IT Asset Management Software Market - Need for Streamlined and Centralized Operations to Spur Demand

IT asset management (ITAM) software solutions are useful for organizations for asset inventory management both hardware and software, better manage their computer hardware and software inventory, diagnose and prevent IT and regulatory risks to various technology components, and relate assets to financial records and contracts such as equipment leases and software licenses.

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Asset inventory management, whether of software or hardware, allows an organization to keep a check on the software bought, its utilization, and the need for upgrading software and OS. “ITAM software has been successful in identifying the harmful or illegal installation of software across various platforms, in preventing vulnerabilities, and ensuring compliance with corporate security policies,” the TMR analyst states. The growing emphasis on the adherence to security and compliance policies is a key factor driving the ITAM software market.

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Another major driving force is the need for automation and centralization of IT infrastructure. “An increasing number of companies have been leaning toward consolidation and establishing streamlined and centralized IT operations,” the author of the study observes. This trend is likely to have a medium impact on the growth of the ITAM software market in the coming years.

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The ITAM software market is projected to reach a value of US$1.3 bn by 2024, rising from US$708.9 mn in 2015. The market is estimated to expand at a steady CAGR of 6.9% from 2016 to 2024.

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