IT Asset Management Software Market Size,Share,Growth,Industry Analysis and Forecast (2024-2031)

IT Asset Management comprises all methods that can be implemented to manage IT Assets. For organizations, it acts as a business tool that helps them to maintain the financial, inventory, and risk management responsibilities to monitor assets' overall life cycle, also enabling organizations to manage their computer hardware and software inventories, correlate assets to contracts and financial records such as software licenses and equipment leases, and detect and prevent IT and regulatory risks to their various technology components.

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Asset management software is becoming more popular, and asset tracking is becoming more important.IT asset management and tracking systems are designed to decrease the amount of time and effort required to manage computer software and hardware. It also saves money by improving purchasing and better managing the full life cycle of IT equipment. IT asset management systems also minimize the risk of regulatory compliance, software licensing, and security vulnerabilities.Increase in usage of cloud-based asset management software Organizations in a variety of industries, including BFSI, healthcare, and other sectors, are using cloud computing solutions to reduce their costs. SMBs are turning to cloud-based solutions to increase the scalability of hardware and resources available from cloud solution providers.

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The IT Asset Management Software market is segmented using on-premise and cloud-based deployment strategies. The cloud-based category is expected to grow at the highest CAGR over the forecast period due to the cost-effectiveness and easy availability of cloud-based IT Asset Management Software solutions. Cloud-based IT Asset Management Software solutions demand less physical setup and maintenance.According to the latest research done by International Data Corporation, the Indian Cloud Public User market is expected to be valued at 9.5 billion dollars by 2025, almost a three-fold increase in market value as compared to 2020. The revenue from cloud management and security services in India is estimated to be around 270 million US dollars in 2020, a 20% increase in revenue from 2019.

Segment Analysis

Key players operating in the market are Hewlett Packard, ServiceNow Inc., Cherwell Software Inc., Aspera Technologies Inc., Deloitte, Microsoft Corporation, BMC Software, IBM Software, and Symantec. Leading multinational players dominate the market and hold substantial market share, thereby presenting tough competition to new entrants. Key players focus on various strategic initiatives such as merger & acquisition, geographical expansion, new product launches, and increasing R&D expenditure to stay competitive.

Competitive Landscape

Key players operating in the market are Hewlett Packard, ServiceNow Inc., Cherwell Software Inc., Aspera Technologies Inc., Deloitte, Microsoft Corporation, BMC Software, IBM Software, and Symantec. Leading multinational players dominate the market and hold substantial market share, thereby presenting tough competition to new entrants. Key players focus on various strategic initiatives such as merger & acquisition, geographical expansion, new product launches, and increasing R&D expenditure to stay competitive.

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