IT Asset Management Software Market: Rising competition in IT sector during recent years

IT Asset Management (ITAM) Software Market: Overview

IT asset management (ITAM) is also referred as IT inventory management is an essential part of organization’s strategy. ITAM involves identification and detailed collection of hardware and software asset information, which is further used to make decisions about purchase and redistribution of these hardware and software. ITAM benefits an organization by saving its time and money by avoiding unnecessary purchases of IT assets and additionally promotes the reuse of worthy existing resources.

With the rising competition in market during recent years, companies are focusing on enhancing their services. Often a company’s performance may be affected by the old and outdated IT equipment. With the use of ITAM, this outdated component can be discarded and replaced by new equipment efficiently. ITAM employs an integrated software solution that work with all departments in an organization that are involved in the obtaining, deployment, management and spending reporting of IT assets.

IT Asset Management (ITAM) Software Market: Drivers

For an organization to maintain its standards and improve its efficiency and reliability, it is necessary to control its IT assets lifecycle. Cost reduction in an organization for IT asset maintenance, tracking of regulatory compliance actions to diminish associated risks and improved operational efficiency are some of the key factors driving the growth of ITAM market. Additionally, integration of IT asset management (ITAM) and IT service management (ITSM) helps to understand performance of an IT asset, thus IT managers are rapidly adopting these software.

The emergence of cloud solutions has enabled organizations to increase their proficiency and decrease cost of installing IT infrastructure. Cloud-based ITAM offers pay-per-use model, thus easing the accessibility for multiple users from multiple locations, while reducing cost. This is one of the most important factors driving the growth of cloud-based ITAM market. However, the integration of the software with the business processes has been a key challenge affecting the ITAM software market.

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IT Asset Management (ITAM) Software Market: Segmentation

ITAM software market is segmented on the basis of deployment type which is further classified as on-premise IT asset management software, cloud-based IT asset management software and hybrid IT asset management software. The IT asset management software includes various tools that help in detecting system failures. Types of IT asset management include hardware asset management and software asset management. The role of software asset management is to ensure that all software systems in an enterprise are operating properly.

IT Asset Management (ITAM) Software Market: Key Players

Key players in ITAM software market include Microsoft Corporation, ServiceNow, Inc., BMC Software, Inc., HP, Inc., IBM Corporation, CA Technology, Inc., Oracle Corp, Dell, Inc., VMware, Inc., LANDESK Software, Samanage Ltd., Agiloft Inc., Symantec Corp., Eracent, iQuate, GoodData Corporation and Cherwell Software, LLC.

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