IT asset management is expected to reach US$ 2.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.9%, according to a recent report by Future Market Insights. The growing need to manage audits, follow regulatory compliance guidelines, manage and optimise the purchase, deployment, maintenance, use, and disposal of software applications within the business, as well as cut software spend costs, is expected to accelerate market growth during the forecast period.
Additionally, the market is developing due to the growing necessity for businesses to increase organisational efficiency via the use of cutting-edge technology.Between 2015 and2021, the demand for IT asset management grew at a CAGR of7.5%, reaching a total estimated value of US$ 1.1 billion.
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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.
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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Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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