Market Size of IT Asset Management Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.97 Billion |
| Market Size (2029) | USD 2.68 Billion |
| CAGR (2024 - 2029) | 6.32 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
- Implementing technologically integrated IT infrastructure across organizations is increasing, proliferating the growth in adopting asset management systems that can help manage operation technologies to gather more critical data and information.
- The fundamental need addressed by ITAM software is tracking and monitoring assets (including hardware and software) throughout their life cycles, even though the number of device types varies by application across enterprises, making it possible for businesses to use and buy assets sensibly. Asset management may become more necessary due to regional investments made to digitalize sectors for economic development, supporting the expansion of the ITAM software industry.
- Cloud technologies are accelerating the deployment of ITAM systems. Most IT asset management software users are served by tech behemoths like IBM and CA Technologies, which deploy their software on- and off-premise. Cloud-only firms like Freshworks Inc., SysAid Technology Ltd., Cherwell Software, etc., also serve the IT asset management market.
- Also, the data analysis and reporting capabilities of the ITAM software are being developed to empower users with custom report-making features that may not be often found in financial tools. Such features are designed to enable organizations to better understand the cost drivers that make IT expensive.
- The proliferation of COVID-19 benefitted the IT asset management market. COVID-19 has posed additional obstacles for businesses. The COVID-19 outbreak has underlined the importance of embracing digital technologies and utilizing the capabilities of software asset management solutions and services to reduce license costs and boost ROI on IT assets.
