IT asset management software also referred to as IT inventory management software is used to monitor the IT assets in an organization. This software plays an important role in the cost minimization and excess purchase of IT assets. It involves the identification and deep collection of information about hardware and software which are being used in the organization and helps in the purchase decision.
The IT asset management software market is growing at a rapid pace; mainly due to the increasing competition in the cloud computing stage. This competition is further prompting the developers to develop state of the art ITAM software solutions. Moreover, the growing number of enterprises escalates the market on the global platform, demonstrating huge uptake across the industries.
Acknowledging the prominence and value this market is garnering currently and the growth prospect the market is demonstrating worldwide, Market Research Future (MRFR) in its recently published study report asserts that the global IT asset management software market will accrue approximately USD 3 BN by 2023, registering around 8% CAGR throughout the review period (2017-2023).
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Major key Players
- Freshworks Inc. (U.S.),
- BMC Software (U.S.),
- SysAid Technologies Ltd (Israel),
- ServiceNow, Inc (U.S.),
- Asset Panda (U.S.),
- Samanage Ltd (U.S.),
- Microsoft Corporation (U.S.),
- Wasp Barcode Technologies (U.S.),
- IBM Corporation (U.S.),
- HP, Inc (U.S.),
- Oracle Corporation (U.S.),
- Landesk Software (U.S.),
- CA Technologies (U.S.),
Other vendors include Dell, Inc (U.S.), Symantec Corporation (U.S.), Ivanti (U.S.), Spiceworks Inc. (U.S.), GRAGA Software Solutions Pty Ltd (Australia), xAssets (U.K), Summit Software Pty Ltd (Australia), CGI Group Inc (Canada), Dude Solutions Inc (U.S.), eMaint (U.S.), IFS AB (Sweden), Infor (U.S.) among others.
According to MRFR, Global IT Asset Management Software Market is estimated to grow at a CAGR of 8% during the forecast period 2017-2023
January 21, 2019 — ObjectWay S.p.A. (Italy), a banking tech firm providing financial software and digital solutions for banking, securities, and insurance industries announced the acquisition of Algorfin, the software and services division of Unione Fiduciaria S.p.A (Italy), a bank providing financial services to the financial intermediaries.
This acquisition consolidates ObjectWay’s position as a leader in the Italian market for banks, asset management companies, brokers and custodian banks
Algorfin specializes in IT and administrative outsourcing services for asset management companies, custodian banks, and other financial operators, through its Archimede, Diogene, and Archimede Governance software platforms which allows asset management companies to perform all the checks required by the European UCITS V regulations.
The highly competitive, IT asset management software market appears to be fragmented owing to the presence of numerous well-established players having an international and global presence. Matured players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch in order to gain a competitive advantage and thus to maintain their positions in this market.
These players strive to develop the software solutions that can deliver a suite of application offerings to help address the needs of IT departments while enabling asset management and service-desk functions to work together seamlessly via a single product installation, a single user interface, and a common data layer and workflow engine.
Using time-tested methodologies and best practices, these players try to bring together disparate point systems from multiple providers into a security-rich, integrated environment that addresses resource planning, passenger experience, and asset management.
By component, the IT asset management software market is segmented into hardware, software, and services. The software segment is further sub-segmented into in-house developed software, and software licenses (COTS). The services segment is sub-segmented into professional and managed services.
By tools, the global IT asset management software market has been segmented into discovery/automated inventory, license management, patch & version management, request management, product/service catalog, digital asset management, and others.
By organization size, the IT asset management software market is segmented into small and medium enterprise, and large enterprise.
By end-user, the global IT asset management software market has been segmented into banking & financial service, retail, aerospace & defense, IT & telecom, energy & power, automotive & transportation, and others
By deployment, the IT asset management software market is segmented into on cloud, on-premise, and hybrid.
Detailed Regional Analysis
The region wise division of the market for IT asset management software has been categorized into Europe, Asia Pacific, North America and Rest of the World. Presently, the North American region is controlling the industry for IT Asset Management Software with a market share of reasonable size owing to the backing from the Canadian and US markets as these countries are well industrialized. The European market has emerged in the second position in terms of market split owing to the intense industrialization in the past couple of years in diverse countries that are a part of this region. However, the IT asset management software industry in the Asia-Pacific region has emerged as one of the most swiftly expanding segments with an exceptional CAGR per cent and is anticipated to reach significant millions in revenue by the end of forecast period.
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- Professional Service Provider
- Advisory firms
- Training Service Providers
- Support and Maintenance Service Providers
- Software Developers
- Procurement Managers
- Distribution Centers
- Manufacturing Companies
LIST OF TABLES
Table 1 World Population by Major Regions (2017 To 2030)
Table 2 Global IT Asset Management Software Market: By Region, 2017-2023
Table 3 North America IT Asset Management Software Market: By Country, 2017-2023
Table 4 Europe IT Asset Management Software Market: By Country, 2017-2023
Table 5 Asia Pacific IT Asset Management Software Market: By Country, 2017-2023
LIST OF FIGURES
FIGURE 1 Global IT Asset Management Software market segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis of Global IT Asset Management Software Market
FIGURE 4 Value Chain of Global IT Asset Management Software Market
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