The growing penetration of smart devices among consumers coupled with the rising trend of bring your own device in numerous IT and telecom companies has positively influenced the adoption of IT asset management software. Previously, IT asset management software was used by large organizations and enterprises to maintain and reduce risks associated with license management and IT compliance. Gradually, these asset management solutions have started gaining recognition among small and medium enterprises. As a result of this, the implementation of IT asset management software is likely to intensify over the forthcoming years.
Browse the full Global IT Asset Management (ITAM) Software Market Report:http://www.mrrse.com/it-asset-management-itam-software-market
The global IT asset management software market is likely to exhibit a CAGR of 6.9% between 2016 and 2024. In 2015, the market stood at US$708.9 mn and is likely to rise to US$1.3 bn by the end of 2024. One of the primary factors aiding the growth of the global IT asset management software market is the mounting installation of cloud-based IT asset management software in leading business institutions.
Cloud-based IT Asset Management Software to Emerge as Potential Future Solution
Based on deployment type, the global IT asset management software market is segmented into hybrid, cloud, and on-premise ITAM software. Among these, cloud IT solutions emerged popular and is projected to account for a share of 50% in 2024 in the global IT asset management software market. The growth of this segment can be attributed to the rising adoption of IT asset management software in sectors such as energy and utilities, healthcare, government, telecom and IT, manufacturing, transportation, insurance, financial services, and banking. The need for an advanced system for data storage and maintenance of files in these sectors is likely to drive the growth of this segment over the forecast period.
Growing Concerns Regarding Data Theft and Compliance Issues to Bode Well for Market Growth
Asset inventory management helps an institution or organization to check the software or hardware purchased, utilize it efficiently, and track the upgradation requirement of the software or hardware. Organizations and institutions using IT asset management software have been successful in identifying illegal and harmful installation of software. This software also helps in preventing vulnerabilities and ensures compliance with security policies. Furthermore, the rising need for centralization and automation of IT infrastructure is likely to drive the growth of the market over the next couple of years.
Automation and Centralization of IT Infrastructure to Drive Adoption of IT Asset Management Software in North America
The global IT asset management software market is classified into the Middle East and Africa, Asia Pacific, Latin America, and North America. At present, North America leads the market and is expected to retain a lead over the forthcoming years. The growth of the global IT asset management software market in the region can the attributed to the significant progress of the IT industry and the rising awareness among consumers regarding the benefits of IT asset management software. On the other hand, Asia Pacific is projected to dominate the market in terms of growth due to the rising adoption of IT asset management software in countries such as Japan, Singapore, South Korea, China, and India.
Browse the full Press Release of Global IT Asset Management (ITAM) Software Market at :http://www.mrrse.com/global-it-asset-management-itam-software-market
The leading companies operating in the market are focusing on introducing advanced ITAM software to accelerate adoption. Some of the prime players are Snow Software, CA Technology Inc., Flexera Software LLC, Cherwell Software, Aspera Technologies Inc., LANDESK Software, Oracle Corp., IBM Corporation, and Hewlett Packard Enterprise Development LP.