IT Asset Tracking Software Market helps the authorities to keep a record of their assets. This information is used for a purpose of inventory, and it is also used as a tool against any kind of theft. The authorities can update this software according to their needs as they are customizable.
Covid-19 Impact & Market Status
It has been noted that COVID-19 had a significant impact on all industries, and it even had an international impact on consumer behavior. Likewise, COVID-19 had a positive influence on IT Asset Tracking Software. Due to the pandemic, there was an increase in the need for digital technology which led to a rise in demand for asset management software.
IT Asset Tracking Software Market by Deployment Type (Cloud Segment)
During the forecast period, the cloud segment will represent a sizeable portion of the market, according to analysis of deployment types. The budget of the On-Premise segment is high in comparison to the Cloud segment and it has mostly been adopted by large enterprises due to the involvement of high cost in the installation of the software. Due to low cost, the Cloud segment is expected to rise.
IT Asset Tracking Software Market by End- User Industry (Healthcare Segment)
Based on end-user analysis, it has been determined that the healthcare sector will account for a sizable portion of the market in the years following the forecast period. This segment makes use of updated and advanced technology which is rising at a fast rate in the market. This segment needs to make use of software that does not involve high risks.
IT Asset Tracking Software Market based on region
Estimates predict that North America will continue to control the market in the upcoming years. After North America, Europe is predicted to hold the largest market share. These markets are rising on a high scale due to their optimization of software licensing cost and management of audits to meet the set compliance standards.
There is a need to enlarge the market as it aids the users in managing the location of every piece of equipment or machinery along with the amount of work performed by each piece of equipment or machinery throughout the business firm. Many capabilities are shared by this system along with software for maintenance and facilities management systems.
IT Asset Tracking Software Market has a few amazing benefits as it enhances the longevity of the equipment along with the security. It helps to save both time and cost by transforming the process which is outdated into a process that is its simplified version. It helps to improve the level of productivity with the use of better technology.
An asset's life cycle, from the point of acquisition to the point of disposal, can be tracked and recorded using an application called IT Asset Tracking Software Market. It provides the business firms with various information like the location of certain assets, along with the people who are using those assets, how are those assets being utilized, and certain details about the assets.
The market for IT asset tracking software is expected to reach USD 4.92 billion in 2029 from its current size of USD 2.14 billion in 2019, with a compound annual growth rate (CAGR) of 18.32% expected over the next few years of the forecast period.
The main aim of IT Asset Tracking Software is to end-to-end track and manage the IT assets in order to ensure that each and every asset has been used properly. Additionally, it makes certain that assets are appropriately improved, maintained, and decommissioned at the conclusion of their useful lives. In order to make strategic decisions and subsequently track them, financial, contractual, and inventory data are all involved.
The market for IT asset tracking software has several restrictions. The costs associated with managing this software are substantial. Currently, there is insufficient utilization of this technology by small and medium-sized organizations. They are not making use of this technology which has increased the time and cost of production and management of assets in small and medium-sized enterprises.
In context with this, this report gives a detailed analysis of various leading IT Asset Tracking Software Market vendors, which involve Snow Software, Ivanti, USU Software AG, Flexera, BMC Software, ServiceNow, Broadcom, Scalable Software, Open iT, Symphony, License Dashboard, IBM, Belarc, and more. Similar to this, the research study of the industrial IT Asset Tracking Software Market provides information on forthcoming trends, opportunities, scope, and market extortion that will have an impact. This study is full of details in order to provide aid to business firms to damage and strategize on any opportunities related to growth that are upcoming.
Latest Innovations in the IT Asset Tracking Software Market: A Snapshot
• In May 2022, it was announced by Semtech Corporation that a chief international provider of maritime services, Blouda Corporacion Maritima, will make use of an asset tracking solution from WITRAC which is a Valencia-based company and offers technological solutions which are advanced which connect and provide visibility to value chain.
• In April 2022, there was a partnership announced between Accruent and Advanced Idea Automation Services and Technologies. Accruent is a known provider of built environment management solutions and Advanced Idea Automation Services and Technologies is a provider of services and solutions for control and automation for water, district cooling, and more.
The aim of the evaluation of trade research is to give lessons that are reliable on the universal IT Asset Tracking Software Market. The study has uncovered complex data and also shows the current and historical state of the industry, as well as anticipated market drifts and the anticipated size of the market. All the descriptions of the sector have been recognized by the reported study which also includes market leaders, investors, customers, and new entrants.
IT Asset Tracking Software Market Scope
|Revenue forecast in 2029
|USD 4.92 billion.
|CAGR of 18.32% during 2019-2029
|End- User, Component, Deployment Type, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Snow Software, Ivanti, USU Software AG, Flexera, BMC Software, ServiceNow, Broadcom, Scalable Software, Open iT, Symphony, License Dashboard, IBM, Belarc
Key Segments of the IT Asset Tracking Software Market
End- User Industry Overview (USD Billion)
- Transportation and Logistics
- Food and Beverages
Component Overview (USD Billion)
Deployment Type Overview (USD Billion)
- On- Premise
Regional Overview (USD Billion)
- Rest of South America
The Middle East and South Africa
- Rest of Europe
- Rest of Asia Pacific