The global IT asset management software market size will grow by USD 353.78 million during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global IT asset management software market 2020-2024. (Graphic: Business Wire)
IT asset management and tracking systems are designed to reduce the labor required for the management of computer software and hardware. It also offers cost reduction through improved purchasing and better control of the overall life cycle of IT assets. Furthermore, IT asset management systems minimize the risks associated with regulatory compliance, software licensing, and security vulnerabilities. Thus, the rising adoption of asset management software and the growing importance of asset tracking is expected to drive the global IT asset management software market during the forecast period.
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As per Technavio, the growing adoption of cloud-based asset management software services will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2020-2024.
Global IT Asset Management Software Market: Growing Adoption of Cloud-Based Asset Management Software Services
Organizations across industries, including BFSI, telecom, healthcare, and other sectors are focusing on reducing their overall CAPEX by deploying cloud computing solutions. SMEs are leveraging cloud-based solutions for increasing their scalability of hardware and resources offered by cloud solution providers. This has further created a demand for cloud-based asset management software. This software allows the companies to analyze the data on assets and inventory in real-time with a centralized view. Also, this software offers a variety of benefits to organizations such as more accurate tracking, efficient operations, financial accountability, and easy reporting. As a result, with the rise in the adoption of cloud-based services, vendors in the market are offering asset management SaaS.
“Expanding IT infrastructure, increasing need to comply with asset management standards, proliferating BYOD policy, and surging evolution of the IoT will boost the IT asset management software market growth during the forecast period,” says a senior analyst at Technavio.
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Global IT Asset Management Software Market: Segmentation Analysis
This market report segments the global IT asset management software market by deployment (cloud-based and on-premise) and geography (APAC, Europe, MEA, North America, and South America)
North America led the IT asset management software market share in 2019, followed by Europe, APAC, MEA, and South America, respectively due to the presence of large IT companies and growing technological advances in the US and Canada. Also, the rising adoption of cloud computing services is another critical reason for the growing demand for IT asset management software market in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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