According to a recent Future Market Insights study, the IT asset management market is expected to reach US$ 2.3 billion by 2032, growing at a CAGR of 6.9%. During the forecast period, the growing need to manage audits and meet regulatory compliance standards, manage and optimize the purchase, deployment, maintenance, utilization, and disposal of software applications within the business, and lower software spend costs are expected to accelerate market growth.
Furthermore, the growing need for improving organizational productivity through the deployment of advanced technology to meet business needs is stimulating market growth. IT asset management demand grew at a 7.5% CAGR from 2015 to 2021, reaching a valuation of US$ 1.1 billion. Furthermore, an absolute dollar opportunity worth US$ 1.1 billion has been projected for the market over the next decade.
The Market Study’s Key Findings
- The global IT asset management market is expected to reach $1.2 billion by 2022.
- In 2032, the United States will have the highest value share of global market demand for IT asset management, accounting for US$ 320.8 million.
- The cloud category accounts for the majority of the IT asset management market by deployment, with a CAGR of 7.0%. IT asset management solutions for large enterprises continue to be preferred, with a CAGR of 6.2%.
- India is expected to emerge as a highly opportunistic market, with a value of US$ 224.8 million.
- China and Japan are expected to have value CAGRs of 2.3% and 7.8%, respectively, until 2032.
- During the forecast period, the global IT asset management market will nearly double.
Competitive Environment
Players in the global IT Asset Management Market are focusing on expanding their global reach through a variety of strategies, including partnerships, collaborations, and partnerships. The players are also investing heavily in R&D to incorporate innovations into their products, which will help them strengthen their position in the global market. Recent developments among the key players include:
- Snow Atlas, the first integrated platform designed to help organizations discover, monitor, and optimize their technology investments both on-premises and in the cloud, was introduced in July 2021 by Snow Software. SAM, SaaS management, and ITSM integrations, which were previously delivered as a service, are now available in early access on the new cloud-native platform.
- Flexera will enable interoperability between its Software Vulnerability Manager solution and VMware Workspace ONE Unified Endpoint Management in May 2021. Customers will be able to identify, prioritize, and satisfy the need for third-party patch deployment to remediate software vulnerabilities as a result of this interoperability.