Growth of IT Industry to Drive Adoption of IT Asset Management (ITAM) Software Globally

According to the report, the global IT asset management software market is likely to expand at a 6.9% CAGR between 2016 and 2024. In 2015, the market was worth US$708.9 mn and is expected to rise to a valuation of US$1.3 bn by the end of 2024.

Concerns Regarding Security of Online Data to Drive Market Growth

The alarming rise in online data vandalism and threat to confidential files has impelled organizations and institutions to adopt IT asset inventory management. It not only protects the data stored online or in computer databases, but also helps in keeping a check on the installed software, its use, and tracks the upgradation requirements of the OS and software. The deployment of IT asset management software has enabled organizations to prevent the installation of illegal and harmful software. It further ensures compliance with the corporate security policies and prevents vulnerabilities.

The growth of the global IT asset management software market can be attributed to the rising emphasis on security and compliance policies. The growing need for the centralization and automation of the existing IT infrastructure are further expected to bolster the growth of the global IT asset management software market. The trend of companies inclining towards the establishment and consolidation of centralized and streamlined IT operations is likely to benefit vendors over the forthcoming years.

North America to Surge Ahead Owing to Mounting Demand for Automation and Centralization of IT Operations

The global IT asset management software market is segmented into Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa. At present, North America dominates the market and is expected to retain a lead until 2024. The growth of the IT asset management (ITAM) software market in North America can be attributed to the outstanding progress of the IT industry in the region and the rising awareness among consumers regarding the benefits of using IT asset management software. Asia Pacific is also projected to witness strong growth due to the implementation of ITAM in countries such as Japan, Singapore, South Korea, China, and India.

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