Increasing Need for Automation and Centralization in IT Infrastructure to Boost IT Asset Management Software Market Growth
New York, US, Jan. 25, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “IT Asset Management Software Market: By Service Type, By Components, By End Users, Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 8.07% to attain a valuation of around USD 11,878.84 Million by the end of 2030.
IT Asset Management Software Market Competitive Analysis
Eminent players profiled in the global IT asset management software market report include:
- Freshworks Inc.
- BMC Software
- Sysaid Technologies Ltd
- Servicenow, Inc
- Asset Panda LLC
- Samanage Ltd
- Microsoft Corporation
- Flexera Software LLC
- IBM Corporation
- HP Inc.
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IT Asset Management Software Market Report Scope:
|Market Size by 2030
|USD 11,878.84 Million
|CAGR during 2022-2030
|Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|Key Market Opportunities
|A considerable rise in the number of connected smart devices has made it challenging to track them.
Increasing Need for Automation and Centralization in IT Infrastructure to Boost Market Growth
To achieve company success, it is now necessary to set up centralized and simplified IT processes. This is due to the growing tendency of consolidation. Implementing automation in a centralized IT environment enables ongoing activity monitoring. The organization-wide visibility of inventories made possible by ITAM aids in budget planning. Additionally, it offers data that enables early planning for future asset requirements, maximizing the use of current assets and reducing unnecessary IT costs. The market is therefore anticipated to increase as a result of these factors throughout the forecast period.
Growing Need for Augmentation of Organization’s Productivity to offer Robust Opportunities
The increasing requirement for the organization’s efficiency to be increased through the use of cutting-edge technology to suit commercial needs will offer robust opportunities for the market in the forecast period.
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Implementation and Integration Issues to act as Market Restraint
Implementation and integration issues, asset diversity, and increasing accessibility of open-source asset management solutions may act as market restraints over the forecast period.
Dearth of Awareness amid SMEs to act as Market Challenge
The dearth of awareness amid SMEs, budget constraints, poor management, and shortage of skilled workforce may act as market challenges over the forecast period.
The IT asset management software market is bifurcated based on component, organization size, deployment, and end user.
By component, the market is segregated into software & services.
By organization size, large enterprise will lead the market over the forecast period.
By deployment, on-cloud will domineer the market over the forecast period.
By end user, IT and telecom will spearhead the IT asset management software market over the forecast period.
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During the epidemic, several vertical industries faced considerable obstacles. Work from home, trade obstacles, and disruption of the supply chain. Some of these included working with a small staff. Due to the negative effects on their operations and decreased demand, many industries closed. The extraordinary consequences of the pandemic have had a negative influence on the manufacturing, oil and gas, and automobile industries. However, the pandemic coincided with the apex of the BFSI and IT & telecom sectors. Due to fierce digital competition, an unstable economy, and a new generation of customers with specific knowledge and high expectations, the IT and telecom sectors are currently experiencing enormous difficulties. In terms of corporate interests and the operating environment, humanity saw another seismic shift in 2020. Nearly every industry was compelled to dramatically reduce in-person collaboration and invest in remote IT assets technology software as a result of lockdown and social distance mandates across the globe. As a result, there is a burgeoning need for both sophisticated recruiting strategies and a workforce that is better trained.
During the epidemic, major challenges were faced by numerous industry verticals. Work from home options, trade restrictions, and staffing shortages were a few of them. Due to the negative effects on their operations and decreased demand, many industries closed. The pandemic’s unprecedented consequences have had a negative influence on the manufacturing, oil and gas, and automotive industries. Businesses are being forced to change how they see risk and how they handle risk management as a result of the coronavirus outbreak. Business-critical choices that will have long-lasting repercussions must be taken in the coming weeks and months amid fast change and significant uncertainty.
North America to Head IT Asset Management Software Market
North America grabs the largest market share for IT asset management software as a result of significant technological investment, attention to the needs of complicated software lifecycle management, and strict laws and regulations regarding the acquisition of assets. These reasons encourage businesses to employ technology that can lower variable costs of purchases while also preserving equilibrium by keeping track of supply and demand. In terms of the advancement of infrastructure and the use of technology, North America has significantly outpaced other regions. The U.S. and Canada would be notably responsible for the rapid digitalization and strong presence of large IT corporations that would fuel regional market expansion. The expansion of asset-centric applications is also anticipated to be fueled by the growing usage of connected, smart, and secure technology.
Energy and utility companies utilize IT asset management systems to make sure their infrastructure can handle various issues. In order to meet sustainability criteria, power producing businesses are now also looking for alternatives and investing in renewable energy. Therefore, IT solutions are essential for better and more efficient operations as well as a smooth transition from the use of conventional to renewable energy sources. Due to its substantial technological investment, capacity to support complex software lifecycle management requirements, and strict laws and regulations controlling the acquisition of assets, North America now enjoys a considerable market share. These elements encourage enterprises to use technologies that will reduce variable costs of purchases and preserve equilibrium by keeping track of supply and demand.
Microsoft Corp. in November 2022 unveiled the Microsoft supply chain platform, a modular platform that combines the greatest Microsoft AI, collaboration, low-code, security, and SaaS apps to help businesses get the most out of their investment in supply chain data estate.
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