Global IT Asset Management Software Market is projected to grow at a CAGR of 8.2% during the forecast period 2032

Market Research Future (MRFR) has published on the “IT Asset Management Software Market”

The IT Asset Management Software Market is predicted to reach USD 7422.2 Million by 2032, registering a 8.2% CAGR during the forecast period, 2024–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The management of software is becoming a more important part of business strategies as organizations are investing a heavy portion of their IT budget toward it. Organizations are increasingly looking for software asset management solutions to manage and optimize IT assets, as well as to better grapple with the rapidly changing landscape. Over time, organizations purchase or subscribe to use several software licenses. In smaller businesses, it may be easier to monitor. However, in bigger businesses, there is a higher risk of scattered IT expenditure, duplicated licenses within an organization, under-licensing, and wasted money on forgotten licenses. No matter how big or small the organization, they can be a victim of these consequences without a software asset management strategy.

In April 2022, Freshworks Inc., a software company empowering the people who power businesses announced that it has deepened its strategic partnership with Device42, the market leader in asset management, to give Freshservice customers enterprise-grade asset management for enhanced business continuity. Key players functioning in the market are more focused on enchasing the opportunities of the market. During the forecasted period, major investments with mergers and acquisitions are likely to increase the market's growth as well.

Segmental Analysis

The scope of the global IT Asset Management Software market has been segmented based on component, organization size, deployment, end user, and tool.

Based on component, the global IT Asset Management Software market is segmented into hardware, software, and service. The software segment is expected to exhibit the fastest CAGR during the projected period.

Based on organization size, the global IT Asset Management Software market is segmented into SME and large enterprises. The large enterprises segment will experience the highest CAGR.

Based on deployment, the global IT Asset Management Software market is segmented on-cloud and on-premise. On cloud is expected to exhibit the fastest CAGR during the projected period.

Based on application, the global IT Asset Management Software market is segmented into BFSI, retail, aerospace & defense, IT & telecom. BFSI is expected to exhibit the fastest CAGR during the projected period.

Based on tool, the global IT Asset Management Software market is segmented into discovery/ automated inventory, license management, patch & version management, request management, product/service catalog, and digital asset management. Digital Asset Management is expected to exhibit the fastest CAGR during the projected period.

Regional Analysis

Geographically, the global IT Asset Management Software market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

North America accounted for the largest share of revenue in 2022. due to high investment in technology, looking after the needs of lifecycle management of complex software, and stringent laws and regulations about the purchasing of assets. These factors motivate the organizations to adopt a technology that can decrease the variable cost of purchases and also maintain balance by having a record of demand and supply. North America has taken a significant lead in terms of both infrastructure development and technology adoption. A strong presence of large IT companies and rapid digitalization in the U.S. and Canada would particularly drive the regional market growth. The rising adoption of connected smart, and secure technologies for asset-centric applications is also expected to drive the growth of the market.

During the forecast period, the Europe region is expected to exhibit the fastest CAGR. Moreover, companies are facing challenges in terms of the increasing support and managing costs of these crucial assets, which may hamper the growth of the market. In order to be successful, companies need to adhere to the crafted policies, control licensing, and assured security for the internal network. Thus, software license management tools are estimated to fuel the growth of the market in the upcoming years. The growing awareness among the organization about the importance of IT software asset management solutions is among the key aspects augmenting the growth of the regional IT software asset management market.

Key Players

The key players in the global IT Asset Management Software market are Freshworks Inc (U.S.) BMC Software (U.S.) SysAid Technologies Ltd. (Israel) ServiceNow Inc. (U.S.) Asset Panda (U.S.) Samanage Ltd. (U.S.) Microsoft Corporation (U.S.) IBM Corporation (U.S.) and and other.