IT Asset Management Market Size (2024 - 2029)

IT Asset Management Market Analysis

The IT Asset Management Market size is estimated at USD 1.97 billion in 2024, and is expected to reach USD 2.68 billion by 2029, growing at a CAGR of 6.32% during the forecast period (2024-2029).

IT asset management (ITAM) software helps organizations manage and optimize their IT assets and attain higher business efficiencies while significantly saving costs.

• Organizations are increasingly implementing technologically integrated IT infrastructure, driving the adoption of asset management systems. These systems help manage operational technologies and gather crucial data.
• ITAM software primarily addresses the need to track and monitor assets, whether hardware or software, throughout their life cycles. These needs become crucial as enterprises deal with a variety of device types. Such software empowers businesses to make informed asset utilization and procurement decisions. Additionally, as regions invest in digitalizing sectors for economic growth, the demand for asset management is further bolstered, propelling the ITAM software industry.
• Cloud technologies are playing a pivotal role in expediting the deployment of ITAM systems. While major players like IBM and CA Technologies offer both on-premise and cloud-based solutions, there has been a rising trend of cloud-only providers, such as Freshworks Inc., SysAid Technology Ltd, and Cherwell Software, catering to the IT asset management market.
• Furthermore, ITAM software is evolving its data analysis and reporting capabilities. These enhancements aim to equip users with custom report-making features, a rarity in traditional financial tools. By delving into these reports, organizations can gain deeper insights into cost drivers that often inflate IT expenses.
• The IT asset management market saw a surge during the COVID-19 pandemic. The crisis highlighted the necessity for businesses to embrace digital technologies. Leveraging software asset management solutions not only helps reduce costs but also enhances the ROI on IT assets, a crucial aspect in these challenging times.

IT Asset Management Industry Segmentation

According to the International Association of IT Asset Managers (IAITAM), IT asset management (ITAM) is a set of business practices that incorporates IT assets across an organization's business units.

The scope of the study focuses on market analysis segmented by type (hardware and software), deployment type (on-premise and cloud), enterprise size (small and medium and large), end-user industry (IT and telecom, BFSI, healthcare, retail, manufacturing, government, and other end-user industries), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa).

The market sizes and forecasts are provided in value terms (USD) for all the above segments.