IT Asset Management Software Market Is Driven By Rapidly Growing Information Technology Sector Across The Globe

Asset management is a systematic process that aids to governance and recognizes value from the objects or assets that an organization or group is liable for. Asset management includes both the tangible assets (which has a physical presence) such as buildings or equipment and intangible assets such as goodwill, financial assets, human capital, etc. Asset management  software is being adopted at a high rate due to systematic organization feature which includes methods of operating, developing, upgrading, maintaining, and disposing of assets in a cost-efficient way (including all costs, risks, and performance aspects.)

IT asset management is also known as IT inventory management is a set of business practices that incorporates contractual, financial, and inventory assets that support businesses to make strategic decisions with efficient life cycle management functionality. IT asset management software gathers detailed inventory information that is associated with hardware and software being used. This information collected helps organizations to make decisions about future purchases and how these assets can be used to improve the performance of various systems. Moreover, having accurate IT asset inventory information also helps enterprises to use their existing assets more efficiently and effectively to avoid unnecessary purchases of assets by making most of the existing resources reusable.

Business enterprises that adopt and implement IT asset management programs, can further reduce the incremental risks and costs associated with the advancements in IT portfolio infrastructure projects based on traditional, incomplete and less accuracy of the data.

IT asset management software is a web application which aids to record and track an asset during its life cycle, starting from procurement to disposal. It helps an enterprise to gather information which includes installations details, the owner of assets, assets purpose, and various such related information.

Growing demand for automating and centralizing the IT infrastructure is resulting in high demand for IT asset management software among various organizations across the globe. In addition, increasing proliferation of smart devices and on-going trend of BYOD (Bring-Your-Own-Device) among telecom and IT industries are factors to boost demand for this software in the near future.

Moreover, increasing adoption of IT asset management software among various industry verticals in order to improve productivity and efficiency of their assets will support the market growth in the coming years.

However, high deployment cost associated with IT asset management software may adversely impact the market to a certain extent.

By type, the IT asset management software market is categorized as hardware asset management and software asset management. Hardware asset management and software asset management are correlated as the efficiency of hardware will proportionally affect the productivity of the software. In addition, proper management of hardware assets during its lifecycle results in reduce infrastructure cost thus supporting the hardware asset management segment in the target market.

The application category is further classified as government, pharma & medical, and others. By region, growing demand for IT asset management software in North America due to early adoption of emerging technologies and software system.

Major players operating in the global market are HP, Oracle, IBM, BMC Software Inc., Dell KACE, Aspera Technologies, LANDESK Software, and Cherwell Software