Market Trends of IT Asset Management Industry
Cloud Segment to Dominate the Market
- Corporations' adoption of cloud services is an important trend for modern enterprises. Due to the wide availability of cloud services to support various specialized business applications, companies are increasingly becoming digital firms.
- For IT departments, cloud services help integrate their solutions with the cloud to offer users more advanced and multifunctional tools. The challenge of cloud migration continues to make organizations hesitate regarding its adoption.
- Deploying asset management in the cloud helps companies reduce costs and improve operational efficiency. Also, with the introduction of SaaS applications, options for reducing the total cost of ownership have dramatically increased. Cloud enables shorter implementation schedules, a shift from CAPEX to OPEX, and decentralized control.
- Various companies are providing cloud-based ITAM solutions as part of ITSM platforms and solutions to enhance their market presence significantly. For instance, BMC Software Inc. delivers modern, intelligent ITSM solutions that are fast, accurate, and cost-effective, which help operate in the cloud or a hybrid model.
- BMC multi-cloud management solutions aid in optimizing current IT systems while ensuring a secure, cost-effective transition to the cloud. BMC Helix Multi-Cloud Service Management enables seamless brokering of incidents and changes directly between Helix Remedy and leading third-party cloud service providers.
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Europe to Witness the Highest Market Growth
- Europe is home to some of the most important tech hubs worldwide, which are significant drivers for modern technology adoption. Cost and compliance concerns in the region have driven many organizations to migrate to the cloud and enable employee mobility.
- Many European countries are investing heavily in digital infrastructures, but private and public initiatives have been launched to fill in the skill gaps and accelerate the rate of cloud adoption. For instance, the governments of Bulgaria, Poland, and Romania are committed to enhancing their digital infrastructure.
- Europe has the highest adoption rate of cloud services. According to Eurostat, cloud computing penetration in Europe has increased in recent years. In 2023, 42.5% of EU businesses utilized cloud computing, more than double the rate used five years previously. Most companies that operate cloud computing services for emailing and file storage are in this category.
- Many ITAM solution providers are enlarging their geographic reach to increase their market share and solidify their market presence. For instance, in February 2024, Xensam AB, a Swedish startup, raised external funds in a USD 40 million growth funding round led by London-based Expedition Growth Capital. The company can track and identify several applications using its trained AI and can integrate with any software.
- The region's numerous end-user industries are incorporating ITAM solutions into their ITSM systems. For instance, in April 2024, Verizon Connect expanded its Equipment Asset Tracker (EAT) into European countries, including the United Kingdom, France, Ireland, Germany, Netherlands, Italy, Portugal, and Poland. EAT is a Verizon Connect-proprietary hardware device that supports Verizon Connect’s Reveal and Fleet products, helping manage equipment data, such as location, productivity, status, and health, while reducing theft and downtime for high-value and critical machinery.
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