are focusing on emerging technology such as AI-powered solutions, automation, and cloud-based technologies across industries such as BFSI, healthcare, IT and telecom and others to perform contactless operation. Furthermore, as industries move toward digitalization, the IT asset management is a great option, as it provides agile efficiency as well as it provides real-time reporting features, which drive the market growth. Due to such benefits, it provides the lucrative growth opportunities for the market growth during the forecast period. Moreover, the pandemic has introduced considerable challenges for companies which are trying to execute key processes, report accurately with data spread over multiple locations, operate complex systems, and efficiently communicate with teammates; particularly where there is not any infrastructure for such processes. Hence, a greater number of companies are investing in IT asset management. As IT asset management provides the limitless scalability and continual enhancement of functionality, which are critical in accomplishing digital transformation, which boost the growth of the IT asset management market share post pandemic.
Top Impacting Factors
Leveraging technology to cut costs and add capabilities:
The cost pressures continue, and the competitive landscape intensifies, asset managers are eagerly looking to drive growth by lowering costs and expanding their capabilities, Fortunately, technology is providing unprecedented advantages in achieving both objectives. Recent leaps in the computing power of data science, information discovery, and modeling via artificial intelligence are empowering firms to find novel, cost-effective ways to boost efficiency and add value. As other firms take note and incorporate similar innovations, business models and client expectations are raising the competitive bar across the IT asset management industry. On the other side, alternatives-focused firms are looking to acquire capability to establish differentiation in their offerings, in areas involving risk management, quants, or other interesting permutations, such benefits drive the growth of the IT Asset Management Solutions Market.
Acceleration of digital transformation in enterprises due to COVID-19 outbreak engagement:
The outbreak of the COVID-19 pandemic has brought in stay-at-home measures, minimalist business scenarios, limited mobility, and early signs of a looming recession around the globe along with the volatile, complex, uncertain, and ambiguous situations for business processes. Thus, companies are accelerating their digital transformation strategies and adding more IT asset management market trends use cases in their daily activities as they are trying to stay afloat in an increasingly competitive market.
Due to rise in need to address the mass fallout from COVID-19, asset managers are paying attention to digital technology investments. On the other hand, during the pandemic, market players are helping organizations in different industries to help them in digital transformation and to improve their asset management capabilities. For instance, in October 2020, Siemens and Aveva partnered to provide advanced asset management capabilities for the oil & gas industries. Such developments by market players are progressively helping businesses in their digital transformation journey during the pandemic, thus fueling the growth of the ITAM market.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the IT asset management market along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the IT asset management market size is provided in the report.
- The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the IT asset management industry.
- The quantitative analysis of the global sports management market for the period 2022–2031 is provided to determine the IT asset management market potential.
IT Asset Management Market Report Highlights
Market Size By 2031
USD 3.5 billion
CAGR of 11.1%
2021 - 2031
By Deployment Model
By Enterprise Size
By Industry Vertical
Key Market Players
IBM Corporation, Aspera Technologies Inc., Oracle Corporation, Flexera Software LLC, Dell Inc., ServiceNow Inc., HP Inc., Snow Software AB, Microsoft Corporation, BMC Software Inc.
According to CXOs of the leading companies, over the time, enterprises have seen various changes in the business processes, operations, and industrial automation. IT asset management is increasingly being implemented by businesses to boost their profitability and working capital. Enterprises must integrate their business functions, resources, and important business processes for monitoring probability to boost efficiency and productivity.
Furthermore, cloud-based IT asset management and SaaS model has gained popularity over traditional on-premise IT asset management, which is expected to provide the lucrative opportunities in the future.
It has gained widespread popularity among the end users owing to numerous advantages connected with cloud-based technology. IT asset management is anticipated to witness increased adoption and usage in the future, as it allows the organization to improve its performance and productivity.
On the contrary, prominent market players are exploring new technologies and applications to meet the surge in customer demands. Product launches, collaborations, and acquisitions are expected to enable them to expand their product portfolios and penetrate different regions. For instance, in November 2019, IBM Corporation launched the Maximo Asset Monitor, a new AI-powered monitoring solution designed to help maintenance and operations leaders better understand and improve the performance of their high-value physical assets. Such enhancement created numerous opportunities for the market growth during the forecast period.