The global IT asset management market revenue was around US$ 1.6 billion in 2023 and is estimated to reach US$ 4.1 billion by 2032, growing at a compound annual growth rate (CAGR) of 11.1% during the forecast period from 2024 to 2032.

IT asset management solution allows one to handle work contracts, orders, asset life cycles, supply chains, and many other abilities to remain at the top of business. Also, businesses have moved toward digitalization and augmented implementation of Industry 4.0 to manage continued hard business competition, which creates the requirement for seamless solutions and platforms to fulfill the business's needs, which eventually facilitates the adoption of IT asset management in different sectors rapidly.

Factors Influencing Market Growth

- The rise in investments in the industry like healthcare, BFSI, and IT and telecom sector and the growth in deployment of cloud-based IT asset management solution market further drive the growth of the market during the forecast period.

- The pandemic has accelerated and emphasized the potential for technology to redefine the IT asset management industry.

- IT asset management saves money and time and reduces the paperwork, which provides lucrative growth opportunities for the IT management market.

Impact of COVID-19

The impact of the COVID-19 pandemic had a positive influence on the adoption of IT asset management solutions due to lockdowns charged by governments of different countries. Post-COVID-19 situation, companies are concentrating on appearing technology like automation, AI-powered solutions, and cloud-based technologies across industries like healthcare, BFSI, IT and telecom, and others to achieve contactless function. Also, as industries move toward digitalization, IT asset management is a great alternative, as it offers agile efficiency as well as delivers real-time reporting features, which propel the growth of the market.

Regional Analysis

In 2023, North America dominated the global IT asset management market in terms of revenue. The growth in the usage of IT asset management solutions in manufacturing, finance and banking, healthcare, and other sectors to enhance businesses and the customer experience is expected to provide lucrative growth opportunities for the market in this region.

Also, Asia-Pacific is anticipated to show highest growth during the forecast period. This is attributed to the rise in the penetration of cutting-edge technology and the higher adoption of cloud-based services and solutions, driving the growth of the IT asset management solutions market in this region.

Leading Companies

The leading prominent companies profiled in the global IT asset management market are: -

- BMC Software Inc.
- Dell Inc.
- Flexera Software LLC
- Freshworks Inc.
- HP Inc.
- IBM Corporation
- IFS AB
- Infor
- Microsoft Corporation
- Oracle Corporation
- Other prominent key players

Segmentation Outline

The global IT asset management market segmentation focuses on Component, Deployment Model, Enterprise Size, Industry Vertical, and Region.

Segmentation based on Component

- Solution
- Service

Segmentation based on Deployment Model

- On-Premise
- Cloud

Segmentation based on Enterprise Size

- Large Enterprises
- SMEs

Segmentation based on Industry Vertical

- IT and Telecom
- Manufacturing
- BFSI
- Healthcare and Life Science
- Government and Public Sector
- Education
- Energy and Utility
- Others

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa