The increase in the 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, businesses 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.
By deployment model, the cloud segment is anticipated is estimated 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.
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By component, the solution segment held the lion’s share in 2021, accounting for more than two-thirds of the global IT asset management market. The adoption of IT asset management provides numerous benefits to the industry such as streamlining the business process, eliminating the manual process and reducing time and costs, which fuels market growth.
However, the service segment is projected to portray the highest CAGR of 13.4% during the forecast period. The adoption of IT asset management services enhances software implementation, maximizes the value of existing installation by optimizing it, and minimizes the deployment cost & risks, and others, which drives the segment growth.
By enterprise size, the large enterprise’s segment dominated the market in terms of revenue in 2021, accounting for nearly two-thirds of the global IT asset management market. A colossal amount of data and increase in complexities in large enterprises open numerous opportunities for the IT asset management market. However, the SMEs segment is expected to register the highest CAGR of 12.7% during the forecast period, owing to the continuous rise in a number of government initiatives through various digital SME campaigns throughout the world.
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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.
By region, the market across North America held the largest share in 2021, accounting for nearly two-fifths of the market, due to rise in use of IT asset management solution in banking & finance, healthcare, manufacturing, and other sectors to improve business and customer experience.
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However, the global IT asset management market across Asia-Pacific is anticipated to register the highest CAGR of 14.3% during the forecast period, due to rise in penetration of advanced technology and higher adoption of cloud-based solution and services.
The key players that operate in the IT asset management market analysis are BMC Software Inc., Dell Inc., Flexera Software LLC, Freshworks Inc., HP Inc., IBM Corporation, IFS AB, Infor, Microsoft Corporation and Oracle Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the IT asset management industry.
KEY FINDINGS OF THE STUDY
- By Component, the Solution segment accounted for the largest IT asset management market share in 2021.
- By Deployment Model, the on-premise segment accounted for the largest IT asset management market share in 2021.
- On the basis of Enterprise Size, the large enterprise segment accounted for the largest IT asset management market share in 2021.
- Depending on Industry Vertical, the IT and Telecom sector accounted for the largest IT asset management market share in 2021.
- Region wise, North America generated highest revenue in 2021.
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