IT Asset Management Software Market Size is Set to Grow by USD 456.14 Million from 2024-2028
According to Technavio, the global IT asset management software market size is estimated to grow by $456.14 million between 2024 and 2028, growing at a CAGR of nearly 7.58% during the forecast period.
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SMEs and large enterprises are leveraging ITAM software to optimize hardware and software inventories, streamline asset acquisition, and reduce asset acquisition costs. ITAM solutions provide real-time access to critical information, facilitating informed procurement decisions and eliminating duplicate purchases.
Key features include licensing management, software discovery, optimisation, measurement and centralisation of information security. The cloud sector, including SaaS applications, is a major driver of growth in the ITAM market, with VMware, CEOs and hybrid cloud solutions also playing a significant role. The aerospace and defence, IT and telecom industries are also investing in ITAM solutions to improve asset utilisation and cost savings.
The IT asset management software market is growing, but choosing the optimal solution remains a major challenge for organisations. Failure to understand business needs and software capabilities can lead to inefficient deployments. Integration problems result from a lack of expertise in customising asset management software, which hampers market expansion.
Key trends include cost considerations, security issues, centralisation, automation, IT infrastructure, cloud solutions and regulatory compliance. Compliance is a particular concern in the first quarter of the forecast period as large enterprises in the large enterprise sector, such as manufacturing, healthcare, finance, government, telecoms, retail, technology, energy, transport and education, seek to optimise their IT asset management. Cloud-based improvements such as software discovery, optimization, metering and licensing management are essential to managing complex IT infrastructures. In addition, hardware components and procurement decisions in the manufacturing industry require closure and financial market considerations.
