Global IT Asset Management Software Market - 2019-2026
発行: DataM Intelligence
IT Asset Management Software is a set of business for an organization to maintain the financial, inventory and risk management responsibilities to monitor the overall life cycle of assets. It also enables organizations to better manage their computer hardware and software inventory, correlate assets to contracts and financial records such as software licenses and equipment leases and detect and also prevent IT and regulatory risks to their various technology components. The IT Asset Management Software market valued USDXX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.
The increasing need for improving the productivity of the organization by deploying advanced technology to meet the business needs across the world is the major driving agent in the growth of the IT asset management software market. Additionally, the reduced cost of software licensing by relocating non-utilized resources is expected to fuel the growth of the market. IT asset management can be categorized as hardware asset management, digital asset management, and software asset management.
Expansion of interconnected IT infrastructure is driving the market growth. The technologies are becoming converged, for instance, micro data center instead of a data center, virtual machine instead of an actual desktop, and cloud instead of data storage device. To improve the bottom line and plan against financial, operational, and legal risks, it is necessary for the companies to keep a track of all their assets from different locations.
The market is witnessing technological advancements such as the internet of things (IoT), big data technologies, and other technologies for the development of the IT Asset Management Software and services. For instance, in April 2019 - Cherwell Software announced enhancements to its Information Technology Service Management (ITSM) solution, Cherwell Service Management. The company's new release adds features to increase the speed and ease, with which IT leaders, enterprise architects, business unit leaders, and transformation agents across organizations can provide services that transform business and work experiences.
However, lack of skilled personnel is the factor hindering the market growth. In a report titled 'The Future of Jobs 2018', the World Economic Forum (WEF) said that around 54% of the global workforce had to be re-skilled or up-skilled to work in disruptive and digital technologies spawning the virtual world. On the other hand, with the introduction of SaaS applications, options for reducing total cost of ownership have dramatically increased. Cloud enables shorter implementation schedules, shift from CAPEX to OPEX and decentralized control. Additionally, asset management is becoming easier, due to advancements in cloud. It exhibits a tremendous potential to add value and help companies reduce the cost and improve operational efficiency. For instance, in May 2019, Cherwell Software announced that its Information Technology Service Management (ITSM) solution, Cherwell Service Management, is available on Amazon Web Services (AWS), to deliver unified services and management for hybrid cloud environments. Thus, the companies are starting to adopt hybrid cloud for resource pooling and elasticity regarding scaling out services.
The IT Asset Management Software market is segmented based on the deployment model as the on-premise and cloud-based. The cloud-based segment is expected to grow at the highest CAGR during the forecasted period due to the cost-effectiveness and easy availability of the cloud-based IT Asset Management Software solutions. There is increasing usage of the cloud-based IT Asset Management Software solutions in various industries such as banking, financial services, and insurance (BFSI), healthcare, retail, government, IT and telecommunication, manufacturing, others. The cloud-based IT Asset Management Software solutions allow the transfer of the data, applications, and all essential business elements from the on-premise data center to the cloud, or from one cloud to another. There is the presence of several market players providing cloud-based IT Asset Management Software solutions through the cloud. The cloud-based IT Asset Management Software solutions are the most effective solutions for handling a large amount of the data. The cloud-based IT Asset Management Software solutions provide other benefits such as scalability, flexibility, large storage space, 24/7 availability, and auto-update features. These solutions are effective in managing the security, and infrastructure. The cloud-based IT Asset Management Software solutions require low maintenance cost and less physical setup. It is easy to access cloud-bas
Further, the IT Asset Management Software market is also classified based on the organization size as the small & medium enterprises and large enterprises. The large enterprises segment account for a significant market share of XX% in 2019. There is growing usage of the IT Asset Management Software and services for handling the tackle issues including security, corporate restructuring, and open standard-based interfaces. These software and services increase storage needs. The IT and telecommunications sector offer the lucrative opportunities for IT Asset Management Software with the increasing deployment of 5G technology worldwide. The huge data consumption due to the implementation of 5G technology shall increase the demand for IT Asset Management Software over the forecasted period.
By region, the IT Asset Management Software market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the IT Asset Management Software market due to the high usage of the IT Asset Management Software for accommodating the changing need of the enterprises. The IT Asset Management Software is improving the performance and competitiveness of the enterprises. There is a shift in the preferences towards cloud-based computing. There is increasing adoption of advanced IT Asset Management Software technology by several enterprises. There is the presence of a large number of companies providing IT Asset Management Software services and software. Several cost-effective data management software and services are available in the market. The growing generation of the large data volume in several industries shall boost the demand for IT Asset Management Software over the forecasted period.
Countries in the Asia-Pacific region are thriving when it comes to IT asset management. For instance, the Australian government's National Innovation & Science Agenda promotes the uptake of new ideas in innovation and science. The demand for systems integration services is soaring in New Zealand. Enterprises in New Zealand are relying more on systems integrators, as they ramp up on efforts to modernize existing applications and move to the cloud. In 2018, Tech Mahindra delivered three large Maximo Cloud Implementations in Asia-Pacific on IBM SaaS, Azure, and AWS. The company believes that customers prefer hosted solution as the next best option to on-premise solution.
Key players operating in the market are Hewlett Packard, ServiceNow Inc., Cherwell Software Inc., Aspera Technologies Inc., Deloitte, Microsoft Corporation, BMC Software, IBM Software, Symantec. Leading multinational players dominate the market and hold substantial market share, thereby, presenting tough competition to new entrants. Key players focus on various strategic initiatives such as merger & acquisition, geographical expansion, new product launch and increasing R&D expenditure to stay competitive in the market. For instance, in April 2019, Cherwell Software announced enhancements to its Information Technology Service Management (ITSM) solution, Cherwell Service Management. The company's new release adds features to increase the speed and ease, with which IT leaders, enterprise architects, business unit leaders, and transformation agents across organizations can provide services that transform business and work experiences.