Hardware Asset Management Industry Analysis in North America
Analyzing Hardware Asset Management Demand Outlook in North America by Software and Services, 2024 to 2034
From Increasing Efficiency to Reducing Overall Costs, Know Why Organizations across North America are Increasingly Opting for Hardware Asset Management Solutions
North America Hardware Asset Management Industry Outlook from 2024 to 2034
Recording a y-o-y growth of 9.9%, the North America hardware asset management industry size reached USD 9,356.03 million in 2023 and is expected to total USD 10,380.23 million by 2024. Demand for hardware asset management solutions in the region is expected to rise at 11.9% CAGR during the forecast period.
The latest report predicts North America will remain the most lucrative pocket for hardware asset management solutions providers globally. By 2034, North America industry revenue is projected to total USD 31,403.23 million.
North America Hardware Asset Management Industry Forecast
Attributes
Key Insights
Base Value (2023)
USD 9,356.03 million
Estimated North America Hardware Asset Management Industry Value (2024)
USD 10,380.23 million
Projected North America Hardware Asset Management Industry Revenue (2034)
USD 31,403.23 million
Value CAGR (2024 to 2034)
11.9%
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North America Hardware Asset Management Industry Overview
Hardware asset management solutions are witnessing high demand across North America. This is because these solutions help businesses efficiently and effectively manage their physical IT assets, including computers, servers, networking devices, storage devices, and other equipment throughout their lifecycle.
Hardware asset management helps to optimize the use of hardware assets, ensure compliance with licensing and regulatory requirements, enhance security, and maximize the overall value of the IT investment. As a result, demand for hardware asset management solutions in North America is set to grow rapidly.
Hardware asset management is a critical component in a mature CDM capability. It identifies devices that are present on the network and compares them with the desired state inventory to determine if they are authorized. Some devices are network-addressable, and others are removable and connected to one or more network-addressable devices, such as USB drives.
The ability of hardware asset management solutions to enhance cost control, minimize risks associated with unauthorized or obsolete hardware, and streamline operations to achieve a more agile and responsive IT infrastructure will fuel their adoption in the region.
Growing focus on data privacy is driving organizations to implement hardware asset management solutions to safeguard sensitive information and comply with privacy regulations.
Other Drivers Propelling Hardware Asset Management (HAM) Industry Growth in North America
Growing emphasis on regulatory compliance in North America
Increasing spending on hardware asset management solutions to enhance cybersecurity measures and protect sensitive data
Reduced overhead cost, leading companies to adopt HAM
The trend among companies to utilize BYOD approaches
Increasing adoption of remote work
The rapid growth of technology necessitates effective hardware asset management strategies to keep pace with advancements and ensure optimal utilization of emerging hardware solutions.
Increasing awareness of cost optimization
Growing shift towards cloud computing in North America
Increasing demand for hardware asset management in North America to ensure alignment with organizational objectives, risk management, and compliance
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Challenges for Companies in the North America Hardware Asset Management Industry
The fragmentation of solutions makes integration and standardization difficult.
Limited budgets hinder the adoption of comprehensive hardware asset management solutions.
Incorporating legacy systems into modern hardware asset management frameworks poses challenges.
A shortage of skilled professionals proficient in hardware asset management tools and practices creates a barrier for organizations aiming to optimize their asset utilization.
Dependency on specific hardware vendors can restrict flexibility and hinder organizations from adopting the most cost-effective and innovative solutions.
Lack of accurate information and frequent changes in IT Assets
Limited awareness and understanding of HAM solutions among small and medium-sized enterprises.
Opportunities in the North America Hardware Asset Management Industry
Rising demand for efficient IT infrastructure drives opportunities for hardware asset management solutions in North America.
Increased emphasis on cybersecurity prompts organizations to invest in robust hardware asset management systems.
High cloud adoption creates opportunities for hardware asset management services to optimize resource utilization.
The growth of IoT devices amplifies the need for effective hardware asset management in North America.
