PUBLISHER: Allied Market Research | PRODUCT CODE: 1193263
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193263
The IT asset management (ITAM) involves using contractual, financial, and inventory data to track and make strategic decisions about information technology (IT) assets. This enables easy identification and ensures that redundant assets are optimized for greater efficiency. In addition, it assists to optimize costs by reducing the total number of assets in use and extending the life of those assets, avoiding costly upgrades. Furthermore, IT assets are maintained according to the lifecycle stage such as asset repair, upgrade and replacement. Moreover, IT asset management leads to efficient use of resources, eliminate risk, minimizes waste and reduces cost. By implementing an ITAM solution, an enterprise gets real-time data on the state of all its assets and can make informed decisions about asset use. Furthermore, the IT asset management provides industries with flexibility and scalability to enable a smooth integration of business processes, which ultimately support the market growth.
Factors such as surge leveraging technology to cut costs and add capabilities and acceleration of digital transformation in enterprises due to COVID-19 outbreak, thus driving the growth of the market. In addition, surge in deployment of cloud-based IT asset management solutions, strengthens the market growth for the future. Furthermore, the emergence of industrial internet of things (IIoT) and industry 4.0 and expansion of Interconnected IT Infrastructures are expected to provide the lucrative growth opportunities for the market in the upcoming years. However, data security & privacy concerns, high initial cost associated with implementation and maintenance and lack of skilled professional hamper the market growth.
The IT asset management market is segmented into component, deployment model, enterprise size, industry vertical, and region. On the basis of component, it is bifurcated into solution and services. On the basis of deployment model, it is segregated into cloud and on-premise. On the basis of industry vertical, it is segregated into IT and telecom, manufacturing, BFSI, healthcare and life science, government and public sector, education, energy and utility and others. On the basis of organization size, it is categorized into SMEs and large enterprise. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the IT asset management market, include BMC Software Inc., Dell Inc., Flexera Software LLC, Freshworks Inc., HP Inc., IBM Corporation, IFS AB, Infor, Microsoft Corporation and Oracle Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the IT asset management market globally.
By Component
By Deployment Model
By Enterprise Size
By Industry Vertical
By Region