Information technology (IT) asset management (ITAM) helps enterprises track hardware and software assets throughout their lifecycle to ensure regulatory compliance, optimize costs, and manage risk. ITAM software provides organizations visibility into their IT assets, enabling them to monitor performance, identify compliance issues, and make optimal procurement decisions. With businesses increasingly adopting cloud-based technologies and services, demand for cloud-enabled ITAM solutions has risen sharply. The global IT Asset Management (ITAM) software Market is estimated to be valued at US$ 6907.57 Mn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of cloud-based solutions in the ITAM software market has accelerated market growth over the past few years. Organizations are deploying cloud-based ITAM solutions to gain real-time visibility and control over their IT infrastructure, applications, and services hosted on public, private, and hybrid clouds. Cloud-enabled ITAM software automates the monitoring of cloud computing assets and usage to optimize costs. It also provides analytics to businesses to make data-driven procurement decisions for cloud services. Additionally, cloud ITAM supports hybrid workplace models by enabling remote asset tracking and management. As digital transformation continues across industries, demand for cloud-based ITAM is expected to rise further in the coming years.
Segment Analysis
The Global IT Asset Management (ITAM) Software Market Size is segmented based on component, organization size, deployment type, vertical, and region. The software segment dominates the market and expected to retain its dominance over the forecast period. This is because ITAM software helps enterprises manage their IT assets efficiently through its features like inventory management, contract and license management, optimized procurement, and asset lifespan tracking.
Key Takeaways
Cisco Systems leads the market with its comprehensive ITAM platforms to manage hardware and software assets across endpoints, servers, cloud and mobile devices.
Regional analysis: North America region holds the largest share in the global market currently. This is attributed to growing focus of organizations in the region on IT asset optimization. The Asia Pacific region is expected to grow at the fastest pace during the forecast period driven by rapid digitalization and deployment of advanced technologies across industries in countries like China and India.
Key players: Key players operating in the IT Asset Management (ITAM) software market are Cisco Systems Inc. (US), Akamai Technologies, Inc., Palo Alto Networks, Inc., Symantec Corporation, Okta, Inc., Forcepoint, LLC, Cyxtera Technologies, Sophos Group Plc, Google LLC, Microsoft, Inc., VMware Inc., Trend Micro Incorporated, Cloudflare, IBM Corporation, Fortinet, Check Point Software Technologies Ltd., Unisys, vArmour, Inc., OPAQ Networks, Inc., ExtraHop Networks, ShieldX, Bracket Computing Inc., Nutanix, and Cloudvisory.
For More Insights, Read: https://www.newswirestats.com/it-asset-management-itam-software-market-size-share-and-growth-forecast-2023-2030/
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