IT Asset Management (ITAM) is an essential part of managing an organization’s assets. The process of ITAM involves managing hardware, software, and infrastructure components.

In this article, we will explore IT Asset Management statistics that highlight the importance of ITAM in today’s business environment.

Key IT Asset Management Statistics 2023 – MY Choice

  • According to a study by Gartner, up to 30% of IT spending is on hardware, software, and associated maintenance and support costs.
  • A survey by Deloitte found that only 38% of organizations have a fully implemented IT asset management program, while 24% have no program at all.
  • The same Deloitte survey found that 69% of organizations have experienced at least one software license compliance issue in the past year.
  • A report by IDC predicts that the worldwide IT asset management software market will grow to $2.32 billion by 2024, at a CAGR of 8.6%.
  • The average cost of a data breach in the United States is $8.64 million, according to a study by IBM. Effective IT asset management can help prevent data breaches and reduce their impact.
  • A survey by Flexera found that 93% of organizations have at least some software deployed in the cloud, but only 32% have a complete understanding of their cloud usage and costs.
  • A report by Forrester Research estimates that companies can save up to 30% on their software licensing costs by implementing an effective IT asset management program.
  • The same Forrester Research report found that companies can reduce their hardware and software support costs by up to 25% by implementing IT asset management best practices.
  • A survey by BDNA found that 62% of organizations use spreadsheets to track IT assets, but this method is prone to errors and can lead to compliance issues.
  • Effective IT asset management can help organizations optimize their IT spending, reduce waste, and improve their overall IT operations.

IT Asset Management Statistics:

  1. According to a survey conducted by Gartner, the global ITAM market is expected to reach $2.32 billion by 2025.
  2. A report by MarketsandMarkets projects that the ITAM market will grow at a CAGR of 8.8% from 2020 to 2025.
  3. The same report states that the cloud-based deployment of ITAM software is expected to grow at a faster rate compared to on-premises deployment.
  4. As per a report by Technavio, the healthcare sector is expected to witness the highest growth in the ITAM market.
  5. The global ITAM software market is dominated by players such as IBM, BMC Software, and ServiceNow.
  6. A report by Spiceworks indicates that 56% of IT professionals plan to increase their ITAM spending in the next 12 months.
  7. The same report states that 50% of IT professionals currently use ITAM software.
  8. According to a survey by Flexera, 93% of organizations have experienced a software audit in the past year.
  9. The same survey states that the average cost of non-compliance for an organization is $2.7 million.
  10. A study by Gartner indicates that organizations can save up to 30% on their IT costs by implementing an effective ITAM program.

IT Asset Management Facts:

  1. ITAM helps organizations track their IT assets, manage software licenses, and maintain compliance.
  2. ITAM can help organizations reduce the risk of security breaches and data loss by keeping track of software patches and updates.
  3. ITAM can improve an organization’s decision-making capabilities by providing insights into asset utilization and performance.
  4. ITAM can help organizations reduce their carbon footprint by optimizing asset utilization and reducing energy consumption.
  5. ITAM can help organizations reduce the risk of unplanned downtime by proactively identifying potential issues.

IT Asset Management Benefits:

  1. Improved asset utilization and productivity
  2. Cost savings through effective software license management
  3. Improved compliance and reduced risk of non-compliance
  4. Enhanced security and reduced risk of data breaches
  5. Improved decision-making capabilities

IT Asset Management Trends:

  1. Cloud-based deployment of ITAM software is expected to grow at a faster rate compared to on-premises deployment.
  2. The use of artificial intelligence (AI) and machine learning (ML) in ITAM software is expected to increase.
  3. The ITAM market is expected to witness a shift towards subscription-based pricing models.
  4. The use of mobile devices in ITAM is expected to increase, with more organizations adopting a mobile-first approach.

IT Asset Management Adoption:

  1. Small and medium-sized enterprises (SMEs) are increasingly adopting ITAM software to improve their IT asset management capabilities.
  2. Large enterprises are investing in ITAM software to manage their complex IT infrastructure.
  3. Government agencies and non-profit organizations are also adopting ITAM software to manage their IT assets.

IT Asset Management Market Analysis:

  1. The ITAM market is expected to grow at a CAGR of 8.8% from 2020 to 2025.
  2. The healthcare sector is expected to witness the highest growth in the ITAM market.
  3. The global ITAM software market is dominated by players such as IBM, BMC Software, and ServiceNow.
  4. North America is the largest market for ITAM software, followed by Europe and Asia-Pacific.

