Most leading companies in the global IT asset management (ITAM) software market have a strong presence in North America, making the region immensely competitive, with the likes of Hewlett Packard Enterprise Development, ServiceNow Inc., Cherwell Software Inc., and Aspera Technologies, Inc. setting up base in the U.S. Collaborations and partnerships with other prominent companies has been a go-to strategy for players in the global ITAM software market, states Transparency Market Research.
For instance, in June 2016, Deloitte Touche Tohmatsu Limited and Snow Software announced the offering of advanced end-to-end software asset management to enterprises that have SAP and IBM software in data centers. This move has enabled the companies to increase savings and avoid risks in software licensing.
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“Offering tailor-made products to keep with the growing complexities of the IT environment has been another key strategy for players like Oracle Corporation,” the author of the TMR study finds. This allows companies to address various technology challenges.
Rising Focus on Compliance and Security Issues a Key Driving Factor
Asset inventory management, whether of software or hardware, allows an organization to keep a check on the software bought, its utilization, and the need for upgrading software and OS. “ITAM software has been successful in identifying the harmful or illegal installation of software across various platforms, in preventing vulnerabilities, and ensuring compliance with corporate security policies,” the TMR analyst states. The growing emphasis on the adherence to security and compliance policies is a key factor driving the ITAM software market.
Another major driving force is the need for automation and centralization of IT infrastructure. “An increasing number of companies have been leaning toward consolidation and establishing streamlined and centralized IT operations,” the author of the study observes. This trend is likely to have a medium impact on the growth of the ITAM software market in the coming years.
On the flip side, organizations’ struggle with reducing operational costs limits the deployment of ITAM software owing to the excess expenditure associated with its installation.
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Global ITAM Software Market to Cross US$1 bn-mark by 2024
The ITAM software market is projected to reach a value of US$1.3 bn by 2024, rising from US$708.9 mn in 2015. The market is estimated to expand at a steady CAGR of 6.9% from 2016 to 2024. Accounting for a massive share of over 60% by 2024, large enterprises will be the leading contributor to the growth of the ITAM software market. Registering an 8.0% CAGR during the forecast period, SMEs are anticipated to record the highest growth by 2024.
Based on deployment model, cloud-based ITAM software is the leading segment by revenue, with hybrid models expanding at the most rapid pace from 2016 to 2024. On the basis of end use, the telecom and IT sector contributes a majority to the overall revenue of the ITAM software market. On the other hand, the energy and utilities industry will present the highest CAGR by 2924. By region, North America leads the global ITAM software market and will continue doing so through the end of the forecast period with stiff competition from Asia Pacific. The APAC market for ITAM software is, on the other hand, estimated to register the fastest growth from 2016 to 2024.