The proliferation of smart device usage and the growing trend of bring-your-own-device (BYOD) in several leading telecom and IT companies have greatly influenced the IT asset management (ITAM) software market. ITAM software was initially preferred by large enterprises for the maintenance and reduction of risks associated with IT compliance and licensing management. Over time, these solutions have gained recognition among SMEs across the globe as an effective solution to balance spending with return on investments.
The ITAM software market is projected to reach a value of US$1.3 bn by 2024, rising from US$708.9 mn in 2015. The market is estimated to expand at a steady CAGR of 6.9% during the forecast period from 2016 to 2024.
Cloud-based ITAM Software Services Highly Lucrative Segment
By size of enterprise, ITAM software finds application in large enterprises and small and medium enterprises (SMEs). Large enterprises currently hold the majority in terms of revenue, while SMEs are likely to register the fastest growth over the course of the forecast period.
By type of deployment, the ITAM software market is segmented into on-premise, cloud, and hybrid. Cloud-based services are the key contributors to the revenue of the ITAM software market, accounting for an almost 50% share in the market by 2024.
ITAM software is used in a number of end-use industries, including banking, financial services, and insurance, transportation, manufacturing, telecom and IT, government, healthcare, and energy and utilities. Among these, the telecom and IT sector leads the ITAM software market, while the energy and utilities sector is projected to expand at the fastest pace over the coming years.
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The global ITAM software market comprises North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. North America presently leads the global ITAM software market owing to the enormous growth of the IT industry and growing awareness regarding the advantages of ITAM. North America is anticipated to retain its lead in the ITAM software market during the forecast period thanks to the surge in government regulations and strict software audit policies. The increasing demand for centralization and automation is also influencing the growth of the ITAM software market in this region. Organizations have been emphasizing on the reduction of operational expenditure by cutting down expenses in IT asset management through the deployment of ITAM software.
At present, the ITAM software market in Asia Pacific is driven by countries such as India, China, South Korea, Singapore, and Japan. This region is anticipated to record the fastest growth in the coming years due to the rising interest of investors in this region and the growing establishment of SMEs. As the adoption of cloud-based solutions in Asia Pacific rapidly increases, the number of smart devices is expected to rise, aided by improved communication technologies such as 4G LTE. Unlike larger corporations that adopt cloud technologies to save cost and improve efficiency, SMEs in this region seek a wider reach, enhanced agility, and the flexibility and ability to serve larger customer bases at a lower investment. ITAM software has been aiding SMEs in this very task.