IT Asset Management (ITAM) Software Is Estimated To Witness High Growth
IT Asset Management (ITAM) software enables organizations to manage entire lifecycles of their IT assets including hardware, software, cloud services and more. ITAM software provides real-time visibility into licenses, usage and optimization of all IT resources. It also helps in taking optimal procurement and disposition decisions to maximize return on IT assets. The need for ITAM software is increasing across industries as managing scattered IT assets manually is complex and inefficient.
The global IT Asset Management (ITAM) software Market is estimated to be valued at US$ 6907.57 Mn in 2023 and is expected to exhibit a CAGR of 6.9%over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
To maximize return on IT assets presents a key market opportunity for ITAM software providers. ITAM software helps organizations track usage of existing software and hardware licenses and optimize procurement of additional assets. This enables organizations to avoid over-purchasing of licenses and optimize budgets for more returns. The software also facilitates better disposition of idle or obsolete assets to generate additional revenues. As managing return on scattered IT investments manually is complex, the opportunity to maximize ROI through ITAM solutions is encouraging more organizations to adopt such software.
Porter's Analysis
Threat of new entrants: The ITAM software market requires large capital investment in R&D and infrastructure which limits entry of new players.
Bargaining power of buyers: Presence of multiple vendors provides buyers with bargaining power in terms of pricing and customization.
Bargaining power of suppliers: Global nature of operations limits the bargaining power of suppliers in this market.
Threat of new substitutes: Absence of close substitutes reduces threat from substitutes.
Competitive rivalry: High as major players compete on pricing, features, and customer servicing.
SWOT Analysis
Strengths: Rising demand for centralized asset management and cost optimization.
Weaknesses: High implementation and maintenance costs.
Opportunities: Growing trend of cloud-based solutions.
Threats: Concerns around data privacy and security.
Key Takeaways
The Global ITAM Software Market Growth is expected to witness high due to increasing digital transformation across industries. The global IT Asset Management (ITAM) software Market is estimated to be valued at US$ 6907.57 Mn in 2023 and is expected to exhibit a CAGR of 6.9%over the forecast period 2023 to 2030.
Regional analysis comprises: North America accounts for over 40% share of the global market currently owing to early technology adoption. Asia Pacific market is poised to grow at a CAGR of around 10% during the forecast period with China and India emerging as high potential markets. Rapid infrastructure development and growing IT spend of organizations will drive the region's growth. Europe is also expected to offer lucrative opportunities for vendors.
Key players operating in the ITAM software market are Belden Inc., Alpha Wire, General Cable Corporation, L-Com Global Connectivity, LS Cable & System, Southwire, TE Connectivity Ltd, Nexans S.A., Amphenol Corporation, and Coleman Cable Inc. The industry is consolidated in nature with top players accounting for majority market share. Belden Inc. is one of the leading players providing ITAM software aimed at optimizing asset management for large enterprises.
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