Increasing emphasis on regulatory compliance and surging threat landscape are compelling organizations to invest in hardware asset management (HAM) to enhance cybersecurity measures. Emerging themes indicate an estimation of USD 30,193.02 million in 2024 for the market.
Thematic analysis of the global hardware asset management market points to a potential CAGR of 11.9% from 2024 to 2034. Looking ahead to 2034, the market is set to attain a valuation of USD 93,056.19 million. The market recorded a y-o-y growth of 9.9% in 2023.
Global Hardware Asset Management (HAM) Market Analysis
| Attributes | Details |
|---|---|
| Hardware Asset Management Market Size, 2023 | USD 9,356.03 million |
| Estimated Market Value, 2024 | USD 30,193.02 million |
| Projected Market Size, 2034 | USD 93,056.19 million |
| Value-based CAGR (2024 to 2034) | 11.9% |
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Reduced overhead costs are pushing companies to adopt HAM. Rapid innovations in technology also necessitate effective HAM strategies to ensure optimal utilization of emerging hardware solutions. Increasing demand for HAM solutions to ensure alignment with organizational objectives, risk management, and compliance would aid growth of hardware asset management market.
Rapid shift toward subscription-based models providing flexibility and cost-effectiveness to companies is projected to be a leading trend. Increasing utilization of blockchain technology for transparent and secure tracking of hardware assets through their lifecycle is another key trend.
With the growing threat landscape, there is a notable trend toward implementing robust security features in hardware asset management solutions to safeguard sensitive data and devices. Integration of Internet of Things (IoT) technologies into these solutions is on the rise, enabling real-time tracking and monitoring of devices.
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From 2019 to 2023, the hardware asset management market experienced a CAGR of 8.5%, reaching a size of USD 9,356.03 million in 2023. Individual's awareness of the relevance of cost optimization, security issues, and effective asset monitoring has led to a steady rise in the demand for HAM technologies.
Adoption of these solutions was also influenced by factors such as rising shift toward remote work, growing cybersecurity issues, and technological innovations.
Semi-annual Market 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) |
The section below highlights information about leading countries in the global market. The United States and Mexico are the two significant countries in the hardware procurement market. The United States is set to witness a CAGR of 11.1% through 2034, whereas Mexico is anticipated to showcase a 14.8% CAGR through 2034.
| Countries | Value-based CAGR (2024 to 2034) |
|---|---|
| United States | 11.1% |
| Mexico | 14.8% |
The United States hardware asset management market is predicted to hold a share of 79.2% in 2034. It is set to reach USD 23,277.70 million by 2034, surging at a CAGR of 11.1%.
The United States has a well-developed industrial infrastructure. It offers a suitable environment for the deployment and development of innovative HAM solutions. Growing use of complex IT software solutions across technology, manufacturing, healthcare, and finance industries would also augment demand for tools to manage hardware assets efficiently and effectively.
Companies in the United States are gradually moving toward unique asset tracking and management solutions as they seek scalable and diverse HAM systems. The aforementioned factors are set to propel the asset lifecycle management market in the country.
Mexico’s asset tracking and monitoring market is set to reach a valuation of USD 3,270.25 million by 2034. It is anticipated to rise at a CAGR of 14.8% during the forecast period.
Demand for unique asset management solutions is on the rise across Mexico as key companies recognize the necessity to track and manage physical assets. Growing demand for these solutions can also be attributed to the surging need for operational efficiency, cost savings, and safety. As a result, adopting hardware asset management tools is a significant strategy for enterprises in Mexico.
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The section below highlights the top segments of the hardware asset-tracking software market. By solution, the services segment is anticipated to showcase a CAGR of 13.6% through 2034.
Based on enterprise size, the medium-sized enterprise (100 to 499 employees) segment is projected to witness a CAGR of 14.7% from 2024 to 2034. Information about the segments would enable potential clients to invest in the right areas and gain profit.
Market Growth Outlook by Type
| Solution | Value CAGR (2024 to 2034) |
|---|---|
| Software | 10.3% |
| Services | 13.6% |
Companies are increasingly recognizing the significant role that smart software plays in attaining effective hardware tracking, monitoring, and management. Emphasis on software-driven systems stems from the need for real-time visibility, efficient processes, and adherence to compliance standards.
As organizations prioritize the optimization of hardware asset utilization, the predominance of software solutions highlights their significant contribution to improving operational efficiency. Due to these factors, the software segment held the dominant share of 55.4% in 2023. It is set to witness a 10.3% CAGR through 2034.
