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Global IT Asset Management Software Market – Industry Analysis and Forecast (2020-2027)

Global IT Asset Management Software Market was valued US$ 922.2 Mn in 2019 and is expected to reach US$ 1490.2 Mn by 2027, at a CAGR of 6.18% during forecast period.

IT-Asset-Management-Software

 

The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding IT asset management software market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in IT asset management software market.

The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.

Production of smart device usage and the increasing trend of bring-your-own-device (BYOD) in various leading telecom and IT companies have significantly influenced the IT asset management software market. IT asset management software was initially preferred by large enterprises for the maintenance and reduced risks associated with IT agreement and licensing management. Over time, these solutions are gaining recognition among SMEs across the globe as an operative solution to balance expenditure with return on investments.
IT asset management software is used in different end-use industries, including banking, financial services, and insurance, transportation, manufacturing, telecom and IT, government, healthcare, and energy and utilities. Between these, telecom and IT sector leads the IT asset management software market, while the energy and utilities sector is expected to expand at the fastest rate during forecast period.

Major factors that are driving the growth of IT asset management software market are the increasing need for improving the productivity of the organization by deploying advanced technology to achieve the business needs. Also, the reduced cost of software licensing by relocating non-utilized resources is projected to fuel the growth of the market. IT asset management can be classified as hardware asset management, digital asset management, and software asset management.

North America presently leading the global IT asset management software market due to massive growth of the IT industry and growing awareness regarding the advantages of IT asset management. North America is expected to hold its lead in the IT asset management software market during the forecast period, due to the surge in government regulations and strict software audit policies. Increasing demand for centralization and automation is also manipulating the growth of the IT asset management software market in this region. Organizations are highlighting on the reduction of operational expenses by cutting down expenses in IT asset management by the deployment of IT asset management software.

IT asset management software is used in different end-use industries, including banking, financial services, and insurance, transportation, manufacturing, telecom and IT, government, healthcare, and energy and utilities. Between these, telecom and IT sector leads the IT asset management software market, while the energy and utilities sector is expected to expand at the fastest rate during forecast period.

Currently, IT asset management software market in Asia Pacific is driven by countries like India, China, South Korea, Singapore, and Japan. This region is expected to record the fastest growth forecast period because of the increase in interest of investors in this region and growing establishment of SMEs. As the implementation of cloud-based solutions in Asia Pacific is rapidly increasing, number of smart devices is expected to rise, supported by improved communication technologies like 4G LTE. Unlike larger corporations that implement cloud technologies to save cost and improve efficiency, SMEs in this region pursuing a wider reach, improved agility, and the flexibility and ability to serve larger customer bases at a lower investment. IT asset management software is supporting SMEs in this task.

The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.

Scope of Global IT Asset Management Software Market:

Global IT Asset Management Software Market by Enterprise Size:

• SME
• Large Enterprise
Global IT Asset Management Software Market by Deployment Type:

• On Premise
• Cloud
• Hybrid
Global IT Asset Management Software Market by End Use:

• BFSI
• Telecom and IT
• Government
• Healthcare
• Transportation
• Manufacturing
• Energy and Utilities
• Others
Global IT Asset Management Software Market by Geography:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
Key Players Operating in Global IT Asset Management Software Market:

• BMC Software
• SysAid Technologies Ltd
• ServiceNow, Inc
• Asset Panda
• Samanage Ltd
• Microsoft Corporation
• Wasp Barcode Technologies
• IBM Corporation
• HP, Inc
• Oracle Corporation
• Landesk Software
• CA Technologies
• Freshworks Inc.
• Hewlett Packard
• Cherwell Software Inc.
• Aspera Technologies, Inc.
• Deloitte
• Snow Software
• Symantec
• Dell Inc.

Major factors that are driving the growth of IT asset management software market are the increasing need for improving the productivity of the organization by deploying advanced technology to achieve the business needs. Also, the reduced cost of software licensing by relocating non-utilized resources is projected to fuel the growth of the market. IT asset management can be classified as hardware asset management, digital asset management, and software asset management.

The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.

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