IT asset management software is a combination of business practices that includes IT assets across the business units within the organization. It joins the inventory, financial, contractual, and risk management responsibilities to govern these assets’ overall life cycle, including tactical and strategic decision making. Assets consist of all elements of software and hardware that are present in the business environment. The accumulated detailed hardware and software inventory information by IT asset management aids in making decisions about purchases and how assets are secured. IT asset management enables organizations to reduce the costs of the risks of inadvertently building new IT projects on outdated infrastructure foundations. According to a study published by Insure Insights, the global IT asset management software is expected to grow at a CAGR of 10.3% during the forecast period.
Top Driver: Increasing Focus on the Adherence to Compliance Policies and Security
The global IT asset management software market is expected to witness healthy growth during the forecast period owing to the increasing focus on the adherence to compliance policies and security. The requirement for centralization and automation of IT frameworks is another significant factor bolstering the global market growth. The rising number of companies has been inclining towards establishing and consolidating centralized and streamlined IT operations. This factor is expected to positively impact the growth of the global IT asset management software market in the coming future.
However, the struggle of various organizations to decrease operational costs due to the additional cost related to the installation is anticipated to restrain the global IT asset management software market.
Banking and Financial Service to Make Crucial Contribution to Growth of the Market
The global IT asset management software market was segmented on the basis of organization size including Banking & Financial Service, Retail, Aerospace & Defense, IT & Telecom, Energy & Power, Automotive & Transportation, Others. The banking and financial service market was expected to be a huge contributor owing to huge application of asset management software. The need to manage a large amount of data due to rising investments in the financial sector could be a crucial reason for such a high share. On the basis of component, the market is segmented into hardware, software and services. On the basis of tools, the market is segmented into Discovery/ Automated Inventory, License Management, Patch & Version Management, Request Management, Digital Asset Management, Others.
Rising In Adoption Of Newer Technologies to Benefit North America Market
The global IT Asset Management Software industry is projected to grow at a significant rate due to growth in demand for faster and secure storage devices. Among the regions mentioned above, market is highly dominated by North America due to increase in investment of technology, catering the needs of lifecycle management of complex software would help the industry. The strict laws and regulations regarding the purchase of assets is anticipated to help the industry grow in the coming years. These factors encourage the enterprises to adopt new technology that can minimize variable cost of purchases and also maintain balance by having a record of demand and supply. Asia Pacific is also anticipated to show the highest growth rate during the forecast period.
Players to Focus on IT Asset Management Software Market
The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Freshworks Inc., BMC Software, SysAid Technologies Ltd (Israel), ServiceNow, Inc, Asset Panda, Samanage Ltd, Microsoft Corporation, Wasp Barcode Technologies, IBM Corporation, HP, Inc , Oracle Corporation, Landesk Software, CA Technologies among others could be at the forefront of the competition in the global market.
Koch Industries, Inc.: In April 2020, Koch Industries, Inc. announced that it has completed the acquisition of the remaining portion of Infor from Golden Gate Capital. Infor, a global leader in business cloud software specialized by industry, has been a key component of Koch’s technological transformation. Koch companies have made more than $26 billion in technology-related investments in the past six years, transforming a global portfolio of businesses spanning multiple industries.
Freshworks: In September 2018, Freshworks, a global leader in customer engagement cloud software has launched Freshping, a free real-time website monitoring tool based on the recently acquired Insping. Freshping can be easily set up to monitor websites and send downtime notifications in real time via Freshworks’ customer engagement platform as well as traditional channels such as email and SMS.
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