IT Asset Management (ITAM) Software Market - Global Industry Analysis and Forecast 2016 - 2024

The proliferation of smart device usage and the growing trend of bring-your-own-device (BYOD) in several leading telecom and IT companies have greatly influenced the IT asset management (ITAM) software market. ITAM software was initially preferred by large enterprises for the maintenance and reduction of risks associated with IT compliance and licensing management. Over time, these solutions have gained recognition among SMEs across the globe as an effective solution to balance spending with return on investments.

The ITAM software market is projected to reach a value of US$1.3 bn by 2024, rising from US$708.9 mn in 2015. The market is estimated to expand at a steady CAGR of 6.9% during the forecast period from 2016 to 2024.

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Asset inventory management, whether of software or hardware, allows an organization to keep a check on the software bought, its utilization, and the need for upgrading software and OS. “ITAM software has been successful in identifying the harmful or illegal installation of software across various platforms, in preventing vulnerabilities, and ensuring compliance with corporate security policies,” the TMR analyst states. The growing emphasis on the adherence to security and compliance policies is a key factor driving the ITAM software market.

Another major driving force is the need for automation and centralization of IT infrastructure. “An increasing number of companies have been leaning toward consolidation and establishing streamlined and centralized IT operations,” the author of the study observes. This trend is likely to have a medium impact on the growth of the ITAM software market in the coming years.

This 136 page report gives readers a comprehensive overview of the IT Asset Management (ITAM) Software Market. Browse through Table. Browse through 19 data tables and 45 figures to unlock the hidden opportunities in this market.

The ITAM software market is projected to reach a value of US$1.3 bn by 2024, rising from US$708.9 mn in 2015. The market is estimated to expand at a steady CAGR of 6.9% from 2016 to 2024. Accounting for a massive share of over 60% by 2024, large enterprises will be the leading contributor to the growth of the ITAM software market. Registering an 8.0% CAGR during the forecast period, SMEs are anticipated to record the highest growth by 2024.

Based on deployment model, cloud-based ITAM software is the leading segment by revenue, with hybrid models expanding at the most rapid pace from 2016 to 2024. On the basis of end use, the telecom and IT sector contributes a majority to the overall revenue of the ITAM software market. On the other hand, the energy and utilities industry will present the highest CAGR by 2924. By region, North America leads the global ITAM software market and will continue doing so through the end of the forecast period with stiff competition from Asia Pacific. The APAC market for ITAM software is, on the other hand, estimated to register the fastest growth from 2016 to 2024.

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IT Asset Management (ITAM) Software Market

By Enterprise Size

SME

Large Enterprise

By Deployment Type

On Premise

Cloud

Hybrid

By End Use

BFSI

Telecom and IT

Government

Healthcare

Transportation

Manufacturing

Energy and Utilities

Others

By Geography

North America

Europe

Asia Pacific

Middle East and Africa

Latin America

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