The IT Asset Management market was valued at USD 1091.76 million in 2020 and is expected to reach USD 2086.59 million by 2026, at a CAGR of 11.4% over the forecast period 2021 - 2026. The increasing implementation of technologically advanced and interconnected infrastructure has persuaded organizations across industries to adopt asset management systems that can help in managing operation technologies, to gather more important data and information.
- Expansion of interconnected IT infrastructure is driving the market growth. The technologies are becoming converged, for instance, micro data center instead of a data center, virtual machine instead of an actual desktop, and cloud instead of data storage device. To improve the bottom line and plan against financial, operational, and legal risks, it is necessary for the companies to keep a track of all their assets from different locations.
- However, lack of skilled personnel is the factor hindering the market growth. In a report titled 'The Future of Jobs 2018', the World Economic Forum (WEF) said that around 54% of the global workforce had to be re-skilled or up-skilled to work in disruptive and digital technologies spawning the virtual world.
Key Market Trends
Cloud Segment to Dominate the Market
- Asset management is becoming easier, due to advancements in cloud. It exhibits a tremendous potential to add value and help companies reduce the cost and improve operational efficiency.
- With the introduction of SaaS applications, options for reducing total cost of ownership have dramatically increased. Cloud enables shorter implementation schedules, shift from CAPEX to OPEX and decentralized control.
- VMware CEO has pointed out three laws that may make the case for the hybrid cloud future: economics, physics, and data sovereignty.
- In May 2019, Cherwell Software announced that its Information Technology Service Management (ITSM) solution, Cherwell Service Management, is available on Amazon Web Services (AWS), to deliver unified services and management for hybrid cloud environments. Thus, the companies are starting to adopt hybrid cloud for resource pooling and elasticity regarding scaling out services.
Asia-Pacific to Witness the Highest Growth
- Countries in the Asia-Pacific region are thriving when it comes to IT asset management. For instance, the Australian government's National Innovation & Science Agenda promotes the uptake of new ideas in innovation and science.
- The demand for systems integration services is soaring in New Zealand. Enterprises in New Zealand are relying more on systems integrators, as they ramp up on efforts to modernize existing applications and move to the cloud.
- In 2018, Tech Mahindra delivered three large Maximo Cloud Implementations in Asia-Pacific on IBM SaaS, Azure, and AWS. The company believes that customers prefer hosted solution as the next best option to on-premise solution.
The market for IT asset management is fragmented with many new players entering the market. This is because every industry is embracing their control and administration of IT assets to another vendor, due to lack of time and resources in one's own company.
- April 2019 - Cherwell Software announced enhancements to its Information Technology Service Management (ITSM) solution, Cherwell® Service Management. The company's new release adds features to increase the speed and ease, with which IT leaders, enterprise architects, business unit leaders, and transformation agents across organizations can provide services that transform business and work experiences.
- April 2019 - Ivanti integrated Ivanti Service Manager and Ivanti Asset Manager into a single cloud-optimized management platform. Together, these solutions deliver complete asset lifecycle optimization, with the workflow automation and advanced service management, that empowers IT teams to bring efficient, compliant, and secure service delivery to users from anywhere.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support