Dallas, TX -- (SBWIRE) -- 09/26/2018 -- The IT Asset Management Market is expected to register a CAGR of over 11.25% during the forecast period 2018 - 2023. The report profiles the cloud and on-premise providers of IT asset management software for various industries.

In order to manage and optimize their IT assets and attain greater business efficiencies while saving costs significantly, organizations across industries are embracing and implement the IT Asset Management (ITAM) Software. Increasing implementation of technologically advanced and interconnected infrastructure has persuaded organizations across industries to adopt asset management systems that can help in managing operation technologies, to gather more important data and information. Therefore, increasing IoT adoption is expected to aid the growth of the IT Asset Management market, at a significant rate, during the forecast period. Increasing investments from regions to digitalize industries for economic development may increase the need for asset management and therefore support the growth of IT asset management (ITAM) market.

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ITAM is one of the top five IT service management processes that companies have adopted in 2017, according to the HDI survey. Respondents of the survey were technical support professionals, in different vertical industries, across a variety of IT support topics. This result indicates the awareness levels on the importance of ITAM software.

The market comprises of tech giants, like IBM, CA technologies, who occupy the majority of the IT asset management software users, deploying their software over cloud and on-premise. In addition, there are also cloud-exclusive companies, like Freshworks Inc., SysAid Technology Ltd, Cherwell Software, etc.

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Cloud Deployment is expected to Register a Significant Rate

According to a Zendesk study, delivering cloud-based solutions boosts customer satisfaction, as almost 28% in 2017 and 62% of B2B buyers expressed their interest in purchasing SaaS technology. Such statistics validate the potential of cloud-based solutions. With the majority of tech giants, like Microsoft, IBM, and CA Technologies, considering SaaS product development starting in 2017. Other tech firms are expected to follow the lead considering the operational benefits offered by the SaaS type business model. This push from the vendors in the IT Asset Management market, therefore, substantiates the huge market share the cloud type deployment of IT Asset management software experienced during 2017.

Moreover, global cloud-based IT infrastructure investments forecast also supports the growth of the IT asset management software. Considering the flexibility cloud-based infrastructural solutions provide, the firm's asset tracking need is expected to rise, therefore, providing scope for the growth of the ITAM software market.

North America is Expected to Have Highest Share in IT Asset Management Market

North America's technologically developed IT infrastructure across industries makes it a major contributor to the growth of the IT asset management market, in 2017. With respect to connected IoT, the adoption rate across North America is 27%, according to Forbes. This signifies the market potential for effective IT asset management in that region. Spending on IT in the region is high compared to the other regions and is in line with expected economic growth in that region. Infrastructure software, therefore, is expected to grow, during the forecast period. Considering the favorable IoT investments in the region, this percentage is expected to increase by the end of the forecast period.

The region houses technology giants, like IBM, Dell, Microsoft, BMC Software, HP, Samanage, etc. Key players of the IT asset management market under study are headquartered in the United States, along with cloud-exclusive market players, like Freshworks, Cherwell Software, etc. Therefore, the region in addition to high IT and IoT related investments is also estimated to have a major market share.

Key Developments in the IT Asset Management Market

Jul 2018: Broadcom Inc., a leading semiconductor device supplier, announced its plan of acquiring CA Technologies. Through this acquisition, Broadcom plans to align CA's expertise in software with its leadership in the semiconductor industry to build one of the world's leading infrastructure technology companies.

IT Asset Management Market Major Players: DELL INC., MICROSOFT CORPORATION, IBM CORPORATION, BMC SOFTWARE INC., HP INC., SERVICENOW INC., ORACLE CORP, BDNA CORPORATION, LANDESK SOFTWARE, ASPERA TECHNOLOGIES INC., CHERWELL SOFTWARE, FLEXERA SOFTWARE LLC, SYSAID TECHNOLOGIES LTD., SAMANAGE LTD., FRESHWORKS INC and SYMANTEC CORPORATION, among others.

Reasons to Purchase IT Asset Management Market Report

Analysis of various perspectives of the market with the help of Porter's five forces analysis
The segments that are expected to dominate the market
Regional analysis of the market during the forecast period
Latest developments, market shares and strategies, employed by major market players and key innovators
3 months analyst support, along with the Market Estimate sheet (in Excel)
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Companies Mentioned:

Dell Inc, Microsoft Corporation, IBM Corporation, BMC Software Inc, HP Inc, ServiceNow Inc, Oracle Corp, BDNA Corporation, LANDESK Software, Aspera Technologies Inc, Cherwell Software, Flexera Software LLC, SysAid Technologies Ltd, Samanage Ltd., Freshworks Inc., Symantec Corporation.

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