Snow Software Dominates the Global IT Asset Management (ITAM) Software Market

IT Asset Management (ITAM) Software Market

The global IT asset management (ITAM) software market is estimated to be valued at US$ 955.6 Mn in 2019 and is expected to exhibit a CAGR of 6.9% over the forecast period of 2019-2027, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
IT asset management (ITAM) software is designed to track, manage, and optimize the utilization of IT assets within an organization. It helps in streamlining processes, reducing costs, and minimizing compliance risks associated with IT assets. The key advantage of ITAM software is its ability to provide real-time visibility and control over software licenses, hardware devices, and other IT assets. This enables organizations to efficiently manage their IT infrastructure and make informed decisions regarding procurement, maintenance, and disposal of assets. The increasing need for effective IT asset management due to the rising complexity of IT environments and the growing demand for regulatory compliance is driving the growth of the ITAM software market.

Market key trends:
One key trend in the IT asset management (ITAM) software market is the increasing adoption of cloud-based solutions. Cloud-based ITAM software offers numerous advantages, including lower upfront costs, scalability, and ease of access from anywhere. It eliminates the need for complex on-premise infrastructure and allows organizations to quickly deploy and manage their IT asset management systems. The growing popularity of cloud computing and the need for remote access to IT resources are driving the demand for cloud-based ITAM software. Furthermore, advancements in technology, such as the integration of artificial intelligence and machine learning, are improving the performance and capabilities of cloud-based ITAM solutions. These trends are expected to fuel the growth of the IT asset management software market in the coming years.
Segment Analysis:

The IT asset management (ITAM) software market can be segmented based on deployment type, organization size, and end-user industry.

Based on deployment type, the market can be divided into on-premises and cloud-based solutions. Currently, the on-premises segment dominates the market due to factors such as data security concerns and the need for better control and customization. On-premises solutions provide organizations with complete control over their data and allow them to customize the software according to their specific requirements. However, with the increasing adoption of cloud computing and the advantages offered by cloud-based solutions such as scalability, cost-effectiveness, and ease of implementation, the demand for cloud-based ITAM software is expected to grow at a higher rate in the forecast period.

In terms of organization size, the market can be categorized into small and medium-sized enterprises (SMEs) and large enterprises. Currently, large enterprises account for the major share in the market due to their higher IT budgets and the need for managing complex IT infrastructure. However, with the increasing adoption of ITAM software by SMEs to efficiently manage their IT assets and reduce costs, the SME segment is expected to witness significant growth in the coming years.

Key Takeaways:

The global IT asset management (ITAM) software market Growth is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period of 2019-2027. This growth can be attributed to several drivers. Firstly, the increasing adoption of ITAM software by organizations to effectively manage and optimize their IT assets is driving market growth. ITAM software helps organizations track, manage, and control their hardware and software assets, leading to improved efficiency, cost savings, and compliance with regulations. Furthermore, the growing importance of software license compliance and the need for accurate inventory management is also driving the demand for ITAM software.

In terms of regional analysis, North America is the fastest-growing and dominating region in the ITAM software market. The region has a strong presence of key market players, advanced IT infrastructure, and stringent regulations related to software compliance, which is driving the adoption of ITAM software. Additionally, the increasing demand for cloud-based solutions and the rising trend of digital transformation in the region are contributing to the growth of the market.

Key players operating in the IT asset management (ITAM) software market include Snow Software, Hewlett Packard Enterprise Development LP, Oracle Corporation, BMC Software Inc., Aspera Technologies Inc., CA Technologies Inc., LANDESK Software, Broadcom Inc., ServiceNow Inc., Flexera Software LLC, and Cherwell Software Inc. These players are focusing on strategic partnerships, product innovation, and mergers and acquisitions to stay competitive in the market. For instance, Snow Software recently acquired Embotics, a leading provider of multi-cloud management platform solutions, to enhance its offering and expand its customer base. Additionally, companies are investing in research and development activities to develop advanced ITAM software solutions to cate.

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