Market Growth Outlook by Enterprise Size
| Enterprise Size | Value CAGR (2024 to 2034) |
|---|---|
| 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% |
Medium-sized enterprises (100 to 499 employees) are projected to rise at a CAGR of 14.7% over the forecast period. These enterprises are set to propel sales of hardware asset management tools.
Medium-sized enterprises are gradually turning toward cloud-based infrastructure to lower the number of manual tasks and enhance efficiency. Cloud-based solutions need regular maintenance and monitoring to ensure cost efficiency and smooth performance. Novel HAM solutions are adopted by these enterprises to provide visibility into these assets to optimize their workflow.
Market Growth Outlook by Industry
| Industry | Value CAGR (2024 to 2034) |
|---|---|
| Finance | 15.1% |
| Manufacturing & Resources | 11.3% |
| Distribution Services | 8.1% |
| Services | 14.0% |
| Public Sector | 5.2% |
| Infrastructure | 6.6% |
The finance segment is anticipated to surge at a CAGR of 15.1% over the forecast period. Growth is attributed to the rising adoption of IT management software solutions in the banking sector to enhance asset life. As these solutions provide maintenance of assets on a daily basis, organizations can gain real-time information.
Leading players in the device management market are investing huge sums in research & development activities to discover novel product ranges. They are also focusing on developing new production hubs across emerging countries to generate high shares.
Key Developments in the Hardware Asset Management Market
The market is expected to hit a value of USD 30,193.02 million by 2024.
Finance is set to hold a notable market share by 2024.
The market is predicted to reach USD 93,056.19 million by 2034.
Medium-sized enterprises are set to dominate the market.
The services segment is set to grow with a CAGR of 13.6% from 2024 to 2034.
Microsoft Azure, IBM Cloud, Oracle, Dell, and HP.
It is the process of tracking and inventorying physical IT components.
HAM is hardware management, and SAM is software management.
It is a process of developing the components of networks and computers.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Pricing Analysis 5. Global Market Demand (Value in USD million) Analysis 2019 to 2023 and Forecast, 2024 to 2034 6. Market Background 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Solution 7.1. Software 7.1.1. Standalone Software 7.1.2. Integrated Software 7.2. Services 7.2.1. Asset Maintenance & Repair Services 7.2.2. Asset Tracking & Monitoring 7.2.3. Consulting Services 7.2.4. Managed Services 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Asset Type 8.1. Desktops/PCs 8.2. Laptops 8.3. Routers 8.4. Storage Drives 8.5. Workstations 8.6. Servers 8.7. Other IT Hardware Assets 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Industry 9.1. Finance 9.1.1. Banking 9.1.2. Insurance 9.1.3. Investment/Securities 9.2. Manufacturing & Resources 9.2.1. Discrete Manufacturing 9.2.2. Process Manufacturing 9.2.3. Resource Industries 9.2.4. Agriculture 9.3. Distribution Services 9.3.1. Retail 9.3.2. Wholesales 9.3.3. Transportation /Logistics Services 9.3.4. Warehousing & Storage 9.3.5. Shipping 9.4. Services 9.4.1. IT/Professional Services 9.4.2. Cloud Services 9.4.3. Media, Entertainment, and Publishing 9.4.4. Travel and Hospitality 9.4.5. Legal Services 9.5. Public Sector 9.5.1. Government (State/Central) 9.5.2. Education 9.5.3. Healthcare 9.5.4. Aerospace and Defense 9.5.5. Non-profit 9.6. Infrastructure 9.6.1. Telecommunication 9.6.2. Data Centers 9.6.3. Energy & Utilities 9.6.4. Building & Construction 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Enterprise Size 10.1. Small Offices (1 to 9 Employees) 10.2. Small Enterprises (10 to 99 Employees) 10.3. Medium-sized Enterprise (100 to 499 Employees) 10.4. Large Enterprises (500 to 999 Employees) 10.5. Very Large Enterprises (1,000+ Employees) 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. East Asia 11.5. South Asia Pacific 11.6. Middle East and Africa 12. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 13. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 14. South Asia & Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034 15. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034 16. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034 17. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034 18. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034 19. Key Countries Analysis - Market 20. Market Structure Analysis 21. Competition Analysis 21.1. Microsoft Azure 21.2. IBM Cloud 21.3. Oracle 21.4. Dell 21.5. HP 21.6. Broadcom 21.7. BMC Software 21.8. Service Now 21.9. Flexera Software 21.10. Ivanti 21.11. Solar Winds 21.12. Freshworks Inc. 21.13. Manage Engine 21.14. Asset Sonar 21.15. SyAM Software 22. Assumptions and Acronyms Used 23. Research Methodology
Technology
February 2024
REP-GB-19140
185 pages
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Hardware Asset Management Market