Integration of artificial intelligence and machine learning to enhance the capabilities of hardware asset management tools, creating growth opportunities.
The increasing complexity of IT environments creates opportunities for hardware asset management providers to offer streamlined and comprehensive solutions.
Transforming hardware management through real-time analytics in asset tracking
Revolutionizing asset maintenance with IoT-Powered predictive analytics in HAM solutions.
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Latest Trends in the Hardware Asset Management Industry
Shift towards subscription-based models for hardware asset management services, providing flexibility and cost-effectiveness for businesses.
The utilization of blockchain technology for transparent and secure tracking of hardware assets through their lifecycle
Adoption of artificial intelligence (AI) and machine learning (ML) technologies
Growing cybersecurity concerns and rising trend towards implementing robust security features within hardware asset management solutions to safeguard sensitive data and devices.
Integration of Internet of Things (IoT) technologies into hardware asset management systems to enable real-time tracking and monitoring of devices.
Growing trend towards cloud-based solutions for efficient and centralized management of hardware assets.
Historical Hardware Asset Management Demand Outlook in North America
The hardware asset management industry in North America experienced a CAGR of 8.5% from 2019 to 2023. It attained a total valuation of USD 9,356.03 million at the end of 2023.
Demand for hardware asset management solutions in North America grew steadily during the historical period due to increased awareness of the importance of efficient asset tracking and the need for cost optimization.
Factors such as the rise of remote work, cybersecurity threats, and technological advancements contributed to the adoption of hardware asset management solutions.
Future Forecast for North America Hardware Asset Management Industry
Over the forecast period, the North America hardware asset management industry is expected to thrive at a CAGR of 11.9%. It will likely reach a valuation of USD 10,380.23 million. Continued digitization of businesses, advancements in IoT and AI technologies, and an increasing focus on data security and compliance are key factors expected to boost the target industry.
Semi-annual Update
Particular
Value CAGR
H1
11.7% (2023 to 2033)
H2
12.0% (2023 to 2033)
H1
11.8% (2024 to 2034)
H2
12.2% (2024 to 2034)
Country-wise Insights
The table section highlights growth projections in leading North America’s countries. The United States is expected to retain its dominance during the assessment period, while Mexico will likely register faster growth.
Countries
Projected CAGR (2024 to 2034)
United States
11.1%
Mexico
14.8%
Canada
14.1%
United States to Retain its Dominance in North America through 2034
The United States hardware asset management industry is expected to rise at 11.1% CAGR during the forecast period, reaching a valuation of about USD 23,277.70 million by 2034. This can be attributed to factors like:
Expanding technological infrastructure in the nation
Integration of hardware asset management solutions with IT service management (ITSM) platforms
Increasing digital transformation initiatives
The United States’ robust industrial infrastructure provides fertile ground for the development and deployment of sophisticated hardware asset management tools. These solutions help industries such as finance, healthcare, manufacturing, and technology to manage hardware assets efficiently and effectively.
Rising need for complying with regulations like HIPAA and GDPR is prompting industries across the United States to employ hardware assessment management solutions. This will likely boost growth of the hardware assessment management industry in the United States through 2034.
High adoption of cloud computing in the United States is leading to a surge in the number of IT assets that businesses need to manage. This is expected to drive demand for efficient and scalable hardware management solutions during the forecast period.
Industries in the United States demand versatile and scalable hardware asset management solutions. As a result, top companies in the nation are constantly innovating to offer novel solutions. This will likely improve the United States hardware asset management industry share.
Rising Focus on Cost Optimization and Efficiency Driving Demand in Mexico
The hardware asset management industry size in Mexico is expected to reach USD 3,270.25 million in 2034. Overall demand for hardware asset management solutions in Mexico will likely rise at an impressive CAGR of 14.8% during the forecast period. This is due to factors like:
Growing awareness of the importance of efficient asset tracking
Increasing need for robust IT asset monitoring and management
Rising emphasis on cost optimization and efficiency
Increasing adoption of cloud computing and IoT devices
Surging popularity of cloud-based hardware asset management solutions
As businesses in Mexico recognize the need to track and manage hardware assets, the demand for advanced asset management solutions increases. This increase in demand can be attributed to the growing understanding that effective asset tracking not only increases operational efficiency but also contributes to cost efficiency and safety.
