IT Asset Management Market to Garner $3.5 Bn, Globally, by 2031 at 11.1% CAGR: Allied Market Research

News provided by

Nov 08, 2022, 07:35 ET

Increase in use of technology to cut costs and add capabilities and acceleration of digital transformation in enterprises have boosted the growth of the global IT asset management market.

PORTLAND, Ore., Nov. 8, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "IT Asset Management Market by Component (Solution, Service), by Deployment Model (On Premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by Industry Vertical (IT and Telecom, Manufacturing, BFSI, Healthcare and Life Science, Government and Public Sector, Education, Energy and Utility, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" As per the report, the global IT asset management industry generated $1.3 billion in 2021, and is projected to reach $3.5 billion by 2031, growing at a CAGR of 11.1% from 2022 to 2031.

Download Sample Report at: https://www.alliedmarketresearch.com/request-sample/32017

Drivers, restraints, and opportunities

Increase in use of technology to cut costs and add capabilities and acceleration of digital transformation in enterprises have boosted the growth of the global IT asset management market. On the other hand, business have shifted toward digitalization and surge in implementation of Industry 4.0 to cope with ongoing tough business competition, which creates new opportunities in the future.

Covid-19 scenario:

The Covid-19 pandemic drastically impacted businesses across the globe. The adoption of IT asset management solution witnessed an incline, due to several lockdown measures imposed by government of different countries.
On the other hand, companies started focusing on emerging technologies such as AI-powered solution, cloud-based technologies, and automation across industries such as healthcare, IT and telecom, and BFSI.

The solution segment dominated the market

By component, the solution segment held the lion's share in 2021, accounting for more than two-thirds of the global IT asset management market. The adoption of IT asset management provides numerous benefits to the industry such as, streamline the business process, eliminate the manual process and reduces the time and costs, which fuels the market growth. However, the service segment is projected to portray the highest CAGR of 13.4% during the forecast period. The adoption of IT asset management services enhances software implementation, maximize the value of existing installation by optimizing it, and minimize the deployment cost & risks, and others, which drives the segment growth.

The cloud segment to register the highest CAGR through 2031

By deployment model, the cloud segment is anticipated is estimated to register the highest CAGR of 13.8% from 2022 to 2031, due to increase in adoption of cloud-based IT asset management because of low cost and easier maintenance. However, the on premise segment held the lion's share in 2021, contributing to nearly three-fifths of the global IT asset management market. This is attributed due to the numerous advantages offered by the on-premise deployment such as a high level of data security and safety.

The large enterprises segment held the largest share

By enterprise size, the large enterprises segment dominated the market in terms of revenue in 2021, accounting for nearly two-thirds of the global IT asset management market. Colossal amount of data and increase in complexities in large enterprises open numerous opportunities for the IT asset management market. However, the SMEs segment is expected to register the highest CAGR of 12.7% during the forecast period, owing to continuous rise in number of government initiatives through various digital SME campaigns throughout the world.

The manufacturing segment to manifest the highest CAGR by 2031

By industry vertical, the manufacturing is projected to register the highest CAGR of 15.9% from 2022 to 2031, as it helps to predict IT infrastructure costs and cut maintenance overheads. However, the IT and telecom segment held the largest share in 2021, contributing to around one-fourth of the global IT asset management market. IT asset management enables teams to use the same technology across compatible devices, which can increase their productivity and efficiency. Departments can then focus on performing more important responsibilities such as security, support, and repair & device maintenance. All these benefits of IT asset management is driving the adoption of IT asset management solution in IT & telecom sector.

Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/32017

North America held the lion's share

By region, the market across North America held the largest share in 2021, accounting for nearly two-fifths of the market, due to rise in use of IT asset management solution in banking & finance, healthcare, manufacturing, and other sectors to improve business and customer experience. However, the global IT asset management market across Asia-Pacific is anticipated to register the highest CAGR of 14.3% during the forecast period, due to rise in penetration of advanced technology and higher adoption of cloud-based solution and services.

Key market players

IBM Corporation
Microsoft Corporation
Dell Inc.
HP Inc.
Oracle Corp
BMC Software Inc.
ServiceNow Inc.
Flexera Software LLC
Snow Software AB
Aspera Technologies Inc.

Buy this Report at:

https://www.alliedmarketresearch.com/checkout-final/4aa0b4508291922bed668819d824d87f

Trending Reports in ICT & Media Industry (Book Now with 10% Discount):

Crypto Asset Management Market Expected to Reach $9.36 Billion by 2030

Utilities Asset Management Market Expected to Reach $12.4 Billion by 2031

Rail Asset Management Market Expected to Reach $17.5 Billion by 2031

Enterprise Asset Management Market Expected to Reach $9.9 Billion by 2031

Digital Asset Management Market Expected to Reach $5,287 Million by 2023

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com/reports-store/information-and-communication-technology-and-media
Follow Us on Blog: https://www.technologyplz.com/