IT Asset Management (ITAM) is an industry that has exponentially grown in a period of 30 years, and it is estimated to continually grow into the oncoming years. In 2017, the ITAM Software Market was labeled at over $750 million. By 2026, it is estimated to climb up to $2.19 billion. This is great news to the ITAM profession, and it also begs the questions: why will ITAM continue growing? How can we be sure that it will continue to rapidly increase? What is causing the increase?
One of the reasons that ITAM is growing and will continue to grow is because organizations are realizing that ITAM is valuable. Before, IT Asset Managers were not considered to be important. They would start at a new organization and be questioned about why they were working there, what worth do they bring, etc. because other departments would not understand why they were needed. Practitioners were frequently left out of important IT asset negotiations, which would end up costing the organization millions simply because they did not have the practitioner present. Times have changed where IT Asset Managers are now sitting at the executive table more and more often. They are now active in major decision-making processes, and organizations greatly benefit from letting them have an executive chair. Since IT Asset Managers are now being viewed as vital instruments, they are coming to be highly sought after. This newfound respect and recognition for IT Asset Managers is why the industry is booming.
Another reason that the ITAM industry is flourishing is because IT Asset Managers are producing on the value that they promise. They promise to find savings and they make it happen. IT Asset Managers find savings through their effective ITAM programs, which quickly catches executive attention. Executives and other c-level employees are getting more and more invested in ITAM because they are seeing the direct correlation of having an ITAM program and having more savings. The industry continues to grow because IT Asset Managers are following through with their promises.
A final reason that ITAM will continue increasing is because IT Asset Managers ensure compliance. Not only are they finding hard dollar savings in their ITAM programs, they are also making soft dollar savings through maintaining compliance. The cost of breaking compliance can be devastating; from bankrupting fines to a horribly tarnished public image, compliance is crucial to maintain. Organizations are doing all they can to maintain compliance and ITAM programs are a happy solution to protecting the organization. The ever-constant need to maintain compliance continues to allow the industry to thrive.
The ITAM industry will continue to grow and become more and more valuable. Organizations are realizing the benefits of having an ITAM program, and it is all because IT Asset Managers deliver. They find savings and ensure compliance, both of which are unbelievably valuable to an organization. The future of ITAM is bright, and it is well deserved.
Maximizemarketresearch. (2019, November 25). Global IT Asset Management Software Market : Industry Analysis and Forecast (2018-2026). Retrieved November 25, 2019, from https://montana-ledger.com/global-it-asset-management-software-market-industry-analysis-and-forecast-2018-2026/330943/.