IT Asset Management Market Top Companies, Segments and Growth to USD 3.5 Billion by 2022-2031

A recent report by Allied Market Research, titled "IT Asset Management Market," reveals that the IT asset management market reached a valuation of $1.3 billion in 2021 and is projected to reach $3.5 billion by 2031, with a compound annual growth rate (CAGR) of 11.1% from 2022 to 2031.

The IT asset management solution plays a crucial role in managing work orders, contracts, asset life cycles, and supply chains, contributing to improved business efficiency. The increasing trend towards digitalization and the widespread adoption of Industry 4.0 in response to intense business competition drive the demand for seamless solutions and platforms, leading to rapid adoption of IT asset management across various sectors.

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Increase in use of technology to cut costs and add capabilities and acceleration of digital transformation in enterprises have boosted the growth of the global IT asset management market. On the other hand, business have shifted toward digitalization and surge in implementation of Industry 4.0 to cope with ongoing tough business competition, which creates new opportunities in the future.

In terms of components, the solution segment dominated the IT asset management market in 2021 and is expected to maintain its dominance in the forecast period. The adoption of IT asset management offers several advantages, such as streamlining business processes, eliminating manual processes, and reducing time and costs. However, the services segment is anticipated to experience the highest growth in the coming years, as the adoption of IT asset management enhances software implementation, optimizes existing installations, and minimizes deployment costs and risks.

By enterprise size, the large enterprises segment dominated the market in terms of revenue in 2021, accounting for nearly two-thirds of the global IT asset management market. Colossal amount of data and increase in complexities in large enterprises open numerous opportunities for the IT asset management market. However, the SMEs segment is expected to register the highest CAGR of 12.7% during the forecast period, owing to continuous rise in number of government initiatives through various digital SME campaigns throughout the world.

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Geographically, North America held the largest market share in 2021, driven by the adoption of advanced technologies and IT asset management solutions. Favorable government policies in developed countries like the U.S. and Canada contribute to market growth. Nevertheless, the Asia-Pacific region is expected to exhibit the highest growth during the forecast period. Increased technology penetration, higher adoption of cloud-based solutions, and the prevalence of technologies like AI, big data, and IoT fuel the growth of IT asset management solutions in this region.

The manufacturing sector is anticipated to achieve the highest Compound Annual Growth Rate (CAGR) of 15.9% from 2022 to 2031, attributed to its ability to forecast IT infrastructure costs and reduce maintenance expenses. Despite this, the IT and telecom industry held the largest market share in 2021, accounting for approximately one-fourth of the global IT asset management market. IT asset management facilitates the uniform use of technology across compatible devices, leading to enhanced productivity and efficiency for teams. This enables departments to prioritize crucial responsibilities such as security, support, and device maintenance, contributing to the increasing adoption of IT asset management solutions in the IT and telecom sectors.

The COVID-19 pandemic has compelled numerous organizations worldwide to implement remote work policies, leading to a surge in demand for tools supporting remote teams and workflows. Despite the challenges associated with fully remote operations, IT asset management has played a crucial role in managing assets, facilitating data access, overseeing personnel, and handling inventory during this period.

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Amid the pandemic, industry priorities and government focus may shift due to changing market conditions, prompting companies to adjust asset strategies from utilization to cost control. The temporary suspension or reduced production in various plants has provided organizations with the opportunity to conduct necessary maintenance and inspections. Hence, the use of IT asset management solutions and Industrial IoT devices during this time enables the identification and resolution of potential problems. In sectors like transportation, some asset owners have experienced significant revenue impacts, while others have faced logistical challenges, such as adhering to social distancing requirements during physical works.

Key market players:

• IBM Corporation
• Microsoft Corporation
• Dell Inc.
• HP Inc.
• Oracle Corp
• BMC Software Inc.
• ServiceNow Inc.
• Flexera Software LLC
• Snow Software AB
• Aspera Technologies Inc.

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