IT Asset Management (ITAM) Software Market is Witness to The Growth at a CAGR of 6.9% by 2027 | Key Players are:- BMC Software Inc., Aspera Technologies Inc., CA Technologies Inc., Broadcom Inc

United States/WA: 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.

IT asset management software refers to a set of application services and user-level services that are designed to efficiently manage an organization's existing IT assets in real-time. It integrates IT resources, such as skilled and semi-skilled labor, with information technology resources, such as software development centers and network infrastructure, thereby eliminating the need for IT personnel to separately perform these tasks. IT asset management software also provides IT managers with a single dashboard to manage all of the technologies that are available on the enterprise. In addition, it eliminates IT staff functions and IT costs by automating IT asset management.

The growing need for centralization in IT infrastructure is a prime factor driving market growth of the IT Asset Management software. Expansion of the IT industry due to increasing investment is also contributing to the market growth. Expansion of the e-commerce industry due to the growing trend of digitalization is another major factor augmenting the market growth of the IT asset management software. According to the India Brand Equity Foundation, the Indian E-commerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration. The ongoing digital transformation in the country is expected to increase India’s total internet user base to 829 million by 2021 from 636.73 million in 2019.

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𝗞𝗲𝘆 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁𝘀:

In August 2020, globaledit, the provider of Creative Asset Management solutions, has introduced the next generation of its Digital Asset Management platform, a new iteration aimed to solve the challenges in producing high-quality visual assets at scale all from the cloud.

In August 2017, Aprimo, the global provider of marketing operations technology and digital asset management solutions, announced the launch of full SaaS (Software as a Service) to its category-leading Digital Asset Management (DAM) software

In July AMI, the provider of RFID and barcode IT asset management (ITAM) software, introduces ground-breaking audit and system configuration capabilities with AssetTrack® for ServiceNow 3.0.

𝙈𝙖𝙟𝙤𝙧 𝙋𝙧𝙤𝙢𝙞𝙣𝙚𝙣𝙩 𝙆𝙚𝙮 𝙑𝙚𝙣𝙙𝙤𝙧𝙨 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

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.

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