Hardware asset management solutions help businesses across Mexico optimize hardware utilization, extend the life of assets, and reduce downtime. This will continue to propel their demand amid rising emphasis on cost reduction and enhanced efficiency.
Category-wise Insights
The section below shows the software segment dominating the hardware asset management industry across North America. It is set to expand at 10.3% CAGR through 2034. Based on enterprise size, the medium-sized enterprise segment is estimated to progress at a CAGR of 14.7%. By industry, the finance segment will likely exhibit a higher CAGR of 15.1% over the forecast period.
Software Segment Dominates the Hardware Asset Management Industry
Growth Outlook by Solution
Solution
Value CAGR
Software
10.3%
Services
13.6%
Based on solution, the software segment is set to dominate the North America industry, holding a share of 55.4% in 2024. This is attributable to increasing reliance on software-based solutions for efficient tracking, monitoring, and management of hardware assets.
Demand for hardware asset management software is anticipated to increase at a CAGR of 10.3% during the assessment period. It will likely total USD 5,750.81 million by the end of 2024.
The growing recognition among businesses of the pivotal role that advanced software plays in achieving efficient tracking, monitoring, and management of hardware assets is expected to boost the segment growth.
The need for real-time visibility, streamlined operations, and adherence to compliance standards drives the emphasis on software-driven approaches.
As organizations prioritize the optimization of hardware asset utilization, the prevalence of software solutions underscores their crucial contribution to enhancing overall operational efficiency in the dynamic landscape of hardware asset management in North America.
Software provides advanced functionalities, including centralized management, data analytics, and automated tasks, making them highly popular.
The flexibility, scalability, and cost-effectiveness of hardware asset management software will continue to encourage its adoption globally.
Another key factor expected to boost the software segment is the rising popularity of cloud-based hardware asset management solutions.
On the other hand, the hardware asset management services segment is expected to expand at a robust CAGR of 13.6% through 2034. This is due to rising demand for managed services and evolving industry requirements.
HAM Solutions Gaining Wider Popularity among Medium-sized Enterprises
Growth Outlook by Enterprise Size
Enterprise Size
Value CAGR
Small Offices (1 to 9 employees)
9.3%
Small Enterprises (10 to 99 employees)
13.0%
Medium-sized Enterprise (100 to 499 employees)
14.7%
Large Enterprises (500 to 999 employees)
11.3%
Very Large Enterprises (1,000+ employees)
10.5%
As per the latest analysis, the medium-sized enterprise (100 to 499 employees) segment is projected to grow at a CAGR of 14.7% during the forecast period. This is due to increasing adoption of advanced asset management solutions by medium-sized enterprises.
As medium-sized businesses (SMEs) increasingly prioritize efficiency, cost-effectiveness, and regulatory compliance, the deployment of sophisticated asset management solutions becomes pivotal. These tools offer streamlined processes, real-time visibility, and improved decision-making capabilities, contributing significantly to the growth potential of medium-sized enterprises in North America.
Increasing IT complexity in medium-sized enterprises is expected to create a high need for effective asset management.
To cater to specific needs of medium-sized enterprises, leading hardware asset management solution companies are developing new solutions that are more affordable and easier to implement.
Financial Institutions Emerging as Leading Users
Growth Outlook by Industry
Industry
Value CAGR
Finance
15.1%
Manufacturing & Resources
11.3%
Distribution Services
8.1%
Services
14.0%
Public Sector
5.2%
Infrastructure
6.6%
As per the latest report, the finance industry will likely emerge as the leading end-use industry for hardware asset management solutions, exhibiting a CAGR of 15.1%. This is because financial institutions in North America prioritize advanced asset-tracking tools for operational resilience, security, and compliance in a digital landscape.
Financial institutions are placing a heightened emphasis on advanced asset-tracking tools. Recognizing the strategic importance of these tools, they are integral to bolstering operational resilience, fortifying security measures, and ensuring regulatory compliance within the evolving digital landscape. This prioritization underscores the finance sector's commitment to leveraging technology for effective hardware asset management in the pursuit of robust and secure financial operations.
Growing focus of financial institutions to comply with strict data security and risk management regulations is expected to fuel adoption of hardware asset management solutions.
Rising emphasis on improving operational efficiency and reducing overall costs is another key factor expected to drive demand for hardware asset management solutions in the finance industry.
Competitive Landscape
Key players are focusing on providing tailored hardware asset management solutions to meet the specific needs of their clients.
Key Strategies Adopted by the Players
Product Innovation
Key players are investing in research and development to create cutting-edge hardware asset management solutions that offer improved efficiency, security, and scalability. They are continuously launching new software and services to meet the evolving needs of businesses in North America, incorporating technologies like AI, cloud integration and sustainable energy solutions.
Mergers and Acquisitions
Several hardware asset management providers adopt strategies like mergers and acquisitions to expand their customer bases.
Key Developments in the North America Hardware Asset Management Industry
In January 2023, IBM launched a new program called IBM Partner Plus, which is designed to provide enhanced support and incentives to its business partners. The program aims to deepen partners' technical expertise, accelerate their time to market, and fuel their growth.
In October 2022, Oracle launched a new asset-based service solution for high-tech and manufacturing businesses to help them predict and prevent asset downtime, reduce costs, optimize service efficiency, and enhance the overall customer experience. The solution is part of Oracle Fusion Cloud Applications Suite and is pre-integrated with Oracle Fusion Cloud Supply Chain & Manufacturing and Oracle Field Service.
In May 2023, Dell Technologies and NVIDIA collaborated to introduce Project Helix, a solution that enables safe, secure, and personalized generative AI for high-tech and manufacturing businesses. Project Helix is a full-stack solution built on Dell infrastructure and software, using NVIDIA's software stack and accelerator technology. It provides proactive monitoring and maintenance, automated field service, and asset-specific preventative maintenance plans.
In July 2023, Broadcom introduced industry-leading cloud technology for enterprise data centers, aiming to bring cloud technologies into enterprise data centers. The company's solutions include data center networking and storage, enterprise, mainframe, and cybersecurity software focused on automation, monitoring, and security.
Key Coverage in the North America Hardware Asset Management Industry Research Report
Adjacent Study on Asset Management Services Industry, Hardware Asset Tracking System Industry, Hardware Asset Tracking Software Industry and Software Asset Management Market
Detailed Analysis of Asset Lifecycle Management Industry
Future Prospects of Hardware Inventory Management Industry
Scope of Asset Tracking and Management Industry
Top Companies in IT Asset Management Industry
Growth Prospects for Wireless Asset Management Market in North America
North America Enterprise Asset Management Industry Share
North America Hardware Asset Management Industry Segmentation
By Solution:
Software
Standalone Hardware Asset Management Software
Integrated Hardware Asset Management Software
Services
Asset Maintenance & Repair Services
Asset Tracking & Monitoring
Consulting Services
Managed Services
By Asset Type:
Desktops/PCs
Laptops
Routers
Storage Drives
Workstations
Servers
Other IT Hardware Assets
By Enterprise Size:
Small Offices (1 to 9 employees)
Small Enterprises (10 to 99 employees)
Medium-sized Enterprise (100 to 499 employees)
Large Enterprises (500 to 999 employees)
Very Large Enterprises (1,000+ employees)
By Industry:
Finance
Banking
Insurance
Investment/Securities
Manufacturing & Resources
Discrete Manufacturing
Process Manufacturing
Resource industries
Agriculture
Distribution Services
Retail
Wholesales
Transportation /Logistics Services
Warehousing & Storage
Shipping
Services
IT/Professional Services
Cloud Services
Media, Entertainment & Publishing
Travel & Hospitality
Legal Services
Public Sector
Government (State/Central)
Education
Healthcare
Aerospace & Defense
Non-profit
Infrastructure
Telecommunication
Data Centers
Energy & Utilities
Building & Construction
By Country:
United States
Canada
Mexico
Frequently Asked Questions
How big is the hardware asset management industry in North America?
