IT Asset Management Market Expected to Reach $3.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “IT Asset Management Market," The it asset management market was valued at $1.3 billion in 2021, and is estimated to reach $3.5 billion by 2031, growing at a CAGR of 11.1% from 2022 to 2031.

IT asset management solution helps to manage work orders, contracts, asset life cycles, supply chains and many other capabilities to stay at the top of business. Furthermore, businesses have shifted toward digitalization and increased implementation of Industry 4.0 to cope with ongoing tough business competition, which creates the need for seamless solution and platform to meet the businesses requirements, which eventually boost the adoption of IT asset management in various sectors rapidly.

On the basis of component, the solution segment dominated the IT asset management market size in 2021 and is expected to continue this trend during the forecast period. The adoption of IT asset management provides numerous benefits to the industry such as, streamline the business process, eliminate the manual process and reduces the time and costs, further fuel the growth of the market. However, services segment highest growth market share in the upcoming year. The adoption of ITAM market enhances software implementation, maximize the value of existing installation by optimizing it, and minimize the deployment cost & risks, and others, further fuel the growth of the ITAM market for this segment.

Region-wise, North America dominated the market share in 2021 for the IT asset management market forecast. The adoption and growth of advanced and latest technologies, including IT asset management solution, owing to favorable government policies to accelerate innovation and strengthen the infrastructure abilities, especially in developed countries such as the U.S. and Canada, which will provide lucrative opportunities for the market growth. However, Asia-Pacific is expected to exhibit highest growth during the forecast period. This is attributed to increase in penetration of advanced technology and higher adoption of cloud-based solution and services, AI, big data and IoT, are particularly fueling regional growth of IT asset management solutions market.

COVID-19 has forced billions of organizations around the world to adopt remote work policies. The transition has led to a rapid increase in demand for tools to support remote teams and workflows. While there are certainly challenges involved in going fully remote, ITAM is helping in asset management, data access, people management and inventory management.

During COVID period, priorities of many industries and the government may change with market conditions, with some companies having to change asset strategies from asset utilization to cost control. Moreover, during COVID, the increasing number of plants that have reduced production or temporarily suspended, have enough time available to arrange much-needed maintenance and inspections. Therefore, during this time, organizations can make better use of ITAM solution and Industrial IoT devices, end-to-end devices, condition monitoring, forecasting and others, to help identify and address potential problems and rectify them. Several asset owners, mainly in transportation, have experienced major revenue impacts. While others experienced logistics challenges, such as undertaking physical works while adhering to social distancing requirements.

In addition, asset owners are having to contend with reduced revenue, disrupted demand, new work practices, disrupted plans of work, and supply chain resilience. The adoption of asset management techniques is enabling asset owners to develop the right strategy in the context of these challenges. A strong IT asset management solution makes the decisions easier. In addition, a greater number of IT asset management solutions market providers are adopting various strategies to reach asset-intensive industries during the pandemic.

Key Findings of the Study

• By Component, the Solution segment accounted for the largest IT asset management market share in 2021.
• By Deployment Model, the on-premise segment accounted for the largest IT asset management market share in 2021.
• On the basis of Enterprise Size, the large enterprise segment accounted for the largest IT asset management market share in 2021.
• Depending on Industry Vertical, the IT and Telecom sector accounted for the largest IT asset management market share in 2021.
• Region wise, North America generated highest revenue in 2021.

The key players that operate in the IT asset management market analysis are BMC Software Inc., Dell Inc., Flexera Software LLC, Freshworks Inc., HP Inc., IBM Corporation, IFS AB, Infor, Microsoft Corporation and Oracle Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the IT asset management industry.