Global IT Asset Management Market 2016-2020
About IT Asset Management
ITAM software allows organizations to efficiently manage their computer hardware and software inventories, correlate assets to contracts and financial records such as software licenses and equipment leases, and detect and prevent IT and regulatory risks to their various technology components. The software ensures that all of the IT systems in the organization are operating efficiently. The software includes tools to detect any failure in IT systems, including servers, storage and networking devices, software suites, and PCs.
Technavio’s analysts forecast the global IT asset management (ITAM) market to grow at a CAGR of 7.52% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global IT asset management (ITAM) market for 2016-2020. To calculate the market size, the report covers the present scenario and prospects of the global ITAM market for the period 2016-2020. Also, it focuses on the major drivers of the market. In addition, it outlines the challenges faced by vendors and the market at large, as well as the key emerging trends.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global IT Asset Management (ITAM) Market 2016-2020
Technavio recognizes the following companies as the key players in the global IT asset management (ITAM) market: CA Technologies, IBM, Oracle, SolarWinds, BMC, Snow Software, and Livingstone.
Other Prominent Vendors in the market are: Agiloft, Axios, Cherwell, Eracent, Express Metrix, Freshservice, HP, Innotas, InvGate, iQuate, Kaseya, LabTech, Landesk, Provance, Samanage, ServiceNow, Symantec, SysAid, and Vector Networks.
Commenting on the report, an analyst from Technavio’s team said: “Increased adoption of hybrid deployment model will be a key trend for market growth. The hybrid deployment model for ITAM software is gaining pace over the cloud-based model. In order to overcome the shortcomings of both on-premises and SaaS models, some customers prefer a hybrid model. Hybrid models are flexible and offer customization to suit the needs of customers. As this model provides automatic upgrades and the ability to handle complex IT transactions, it is also one of the most advanced models of deployment. Firms that want to increase their ITAM capabilities without adding servers or related infrastructure are interested in hybrid models. However, there are also some concerns regarding this model. Instead of giving the best of both on-premises and SaaS models, it can result in creating unnecessary complications for the firm's IT operations.”
According to the report, one of the key drivers for market growth will be the growing demand for cloud-based IT Asset Management software. For most organizations, the key benefit of cloud-based ITAM software is the associated cost benefit, especially because of its subscription-based pricing model. This means firms pay a subscription fee on a monthly or yearly basis, which covers everything from operations to maintenance. This model is affordable for most companies. As all hardware and software components are integrated into the cloud, there is no need for any IT infrastructure to be built at the firm's end. Also, there is no need for storage and network equipment, which reduces the need for staff required to maintain it. Thus, a firm can achieve considerable cost savings. However, it is limited to the short-term only. As firms grow and expand, the demand for improved IT services and IT infrastructure also increases.
Further, the report states that high installation costs will be a challenge for the market. The high cost of installing ITAM software is one of the major challenges of the market. The cost of ITAM applications includes the price of licensing, system design and customization, implementation, training, and maintenance. After purchasing a license, organizations also want to hire an expert for proper implementation of the software. They might also need to employ an in-house team of IT experts for the proper upkeep of the application. In addition, after implementation, ITAM software needs to be upgraded according to current market trends, which is one of the major challenges in terms of cost for SMEs.
CA Technologies, IBM, Oracle, SolarWinds, BMC, Snow Software, Livingstone, Agiloft, Axios, Cherwell, Eracent, Express Metrix, Freshservice, HP, Innotas, InvGate, iQuate, Kaseya, LabTech, Landesk, Provance, Samanage, ServiceNow, Symantec, SysAid, Vector Networks.
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