Trends in IT Asset Management

IT asset management is an ever-evolving field, shaped by the latest technology advancements, changing business needs, and emerging trends. Here are some key trends to watch in IT asset management:

Cloud-based IT Asset Management

  1. The global cloud-based IT asset management market is expected to reach $2.32 billion by 2025. (Source: MarketsandMarkets)
  2. 79% of organizations have at least one application or a portion of their computing infrastructure in the cloud. (Source: Flexera)

Internet of Things (IoT) and IT Asset Management

  1. The global IoT asset management market is expected to reach $4.89 billion by 2023. (Source: MarketsandMarkets)
  2. By 2025, there will be an estimated 75 billion connected devices worldwide, up from 27 billion in 2017. (Source: Statista)

Asset Lifecycle Management

  1. 48% of organizations use a formal IT asset lifecycle management process. (Source: Spiceworks)
  2. Asset lifecycle management can reduce the total cost of ownership of IT assets by up to 30%. (Source: Gartner)

IT Asset Discovery

  1. 66% of organizations don’t have an accurate inventory of their IT assets. (Source: 1E)
  2. 39% of organizations use manual processes to track their IT assets. (Source: Spiceworks)

Challenges in IT Asset Management

While IT asset management offers many benefits, it also comes with its fair share of challenges. Here are some common challenges faced by IT asset managers:

Lack of Visibility

  1. 30% of organizations struggle with the lack of visibility into their IT assets. (Source: Flexera)
  2. The average enterprise has 8% to 10% of its IT assets unaccounted for. (Source: Gartner)

Shadow IT

  1. 80% of employees use non-approved SaaS apps for work. (Source: Symantec)
  2. Shadow IT can account for up to 40% of a company’s overall IT spending. (Source: Gartner)

Security and Compliance

  1. 63% of data breaches are caused by a compromised asset. (Source: Verizon)
  2. Only 37% of organizations have a formal process in place for IT asset disposal. (Source: Spiceworks)

Best Practices in IT Asset Management

To address the challenges in IT asset management, organizations can implement best practices to improve their processes and outcomes. Here are some best practices to consider:

Implement an IT Asset Management Solution

  1. Organizations that use an IT asset management solution have 45% fewer IT asset-related incidents than those without one. (Source: Ivanti)
  2. 90% of organizations report improved asset management after implementing an IT asset management solution. (Source: Gartner)

Conduct Regular IT Asset Audits

  1. 53% of organizations conduct IT asset audits annually. (Source: Spiceworks)
  2. Regular IT asset audits can reduce the number of lost or unaccounted for assets by up to 50%. (Source: Gartner)

IT Asset Management Benefits Statistics

BenefitPercentage
Improving systems security, data integrity, and data security36%

IT Asset Management Usage Statistics

PurposePercentage
Avoiding compliance irregularities33%
Optimizing software deployment and usage29%

IT Asset Management Software Statistics

PurposePercentage
Avoiding compliance irregularities33%
Optimizing software deployment and usage29%
Improving position to negotiate software licensing27%
StatisticPercentage
72% of organizations lack a solid SAM strategy.83% do not view SAM as a strategic initiative
Companies can expect to achieve up to 25% annual savings on software management costs by implementing a modern SAM program.

IT Asset Management Latest Statistics

Statistic
43% still track IT assets in spreadsheets.
56% don’t manage the entire lifecycle of their assets More than 60% of IT professionals are missing key information in their ITAM program to effectively manage their assets from procurement to disposal, according to Ivanti.
29% of IT organizations spend excess staff hours trying to reconcile inventory and assets 28% spend excess hours dealing with outofwarranty and outof support policy assets, according to Ivanti.
Businesses that successfully implement ITAM can achieve up to a 30% cost savings in the first year, and at least 5% savings in each of the subsequent five years.
74% have not created a formal SAM function.
Can you believe that the amount of working capital tied up in inventory equals 7% of the gross domestic product of the United States?.
As many as 43% of them use manual methods of tracking or do not track inventory at all.
A staggering 80% of employees waste their time because they don’t have the right asset support behind them.
A 54% Increase in Theft over 2 years!.
In the past 2 years, 33% of salespeople have experienced asset theft.
While it differs from industry to industry, 75% of maintenance work should be preventive and 25% reserved for situations that can’t be avoided.
Research has shown that 35% of company data is not protected at all, despite requiring strong security.
This was the case with a medical facility in New England, where harmful administration errors dropped by a whopping 41% after a tagging system was put in place.
According to a blog, “Over the 2004 to 2014 period an estimated $51.2 million of heavy plant, equipment and vehicles were stolen from businesses.
According to the data, “80% of employees waste an average of 30 minutes per day retrieving information.”.
According to Retail Wire, “Overstocks and outof stocks cost retailers $1.1 trillion globally in lost revenue.
Overstocks are responsible for 3.2 percent in lost revenue for the average retailer, and outof.

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