IT Asset Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

IT Asset Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The IT Asset Management market was valued at USD 1091.76 million in 2020 and is expected to reach USD 2086.59 million by 2026, at a CAGR of 11.4% over the forecast period 2021 - 2026. The increasing implementation of technologically advanced and interconnected infrastructure has persuaded organizations across industries to adopt asset management systems that can help manage operation technologies to gather more critical data and information.

Key Highlights

• The adoption of cloud technology is also acting as a catalyst for the adoption of ITAM solutions. Tech giants like IBM and CA Technologies, who cater to most IT asset management software users, deploy their software over the cloud and on-premise. Cloud-exclusive companies, like Freshworks Inc., SysAid Technology Ltd, Cherwell Software, etc.., also operate in the IT asset management market.
• Although the number of device types differs by application across organizations, the primary need addressed by ITAM software is the tracking and monitoring assets (both hardware and software) throughout their life cycles. This enables organizations to make informed asset usage and purchase decisions. Investments across regions to digitalize industries for economic development may increase the need for asset management and, therefore, support the growth of the ITAM software market.
• Companies often offer ITAM software with integrations with project and portfolio management (PPM) and enterprise architecture tools, apart from the HR and ERP tools, to deliver a more comprehensive view of asset performance during their lifecycle. BMC Software, CA Technologies, HP, and a few others offer integrations with portfolio management tools.
• As a result of COVID-19, IT leaders learned the ability to make quick judgments, realizing that there was no other option (which is one good thing to come out of the pandemic). The proliferation of collaboration tools such as Zoom, Teams, Google Meet, and virtual whiteboards exemplifies this. Even in multinational organizations that use video teleconferencing or fly workers worldwide to work together, these were formerly considered luxuries, not requirements. Controlling assets, monitoring activities, and evaluating how those assets are used are all important considerations for organizations considering a hybrid office/remote working arrangement (for example, what software is installed).
• However, many tools might make it challenging to decide which ones to employ and how to provide the best IT assistance. This has a knock-on effect on asset management, particularly software license management. The rationalization of existing assets is another negative effect. In one US local administration, for example, digital collaboration tools were standardized to eliminate the overhead of legacy, traditional communications technology.

Key Market TrendsCloud Segment to Dominate the Market

• Asset management is becoming easier due to advancements in the cloud. It has tremendous potential to add value and help companies reduce costs and improve operational efficiency. With the introduction of SaaS applications, options for reducing the total cost of ownership have dramatically increased. Cloud enables shorter implementation schedules, the shift from CAPEX to OPEX, and decentralized control. VMware CEO has pointed out three laws that may make a case for the hybrid cloud future: economics, physics, and data sovereignty.
• Various companies are providing cloud-based ITAM solutions as part of ITSM platforms and solutions to enhance their market presence significantly. For instance, BMC Software Inc. delivers modern, intelligent ITSM solutions that are fast, accurate, and cost-effective, which help to operate in the cloud or a hybrid model.
• BMC multi-cloud management solutions aid in optimizing current IT systems while ensuring a secure, cost-effective transition to the cloud. BMC helix multi-cloud service management enables seamless brokering of incidents and changes directly between helix remedy and leading third-party cloud service providers.
• Various ITAM and ITSM solution providers collaborate with cloud platform providers to help the users seamlessly migrate to the cloud. For instance, in March 2021, Ivanti, a software firm that specializes in endpoint computing and IT management solutions and services, bought Cherwell, a privately held American technology company specializing in IT service management software, to broaden the scope of its Ivanti Neurons platform and solidify its position as one of the few enterprise service management suppliers to provide end-to-end service and asset management from IT to lines of business and from every endpoint to the Internet of Things edge.
• Also, Ivanti, a software company, provides ITSM solutions in the cloud to give the flexibility and freedom to access enterprise-grade IT service desk functionality that is easier to manage, maintain, and support future needs. The company offers a cloud-based ITSM solution that helps to get started faster and then takes it to the next level of ITSM operational maturity.

Asia-Pacific to Witness the Highest Growth

• Countries in the Asia-Pacific region are thriving when it comes to IT asset management. For instance, the Australian government’s National Innovation & Science Agenda promotes the uptake of new ideas in innovation and science.
• The demand for systems integration services is soaring in New Zealand. New Zealand Enterprises rely more on systems integrators as they ramp up efforts to modernize existing applications and move to the cloud.
• Various ITAM solution providers are expanding their regional footprint to enhance their market share and strengthen their market presence. For instance, in August 2021, SunView Software GmbH in Frankfurt, Germany, was acquired by California-based Serviceaide, a global provider of intelligent IT and corporate service management solutions.
• The various end-user industries in the region are adopting ITAM solutions as part of the ITSM platforms. For instance, Helsana is one of Switzerland’s most significant health and accident insurers. Working with BMC’s partner, the insurer deployed BMC Helix Digital Workplace, a consumer-style application that automates the submission of service requests. Requests and approvals are also tracked and managed within the remedy service management of BMC. Within six months of the implementation, 60% of all the recommendations were submitted through the app, reducing service desk calls by 20% and allowing the staff to accommodate an expanding workload.
• The growth in deployment of ITSM solutions across businesses in the region is expected to further increase the development of ITAM solutions, as companies are rapidly integrating ITAM as a part of the ITSM platforms.

Competitive Landscape

The market for IT asset management is fragmented, with many new players entering the market. This is because every industry is embracing its control and administration of IT assets to another vendor due to a lack of time and resources in one's own company.

• April 2021 - Adidas, a European sportswear manufacturer, uses the ServiceNow ITSM solution. With the use of ITSM, the IT staff can now resolve 40% of the tickets in less than a day. The IT staff have dedicated 30% of their time to non-support-related work, as the time for resolution has reduced from 36 to six hours. Hence, the growing adoption of ITSM across different end-user industries in the region is boosting the market's growth.
• April 2021 - BMC Helix solution was used by the Spanish healthcare service provider, Quironsalud. It increased the first call resolution by around 15%-20% through self-service and knowledge management, reduced the number of calls by 50%, and reduced the case resolution time by 30% through automated prioritization and self-routing tickets. - Ivanti integrated Ivanti Service Manager and Ivanti Asset Manager into a single cloud-optimized management platform. Together, these solutions deliver complete asset lifecycle optimization, with workflow automation and advanced service management that empowers IT teams to bring efficient, compliant, and secure service delivery to users from anywhere.
• March 2021 - Ivanti, a software firm that specializes in endpoint computing and IT management solutions and services, bought Cherwell, a privately held American technology company specializing in IT service management software, to broaden the scope of its Ivanti Neurons platform and solidify its position as one of the few enterprise service management suppliers to provide end-to-end service and asset management from IT to lines of business and from every endpoint to the Internet of Things edge.

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