Increasing Significance of Security and Compliance Policies in Corporate Sector to Create Potential Opportunities for IT Asset Management Developers

Thanks to the increasing significance of security and compliance policies in the corporate sector, the demand for IT asset management (ITAM) software has increased enormously in the recent times. In addition, the growing usage of smart device and the rising trend of bring-your-own-device (BYOD) in IT and telecom firms are likely to fuel this demand substantially in the coming years. According to a report by Transparency Market Research (TMR), the global ITAM software market, which stood at US$0.7 bn in 2015, is expected to increase at a CAGR of 6.90% between 2016 and 2024 and reach an opportunity worth US$1.3 bn by the end of the forecast period.

In this blog post, TMR analysts answer important questions about the global market for ITAM software:

What are the key driving forces behind the increased adoption of ITAM software among various end users?

ITAM software has reported a drastic increase in adoption in the government, energy and utilities, telecom and IT, BFSI, healthcare, manufacturing, and transportation sectors. The IT and telecom industry, specifically, has been registering a strong demand for ITAM software across the world.

The extensive utilization of enterprise communication services across a number of industry verticals has greatly influenced the adoption of ITAM software in the IT and telecom sector. The rising need to automate and centralize IT infrastructure in an organization is also fueling the demand for such software in this industry. On the other hand, the cost and operational efficiency offered by ITAM software is likely to increase its demand considerably in the energy and utilities industry over the next few years.

Which of the regional markets is leading the demand for ITAM software across the world? 

Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa are the prime regional markets for ITAM software. North America has been registering a higher demand for such software compared to other regions and is expected to maintain a consistent demand in the forthcoming years.

The tremendous rise of the IT industry and the increasing implementation of strict software audit policies are likely to boost the adoption of ITAM software in this region over the next few years. Apart from this, Asia Pacific, on account of the increasing number of SMEs, is also expected to witness a substantial rise in the application of ITAM software in the near future.

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What are the factors that define the competitive landscape of the global ITAM software market?

Market consolidation and the subsequent rivalry among key players define the competitive landscape of the global ITAM software market. Participants are aggressively focusing on strategic partnerships with new entrants as well as companies operating in related industries in order to gain prominence in this market. For instance, Deloitte recently announced a collaboration with Snow Software to provide efficient services to its clients in managing their software licenses and assets. With this alliance, Deloitte hopes to offer end-to-end services, helping customers in optimizing their software usage.

Cherwell Software, Hewlett Packard, ServiceNow, and Aspera Technologies are the leading ITAM software developers across the world.

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