IT Asset Management Software Market to grow by USD 737.6 Million from 2025-2029,rapid adoption of asset management software and growing importance of asset tracking boost the market, Report on AI's impact on trends - Technavio

NEW YORK, Jan. 30, 2025 /PRNewswire/ -- Report on how AI is redefining market landscape - The global IT asset management software market size is estimated to grow by USD 737.6 million from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of almost 9%  during the forecast period. Rapid adoption of asset management software and growing importance of asset tracking is driving market growth, with a trend towards increasing need to comply with asset management standards. However, integration and implementation issues  poses a challenge. Key market players include Aptean, BMC Software Inc., Certero Ltd., Datalogic SpA, Dell Technologies Inc., Flexera Software LLC, Freshworks Inc., Hewlett Packard Enterprise Co., Hexagon AB, International Business Machines Corp., InvGate, Ivanti Software Inc., Microsoft Corp., Oracle Corp., SAP SE, ServiceNow Inc., Snow Software, SolarWinds Corp., SymphonyAI Summit, and SysAid Technologies Ltd.

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Market Driver

IT Asset Management (ITAM) software market is witnessing significant trends in 2023. Cost savings and operational effectiveness are key drivers, with businesses seeking to reduce asset acquisition costs and optimize IT infrastructure. Security is a top priority, with ITAM solutions providing centralized management, automation, and compliance with license management, patch & version management, and request management. Cloud technologies, including on-cloud, hybrid on-cloud, and SaaS applications, are increasingly adopted by SMEs and large enterprises. CA Technologies and Cherwell Software lead the market, with digital technologies and cloud services gaining popularity. Tech hubs and the SMB segment are seeing growth, while compliance concerns persist in the financial markets. Trends include AI, low-code, and digital asset management. VMware, Helsana, ITConcepts, and Google Search Advertising are making strategic market developments. The first quarter of 2023 projects growth in the big enterprise sector, with storage requirements and licensing management being major concerns. Cloud improvements are expected in the cloud sector, particularly in banking, financial services, insurance (BFSI), healthcare, manufacturing, and telecom and IT. Pharmaceutical & medical industries are also investing in ITAM software for optimization and metering. 

Assets are essential for businesses to achieve their objectives, whether in the public or private sector. Effective asset management maximizes value-for-money by coordinating the planning, selection, utilization, and disposal or renewal of assets. Information security and disaster recovery are crucial aspects of asset management. IT financial management and IT asset management play a significant role in risk mitigation, particularly in relation to software license compliance. Without accurate information, organizations risk over-deploying software, leading to potential legal, financial, and reputational consequences. IT Asset Management Software (ITAM) helps organizations maintain an accurate inventory of software assets, ensuring compliance with license agreements and reducing the risk of non-compliance. ITAM solutions provide valuable insights into software usage, enabling organizations to optimize their software investments and minimize unnecessary costs. 

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 Market Challenges

• IT Asset Management (ITAM) software is essential for businesses to effectively manage their IT assets, including hardware and software inventory, procurement, utilization, and disposal. However, implementing ITAM software comes with challenges. Cost is a significant concern, with large enterprises and SMEs requiring different solutions. Security is another challenge, as IT assets need protection from cyber threats. Centralization and automation are key to operational effectiveness, but IT infrastructure choices, such as on-premise, cloud, or hybrid on-cloud, impact implementation. Security, compliance, and cloud adoption are top concerns for CEOs in various sectors, including aerospace & defense, IT & telecom, banking, financial services, insurance (BFSI), healthcare, manufacturing, and pharmaceutical & medical. Cloud technologies, including VMware, CA Technologies, Cherwell Software, and SaaS applications, offer solutions. However, strategic market developments, acquisitions, and mergers impact the ITAM software landscape. Cost savings, asset utilization, and compliance are critical for ITAM software adoption. Cloud services, AI, low-code, and digital asset management are emerging trends. Helsana, ITConcepts, and other tech hubs provide innovative solutions. Asset acquisition costs, hardware components, purchasing decisions, and shutdown are essential considerations. Financial markets, economic conditions, and storage requirements influence ITAM software projections in the first quarter and throughout the projection period in the big enterprise sector.
• Enterprises utilize IT asset management software to enhance the productivity of their IT resources. Selecting an appropriate asset management solution, however, poses a significant challenge for organizations. Failure to comprehend business needs and assess the capabilities and limitations of potential tools may result in ineffective implementations. Moreover, integrating IT asset management software with existing business applications proves to be a hurdle due to insufficient expertise and knowledge in customizing these solutions to fit unique business requirements. Consequently, the global IT asset management software market expansion encounters obstacles due to these challenges.

