Global IT Asset Management Industry to Surpass US$ 2 Billion by 2032; Cloud-based Deployment to be Prominent
According to a recent study published by Future Market Insights, the IT asset management market is expected to reach US$ 2.3 Billion by 2032, expanding at a CAGR of 6.9%. Growing need to manage audits and meet regulatory compliance standards, growing need to manage and optimize the purchase, deployment, maintenance, utilization, and disposal of software applications within the business, and lower software spend cost are expected to accelerate the market growth during the forecast period.
Additionally, growing need for improving organizational productivity by deploying advanced technology to meet the business needs is also stimulating market growth. From 2015 to 2021, IT asset management demand expanded at a CAGR of 7.5%, closing at a valuation of US$ 1.1 Billion. Moreover, an absolute dollar opportunity worth US$ 1.1 Billion has been forecast for the market during the coming decade.
Key Takeaways from the Market Study
- Global IT asset management market to reach US$ 1.2 Billion by 2022-end
- The U.S to account for the highest value share of US$ 320.8 Million of global market demand for IT asset management in 2032
- By deployment, the cloud category constitutes the bulk of IT asset management market with a CAGR of 7.0%
- IT asset management solutions for large enterprises to remain preferred, flourishing at a 6.2% CAGR
- India to emerge as a highly opportunistic market, documenting a value of US$ 224.8 Million
- China and Japan to document value CAGRs of 2.3% and 7.8% respectively until 2032
- Global IT asset management market to nearly double during the forecast period
“Increasing adoption of cloud and digital transformation among large enterprises, as well as SMEs across several verticals is an essential factor propelling the market growth of IT asset management,” remarks an FMI analyst.
Players in the global IT Asset Management Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In July 2021, Snow Software introduced Snow Atlas, the first integrated platform built to help organizations discover, monitor, and optimize their technology investments both on-premises and in the cloud. The first solutions available on the new cloud-native platform are SAM, SaaS management, and ITSM integrations which were earlier delivered as a service, are now in early access.
- In May 2021, Flexera introduced interoperability between its Software Vulnerability Manager solution and VMware Workspace ONE Unified Endpoint Management. Through this interoperability, customers will be able to identify, prioritize, and satisfy the need for third-party patch deployment to remediate software vulnerabilities.
Know More about What the IT Asset Management Market Repost Covers
Future Market Insights offers an unbiased analysis of the global IT Asset Management Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the IT Asset Management Market, the market is segmented on the basis of enterprise size, deployment, and end-use across five major regions.
About Technology Division at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.