Dublin, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The "IT Asset Management Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global IT Asset Management Market is poised for significant expansion, with forecasts indicating growth from USD 1.85 billion in 2023 to USD 2.52 billion by 2028, reflecting a Compound Annual Growth Rate (CAGR) of 6.32% during the forecast period. This growth is driven by the increasing adoption of IT asset management (ITAM) software by organizations seeking to optimize IT asset management, enhance business efficiency, and reduce costs.
Enhanced Efficiency through IT Asset Management
IT Asset Management (ITAM) software is pivotal in enabling organizations to manage and optimize their IT assets. The software facilitates streamlined tracking and monitoring of IT assets throughout their lifecycles, thereby aiding organizations in making informed decisions related to hardware and software utilization. This not only enhances business efficiencies but also results in substantial cost savings.
Integration of Technologically Advanced IT Infrastructure
The growing integration of technologically advanced IT infrastructure within organizations is spurring the adoption of asset management systems. These systems aid in efficiently managing operational technologies, gathering critical data, and supporting digitalization efforts across sectors. This trend is driving the expansion of the ITAM software industry.
Cloud Revolution in IT Asset Management
The adoption of cloud services by corporations is a prominent trend in modern enterprises. Cloud services provide advanced and multifunctional tools, enabling IT departments to enhance solutions for users. The migration to the cloud, however, continues to pose challenges for organizations. Implementing ITAM software in the cloud not only reduces costs but also improves operational efficiency. The proliferation of Software as a Service (SaaS) applications further increases options for lowering total ownership costs, resulting in shorter implementation schedules and a shift from capital expenditure (CAPEX) to operational expenditure (OPEX).
Europe's Cloud Adoption and Growth Potential
Europe is witnessing substantial growth in cloud adoption due to its thriving tech hubs and emphasis on digital infrastructure development. The region boasts the highest adoption rate of cloud services, with many countries investing in digital infrastructure initiatives. Cloud computing penetration in Europe has risen significantly, with 41% of EU businesses utilizing cloud computing, more than doubling the rate from five years ago. Various industries in Europe are integrating ITAM solutions into their IT Service Management (ITSM) systems, contributing to the market's growth.
Competitive Landscape and Industry Trends
The IT Asset Management Market exhibits fragmentation, with new players entering the market. Industry trends highlight the increasing importance of ITAM software in modern organizations. Cloud-based solutions, efficient data analysis, and customization capabilities are key features driving adoption.
The market's expansion is also buoyed by significant industry players making strategic acquisitions and product launches. In November 2022, Microsoft Corp announced the Microsoft supply chain platform, a comprehensive solution aimed at maximizing supply chain data estate investments.
Major players in the IT Asset Management market are
- Dell Inc.
- Microsoft Corporation
- IBM Corporation
- BMC Software Inc.
- HP Inc.
- ServiceNow Inc.
- Oracle Corp.
- Flexera Software LLC
- Ivanti (formely LANDESK)
- Aspera Technologies Inc.
- Cherwell Software LLC
- Snow Software AB
- Broadcom (CA Technology Inc., Symantec Corporation)
- Freshworks Inc.
For more information about this report visit https://www.researchandmarkets.com/r/8bj8cz
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