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Segment Overview 

This it asset management software market report extensively covers market segmentation by  

1. End-user 
• 1.1 Large enterprises
• 1.2 SMEs
2. Deployment 
• 2.1 On-premises
• 2.2 Cloud
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Large enterprises-  Large enterprises in sectors such as manufacturing, healthcare, finance, government, telecommunications, retail, technology, energy, transportation, and education are major consumers in the global IT asset management software market. These organizations require efficient management of their extensive IT assets and infrastructure. IT asset management software enables automation of asset lifecycle operations, inventory tracking, asset utilization optimization, and adherence to licensing agreements. To address their complex and diverse IT infrastructure needs, large enterprises invest in comprehensive IT asset management software. This software offers features like automated asset detection, software license management, contract administration, and reporting capabilities. Furthermore, cloud-based IT asset management systems allow companies like Microsoft Corp. And Oracle Corp. To manage assets across multiple locations and business units. By implementing IT asset management software, large enterprises enhance operational efficiency and cost savings in the dynamic IT landscape, driving the market's growth during the forecast period.

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Research Analysis

IT Asset Management (ITAM) software is a crucial solution for businesses to effectively manage their IT infrastructure, including hardware and software assets. The market for ITAM software is growing rapidly due to the increasing importance of cost control, security, centralization, and automation in IT management. IT assets, including hardware components and software inventory, are essential for business operations, especially in tech hubs and industries like BFSI. Cloud technologies and cloud services, including SaaS applications, are driving the adoption of ITAM software, enabling on-cloud deployment and real-time asset visibility. Digital technologies are also transforming ITAM, making it more automated and contractual, reducing asset acquisition costs, and improving asset utilization throughout the IT asset life cycle. CA Technologies and Cherwell Software are among the leading ITAM software providers, offering comprehensive solutions to help businesses optimize their IT infrastructure and reduce costs while ensuring security and compliance.

Market Research Overview

IT Asset Management (ITAM) software is a crucial business solution that helps organizations effectively manage and optimize their IT assets throughout their entire life cycle. ITAM software enables centralization, automation, and security of IT infrastructure, including hardware, software inventory, and licensing management. With the increasing adoption of cloud technologies, ITAM software is available both on-premise and on-cloud, catering to the needs of SMEs and large enterprises alike. Cloud improvements, such as hybrid on-cloud and SaaS applications, have significantly impacted the ITAM market. Cost savings, operational effectiveness, and compliance concerns are key drivers for ITAM software adoption in various industries, including aerospace & defense, IT & telecom, banking, financial services, insurance (BFSI), healthcare, manufacturing, and pharmaceutical & medical. The ITAM market is witnessing strategic market developments, including acquisitions, mergers, and partnerships, to enhance product offerings and expand market reach. CA Technologies and Cherwell Software are notable players in the ITAM software market, offering digital technologies and cloud services to meet the evolving needs of businesses. Moreover, the emergence of AI, low-code, and digital asset management solutions is transforming the ITAM landscape, enabling organizations to optimize asset utilization, reduce asset acquisition costs, and make informed purchasing decisions. The first quarter of the projection period is expected to see significant growth in the big enterprise sector, driven by storage requirements and cloud sector expansion. Google Search Advertising is a popular marketing strategy for ITAM software vendors, targeting keywords such as IT asset management, IT infrastructure, asset procurement, asset utilization, patch & version management, request management, product/service catalog, digital asset management, and compliance concerns. In conclusion, ITAM software plays a vital role in managing IT assets and optimizing business operations for organizations across various industries. With the increasing adoption of cloud technologies and digital solutions, the ITAM market is poised for significant growth in the coming years.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Large Enterprises
• SMEs
• Deployment
• On-premises
• Cloud
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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