The target industry value is set to total USD 10,380.23 million in 2024.
What is the expected industry size for 2034?
The hardware asset management industry size is expected to reach USD 31,403.23 million by 2034.
At what rate will hardware asset management demand rise through 2034?
Demand in North America is set to rise at 11.9% CAGR through 2034.
Who is the leading user of hardware asset management solutions?
Finance industry will likely remain leading end-user, holding 29.6% share in 2024.
Which enterprise size segment will register strong growth?
Medium-sized enterprise segment is expected to rise at 14.7% CAGR through 2034.
Who are the key vendors of hardware asset management solutions in North America?
Microsoft Azure, IBM Cloud, Oracle, Dell, HP and Broadcom.
What is the use of ham in ServiceNow?
HAM is used to effectively manage hardware assets.
What is hardware asset management?
It is the process of tracking, managing, & optimizing the lifecycle of an organization’s physical IT components.
Table of Content
1. Executive Summary
2. Industry Overview
3. Pricing Analysis
4. Industry Background
5. Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Solution
5.1. Software
5.1.1. Standalone Software
5.1.2. Integrated Software
5.2. Services
5.2.1. Asset Maintenance & Repair Services
5.2.2. Asset Tracking & Monitoring
5.2.3. Consulting Services
5.2.4. Managed Services
6. Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Asset Type
6.1. Desktops/PCs
6.2. Laptops
6.3. Routers
6.4. Storage Drives
6.5. Workstations
6.6. Servers
6.7. Other IT Hardware Assets
7. Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, Enterprise Size
7.1. Small Offices (1 to 9 employees)
7.2. Small Enterprises (10 to 99 employees)
7.3. Medium-sized Enterprise (100 to 499 employees)
7.4. Large Enterprises (500 to 999 employees)
7.5. Very Large Enterprises (1,000+ employees)
8. Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Industry
8.1. Finance
8.1.1. Banking
8.1.2. Insurance
8.1.3. Investment/Securities
8.2. Manufacturing & Resources
8.2.1. Discrete Manufacturing
8.2.2. Process Manufacturing
8.2.3. Resource Industries
8.2.4. Agriculture
8.3. Distribution Services
8.3.1. Retail
8.3.2. Wholesales
8.3.3. Transportation / Logistics Services
8.3.4. Warehousing & Storage
8.3.5. Shipping
8.4. Services
8.4.1. IT/Professional Services
8.4.2. Cloud Services
8.4.3. Media, Entertainment & Publishing
8.4.4. Travel & Hospitality
8.4.5. Legal Services
8.5. Public Sector
8.5.1. Government (State/Central)
8.5.2. Education
8.5.3. Healthcare
8.5.4. Aerospace & Defense
8.5.5. Non-profit
8.6. Infrastructure
8.6.1. Telecommunication
8.6.2. Data Centers
8.6.3. Energy & Utilities
8.6.4. Building & Construction
9. Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
9.1. United States
9.2. Canada
9.3. Mexico
10. Industry Structure Analysis
11. Competition Analysis
11.1. Competition Dashboard
11.2. Hardware Vendors in North America
11.2.1. Microsoft Azure
11.2.2. IBM Cloud
11.2.3. Oracle
11.2.4. Dell
11.2.5. HP
11.2.6. Broadcom
11.2.7. BMC Software
11.2.8. Service Now
11.2.9. Flexera Software
11.2.10. Ivanti
11.2.11. Solar Winds
11.2.12. Freshworks Inc.
11.2.13. Manage Engine
11.2.14. Asset Sonar
11.2.15. SyAM Software
12. Assumptions and Acronyms Used
13. Research Methodology
