IT Asset Management (ITAM) Software Market : Rising Focus on Compliance and Security Issues a Key Driving Factor

Most leading companies in the global IT asset management (ITAM) software market have a strong presence in North America, making the region immensely competitive, with the likes of Hewlett Packard Enterprise Development, ServiceNow Inc., Cherwell Software Inc., and Aspera Technologies, Inc. setting up base in the U.S. Collaborations and partnerships with other prominent companies has been a go-to strategy for players in the global ITAM software market, states Transparency Market Research.

For instance, in June 2016, Deloitte Touche Tohmatsu Limited and Snow Software announced the offering of advanced end-to-end software asset management to enterprises that have SAP and IBM software in data centers. This move has enabled the companies to increase savings and avoid risks in software licensing.

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Cloud-based ITAM Software Services Highly Lucrative Segment

By size of enterprise, ITAM software finds application in large enterprises and small and medium enterprises (SMEs). Large enterprises currently hold the majority in terms of revenue, while SMEs are likely to register the fastest growth over the course of the forecast period.

By type of deployment, the ITAM software market is segmented into on-premise, cloud, and hybrid. Cloud-based services are the key contributors to the revenue of the ITAM software market, accounting for an almost 50% share in the market by 2024.

ITAM software is used in a number of end-use industries, including banking, financial services, and insurance, transportation, manufacturing, telecom and IT, government, healthcare, and energy and utilities. Among these, the telecom and IT sector leads the ITAM software market, while the energy and utilities sector is projected to expand at the fastest pace over the coming years.

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Growing Demand for Centralization and Automation Driving Adoption of ITAM Software in North America

The global ITAM software market comprises North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. North America presently leads the global ITAM software market owing to the enormous growth of the IT industry and growing awareness regarding the advantages of ITAM. North America is anticipated to retain its lead in the ITAM software market during the forecast period thanks to the surge in government regulations and strict software audit policies. The increasing demand for centralization and automation is also influencing the growth of the ITAM software market in this region. Organizations have been emphasizing on the reduction of operational expenditure by cutting down expenses in IT asset management through the deployment of ITAM software.

At present, the ITAM software market in Asia Pacific is driven by countries such as India, China, South Korea, Singapore, and Japan. This region is anticipated to record the fastest growth in the coming years due to the rising interest of investors in this region and the growing establishment of SMEs. As the adoption of cloud-based solutions in Asia Pacific rapidly increases, the number of smart devices is expected to rise, aided by improved communication technologies such as 4G LTE. Unlike larger corporations that adopt cloud technologies to save cost and improve efficiency, SMEs in this region seek a wider reach, enhanced agility, and the flexibility and ability to serve larger customer bases at a lower investment. ITAM software has been aiding SMEs in this very task.

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Some of the key players operating in the global ITAM software market are IBM Corporation, Oracle Corp., Hewlett Packard Enterprise Development LP, BMC Software Inc., ServiceNow Inc., BDNA Corporation, LANDESK Software, Aspera Technologies Inc., Cherwell Software, Flexera Software LLC, CA Technology Inc., and Snow Software.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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