The growing penetration of smart devices and the emergence of bring-your-own-device (BYOD) as a trend in several telecom and IT companies are positively impacting the dynamics of the global IT asset management (ITAM) software market. While the implementation of ITAM software was limited to large enterprises initially, SMEs across the globe have started acknowledging these systems as an effective tool for the reduction of risks associated with licensing management and IT compliance. According to a report by Transparency Market Research (TMR), the global ITAM software market was valued at US$708.9 mn in 2015 and is expected to reach US$1.3 bn by 2024, rising at a CAGR of 6.9% between 2016 and 2024.
Shifting Focus Towards Streamlined and Centralized IT Operations to Boost Adoption of ITAM Software
TMR observes that ITAM software is being globally recognized as a reliable solution to ensure compliance with corporate security policies and balance spending with return on investments. Therefore, the increasing emphasis on the adherence to compliance and security policies is augmenting the growth of the market. Moreover, the increasing inclination of a large number of companies towards automation and streamlined and centralized IT operations is bolstering the growth of the market. However, the high installation cost of these systems coupled with the reducing operational costs of organizations is hampering the growth of the global ITAM software market.
North America Represents Leading Share in Revenue Pie Owing to Increasing Demand for Automation and Centralization
Geographically, North America was the leading revenue contributor in 2015 owing to the flourishing growth of the IT sector and rising awareness regarding the benefits of ITAM software. Rising government regulations and stringent software audit policies are working in the favor of the growth of this region. Moreover, the increasing demand for automation and centralization and growing emphasis on the reduction of operational expenditure are driving the demand for ITAM software. Owing to these factors, the segment is likely to retain its leadership until the end of 2024.
The Asia Pacific market for ITAM software is expected to rise at a promising rate during the forecast period. The increasing establishment of small- and medium-sized enterprises (SMEs) and growing interest of investors in the ITAM software industry are contributing to the growth of the region.
Browse the full Global IT Asset Management (ITAM) Software Market report at : http://www.mrrse.com/it-asset-management-itam-software-market
Vendors to Opt for Collaborations and Partnerships as Key Strategy to Stay Relevant
Developing tailor-made products to keep with the rising complexities of IT environment has been a go-to strategy for the majority companies in the global ITAM software market. Partnerships and collaborations with other prominent companies have been another key strategy for players. To put this in perspective, in June 2016, Deloitte Touche Tohmatsu Limited and Snow Software announced to offer end-to-end and advanced asset management to organizations that have IBM and SAP software in data centers. Some of the leading companies in the market are Aspera Technologies Inc., Cherwell Software Inc., Hewlett Packard Enterprise Development, Oracle Corporation, and ServiceNow Inc.