by IT Asset Management (ITAM) software helps in tracking and managing IT infrastructure assets across their entire lifecycle, from procurement to disposal. ITAM solutions aid in automating inventory management, hardware and software auditing, software license optimization, and compliance management.
The global IT Asset Management (ITAM) software Market is estimated to be valued at US$6,907.57 million in 2023 and is expected to exhibit a CAGR of 6.9%over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the growth of the ITAM software market is the asset tracking capabilities offered by these solutions. ITAM software allows businesses to track physical and virtual IT assets in real-time across distributed environments through barcode scanning, RFID and GPS tracking. This helps organizations in gaining visibility into the location, usage and ownership of assets. Asset tracking has become critical for multinational companies operating across multiple geographic regions to enhance productivity and optimize tech spend through better utilization of resources. Real-time location data and analytics provided by ITAM software streamlines procurement, deployment and maintenance of assets.
SWOT Analysis
Strength: ITAM software help organizations to increase operational efficiency by optimizing IT asset usage. It allows better visibility, control and auditing of IT assets across the organization.
Weakness: High upfront costs associated with the implementation and maintenance of ITAM software. Additional costs for training employees on using new ITAM tools.
Opportunity: Growing demand for remote asset management solutions due to rise in remote and hybrid work models. Increasing need to optimize utilization of IT assets is driving demand for advanced ITAM software.
Threats: Free and open source ITAM tools can erode market share of established paid software vendors. Rising security concerns related to cloud-based ITAM solutions.
Key Takeaways
The Global IT Asset Management (ITAM) Software Market Growth is expected to witness high. The global IT Asset Management (ITAM) software Market is estimated to be valued at US$6,907.57 million in 2023 and is expected to exhibit a CAGR of 6.9%over the forecast period 2023 to 2030.
North America dominates the global ITAM software market currently. This is attributed to presence of major software vendors and early adoption of advanced ITAM solutions across enterprises in the US and Canada. Asia Pacific is expected to offer lucrative opportunities owing to rapid digitalization of businesses and increasing investments in IT infrastructure in developing countries like India and China.
Key players
Key players operating in the IT Asset Management software market are Belden Inc., Alpha Wire, General Cable Corporation, L-Com Global Connectivity, LS Cable & System, Southwire, TE Connectivity Ltd, Nexans S.A., Amphenol Corporation, and Coleman Cable Inc. Belden Inc. is one of the leading players offering comprehensive ITAM solutions to optimize asset lifecycles from acquisition to disposition. TE Connectivity and Nexans S.A. have a stronghold in cable and wire IT asset tracking and management domain.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
