IT Asset Management (ITAM) software Market

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IT ASSET MANAGEMENT (ITAM) SOFTWARE MARKET
ANALYSIS

• IT Asset Management (ITAM) software Market, By
  Enterprise Size (SME and Large Enterprise), By
  Deployment (On Premise, Cloud and Hybrid), By
  End-use Sector (BFSI, Telecom and IT, Healthcare,
  Transportation, Government, Energy and Utilities
  and Manufacturing) and by Region (North America,
  Europe, Asia Pacific, Latin America, Middle East
  and Africa) - Size, Share, Outlook, and
  Opportunity Analysis, 2019 - 2027

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Market Overview Asset management software is a
dedicated application used to track and record an
asset throughout its life cycle, starting from
procurement to disposal. It offers organization
critical information regarding location of
certain assets, who is using them, details about
the assets, and how they are being utilized. The
asset management software is used for management
of both hardware and software assets. Asset
management software is also called asset
management tool. It provides various features
such as vendor audit and policy compliance,
optimization of costs for licensing, analyzing
vendor performance, streamlining of procurement
processes, and optimization of supplier
portfolio. Asset management software offers
various advantages such as maximum utilization
and value of assets, service and asset
management, proactive licensing compliance,
etc. The global IT asset management (ITAM)
software market was valued US 955.6 Mn in 2019
and expected to grow at a CAGR of 6.9 over the
forecasted period 2019-27.
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• Market Dynamics- Drivers
• Increasing need for centralization and automation
  in IT infrastructure is expected to drive growth
  of the global IT asset management (ITAM) software
  market during the forecast period
• Growing trend of consolidation has led to
  requirement of establishing simplified and
  centralized IT operations and infrastructure, in
  order to attain success in business.
  Implementation of automation to a centralized IT
  environment allows constant monitoring of
  activities. Moreover, organization-wide
  centralization ITAM facilitates inventory
  visibility across the organization and helps in
  budgetary planning. It also provides information
  enabling advance planning for future asset
  requirements thereby capitalizing on existing
  asset utilization and minimizing unnecessary IT
  expenditures. Hence, these factors are expected
  to support growth of the market during the
  forecast period.

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• Growing focus on cost, compliance, and security
  related to assets is expected to propel the
  global IT asset management (ITAM) software market
  growth over the forecast period
• Asset inventory management enables an
  organization to record and track when equipment
  is procured, to what extent it has been utilized
  and whether there is a lease lapsing on the
  asset. Moreover, it is the same case with
  software where it is necessary to stay up-to-date
  regarding the latest software and OS. Asset
  management software identifies whether an
  unapproved or malicious software or hardware has
  been installed. It also allows managers to
  isolate any pertaining vulnerabilities and
  prevent major issues thereby ensuring compliance
  corporate security policies.
• North America region dominated the global IT
  asset management (ITAM) software market in 2019,
  accounting for 30.5 share in terms of value,
  followed by Europe, Asia Pacific, Latin America,
  and Midde East and Africa respectively.

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• Market Dynamics- Restraints
• High costs required for deployment is expected to
  hinder the global IT asset management (ITAM)
  software market growth over the forecast period
• Many organizations are struggling to minimize
  their operational costs. ITAM software enables
  them to track inventory and helps them terminate
  all the excess costs associated with IT expenses.
  However, initial installment cost of ITAM is
  significantly high, which is not affordable to
  small and medium-sized enterprises. Thus, many
  organizations are unwilling to adapt to ITAM
  software, which in turn, is expected to hinder
  the market growth in the near future.

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• Low awareness among small and medium-sized
  enterprises (SMEs) is expected to restrain growth
  of the global IT asset management (ITAM) software
  market during the forecast period
• Since SMEs often lack adequate financial support,
  they avoid implementing ITAM software. Apart from
  that, lack of understanding regarding ITAM
  solutions combined with varied perceptions over
  their capabilities is major reason SMEs are not
  adopting these solutions. Hence, these factors
  are expected to hinder the global IT asset
  management (ITAM) software market growth in the
  near future.

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• Market Opportunities
• Lucrative opportunities offered by emerging
  markets such as MEA and Latin America
• Volatility in economy and low awareness among
  organizations in these regions has impacted the
  regional market growth in the recent past.
  However, rising implementation of existing
  technologies and rising adoption of cloud-based
  solutions combined with strict regulatory
  policies has increased adoption of IT asset
  management (ITAM) software market.
• Advent of IoT and M2M can provide major business
  opportunities for market players
• A significant rise in number of connected smart
  devices has made challenging to track them. Many
  organizations are focused on finding methods to
  implement ITAM with BYOD. ITMA provides inventory
  information to a security system, which crucial
  in tracking and recording activity of connected
  devices.

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• Market Trends
• Growing integration of ITAM and ITSM software is
  a new trend in the market
• It is difficult for any organization to minimize
  IT-related costs. Software leads to a major part
  of an organizations budget and unlike hardware,
  it is difficult to track and manage software. As
  a result, it often leads to overbuying and
  unnecessary investment. Moreover, organizations
  are understanding the true value of integration
  of IT service management (ITSM) and IT asset
  management (ITAM) processes and tools
  Furthermore, with this conjunction, an enterprise
  can drive down costs and lower the risk of
  license compliance violations while ensuring the
  smooth flow of business operations.

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• Introduction of ITAM robot solution is another
  major trend in the market
• Key companies in the market are focused on
  launching ITAM-integrated robots, in order to
  enhance the market presence. For instance, in
  November 2015, Avotus Corporation, the provider
  of Intelligent Communications Management (ICM)
  solutions introduced its robot solution for ITAM.
  The Avotus ITAM robot constructs and monitors IT
  asset inventory. Online analytical processes
  (OLAP) are further used to develop configuration
  management database (CMDB) of all IT and telecom
  assets.
• Segment information
• In global IT asset management (ITAM) software
  market, by enterprise size segment, the large
  enterprise, sub-segment dominated the global
  market in 2019, accounting for 64.0 share in
  terms of value, followed by SME.

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• Competitive Section
• Key players operating in the global IT asset
  management (ITAM) software market are Snow
  Software, Hewlett Packard Enterprise Development
  LP, Oracle Corporation, BMC Software Inc., Aspera
  Technologies Inc., CA Technologies Inc., LANDESK
  Software, Broadcom Inc., ServiceNow Inc., Flexera
  Software LLC, and Cherwell Software Inc.
• Key Developments
• Key companies in the market are focused on
  mergers and acquisitions, in order to expand
  their market presence. For instance, in December
  2019, Snow Software, a Sweden-based information
  technology company, acquired Embotics, a hybrid
  cloud management company.
• Major players in the market are involved in
  mergers and acquisitions, in order to gain a
  competitive advantage in the market. For
  instance, in August 2019, Hewlett Packard
  Enterprise Development LP acquired the business
  assets of MapR, a U.S.-based business software
  company.

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