Navigating Growth At a CAGR of 11.1%: A Comprehensive Analysis of the IT Asset Management Market
Increase in use of technology to cut costs and add capabilities and acceleration of digital transformation in enterprises have boosted the market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, February 21, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, the IT asset management market was valued at $1.3 billion in 2021, and is estimated to reach $3.5 billion by 2031, growing at a CAGR of 11.1% from 2022 to 2031.
IT asset management solution helps to manage work orders, contracts, asset life cycles, supply chains, and many other capabilities to stay at the top of business. Furthermore, businesses have shifted toward digitalization and increased implementation of Industry 4.0 to cope with ongoing tough business competition, which creates the need for seamless solutions and platforms to meet the business’s requirements, which eventually boosts the adoption of IT asset management in various sectors rapidly.
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Increase in use of technology to cut costs and add capabilities and acceleration of digital transformation in enterprises have boosted the growth of the global IT asset management market. On the other hand, business have shifted toward digitalization and surge in implementation of Industry 4.0 to cope with ongoing tough business competition, which creates new opportunities in the future.
COVID-19 has forced billions of organizations around the world to adopt remote work policies. The transition has led to a rapid increase in demand for tools to support remote teams and workflows. While there are certainly challenges involved in going fully remote, ITAM is helping in asset management, data access, people management, and inventory management.
During the COVID period, the priorities of many industries and the government may change with market conditions, with some companies having to change asset strategies from asset utilization to cost control. Moreover, during COVID, the increasing number of plants that have reduced production or temporarily suspended, have enough time available to arrange much-needed maintenance and inspections. Therefore, during this time, organizations can make better use of ITAM solutions and Industrial IoT devices, end-to-end devices, condition monitoring, forecasting, and others, to help identify and address potential problems and rectify them. Several asset owners, mainly in transportation, have experienced major revenue impacts. While others experienced logistics challenges, such as undertaking physical work while adhering to social distancing requirements.
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In addition, asset owners are having to contend with reduced revenue, disrupted demand, new work practices, disrupted plans of work, and supply chain resilience. The adoption of asset management techniques is enabling asset owners to develop the right strategy in the context of these challenges. A strong IT asset management solution makes decisions easier. In addition, a greater number of IT asset management solutions market providers are adopting various strategies to reach asset-intensive industries during the pandemic.
By industry vertical, manufacturing is projected to register the highest CAGR of 15.9% from 2022 to 2031, as it helps to predict IT infrastructure costs and cut maintenance overheads. However, the IT and telecom segment held the largest share in 2021, contributing to around one-fourth of the global IT asset management market. IT asset management enables teams to use the same technology across compatible devices, which can increase their productivity and efficiency. Departments can then focus on performing more important responsibilities such as security, support, and repair & device maintenance. All these benefits of IT asset management is driving the adoption of IT asset management solution in IT & telecom sector.
Based on components, the solution segment dominated the IT asset management market size in 2021 and is expected to continue this trend during the forecast period. The adoption of IT asset management provides numerous benefits to the industry such as, streamline the business process, eliminating the manual process and reducing time and costs, further fueling the growth of the market. However, the services segment highest growth in market share in the upcoming year. The adoption of the ITAM market enhances software implementation, maximizes the value of existing installation by optimizing it, and minimizes the deployment cost & risks, and others, further fueling the growth of the ITAM market for this segment.
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By deployment model, the cloud segment is anticipated to register the highest CAGR of 13.8% from 2022 to 2031, due to an increase in the adoption of cloud-based IT asset management because of low cost and easier maintenance. However, the on-premise segment held the lion’s share in 2021, contributing to nearly three-fifths of the global IT asset management market. This is attributed due to the numerous advantages offered by the on-premise deployment such as a high level of data security and safety.
Region-wise, North America dominated the market share in 2021 for the IT asset management market forecast. The adoption and growth of advanced and latest technologies, including IT asset management solutions, owing to favorable government policies to accelerate innovation and strengthen the infrastructure abilities, especially in developed countries such as the U.S. and Canada, which will provide lucrative opportunities for market growth. However, Asia-Pacific is expected to exhibit highest growth during the forecast period. This is attributed to the increase in penetration of advanced technology and higher adoption of cloud-based solutions and services, AI, big data and IoT, are particularly fueling regional growth of the IT asset management solutions market.
Key market players:
• IBM Corporation
• Microsoft Corporation
• Dell Inc.
• HP Inc.
• Oracle Corp
• BMC Software Inc.
• ServiceNow Inc.
• Flexera Software LLC
• Snow Software AB
• Aspera Technologies Inc.
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On the contrary, prominent market players are exploring new technologies and applications to meet the surge in customer demands. Product launches, collaborations, and acquisitions are expected to enable them to expand their product portfolios and penetrate different regions. For instance, in November 2019, IBM Corporation launched the Maximo Asset Monitor, a new AI-powered monitoring solution designed to help maintenance and operations leaders better understand and improve the performance of their high-value physical assets. Such enhancement created numerous opportunities for the market growth during the forecast period.
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