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 US$ 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 US$ 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 | US$ 9,356.03 million |
| Estimated Market Value, 2024 | US$ 30,193.02 million |
| Projected Market Size, 2034 | US$ 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.
Principal Consultant
From 2019 to 2023, the hardware asset management market experienced a CAGR of 8.5%, reaching a size of US$ 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 US$ 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 US$ 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 US$ 30,193.02 million by 2024.
Finance is set to hold a notable market share by 2024.
The market is predicted to reach US$ 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
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Pricing Analysis
4.1. Pricing Analysis, By Pricing Model
4.1.1. Subscription Pricing Model
4.1.2. Perpetual Licensing
4.2. Average Pricing Analysis Benchmark
5. Global Market Demand (Value in US$ million) Analysis 2019 to 2023 and forecast, 2024 to 2034
5.1. Historical Market Value (US$ million) Analysis, 2019 to 2023
5.2. Current and Future Market Value (US$ million) Projections, 2024 to 2034
5.2.1. Y-o-Y Growth Trend Analysis
5.2.2. Absolute $ Opportunity Analysis
6. Market Background
6.1. Macro-Economic Factors
6.2. Forecast Factors - Relevance & Impact
6.3. Value Chain
6.4. COVID-19 Crisis - Impact Assessment
6.4.1. Current Statistics
6.4.2. Short-Mid-Long Term Outlook
6.4.3. Likely Rebound
6.5. Market Dynamics
6.5.1. Drivers
6.5.2. Restraints
6.5.3. Opportunities
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Solution
7.1. Introduction / Key Findings
7.2. Historical Market Size (US$ million) Analysis By Solution, 2019 to 2023
7.3. Current and Future Market Size (US$ million) Analysis and Forecast By Solution, 2024 to 2034
7.3.1. Software
7.3.1.1. Standalone Software
7.3.1.2. Integrated Software
7.3.2. Services
7.3.2.1. Asset Maintenance & Repair Services
7.3.2.2. Asset Tracking & Monitoring
7.3.2.3. Consulting Services
7.3.2.4. Managed Services
7.4. Market Attractiveness Analysis By Solution
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Asset Type
8.1. Introduction / Key Findings
8.2. Historical Market Size (US$ million) Analysis By Asset Type, 2019 to 2023
8.3. Current and Future Market Size (US$ million) Analysis and Forecast By Asset Type, 2024 to 2034
8.3.1. Desktops/PCs
8.3.2. Laptops
8.3.3. Routers
8.3.4. Storage Drives
8.3.5. Workstations
8.3.6. Servers
8.3.7. Other IT Hardware Assets
8.4. Market Attractiveness Analysis By Asset Type
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Industry
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ million) Analysis By Industry, 2019 to 2023
9.3. Current and Future Market Size (US$ million) Analysis and Forecast By Industry, 2024 to 2034
9.3.1. Finance
9.3.1.1. Banking
9.3.1.2. Insurance
9.3.1.3. Investment/Securities
9.3.2. Manufacturing & Resources
9.3.2.1. Discrete Manufacturing
9.3.2.2. Process Manufacturing
9.3.2.3. Resource Industries
9.3.2.4. Agriculture
9.3.3. Distribution Services
9.3.3.1. Retail
9.3.3.2. Wholesales
9.3.3.3. Transportation /Logistics Services
9.3.3.4. Warehousing & Storage
9.3.3.5. Shipping
9.3.4. Services
9.3.4.1. IT/Professional Services
9.3.4.2. Cloud Services
9.3.4.3. Media, Entertainment, and Publishing
9.3.4.4. Travel and Hospitality
9.3.4.5. Legal Services
9.3.5. Public Sector
9.3.5.1. Government (State/Central)
9.3.5.2. Education
9.3.5.3. Healthcare
9.3.5.4. Aerospace and Defense
9.3.5.5. Non-profit
9.3.6. Infrastructure
9.3.6.1. Telecommunication
9.3.6.2. Data Centers
9.3.6.3. Energy & Utilities
9.3.6.4. Building & Construction
9.4. Market Attractiveness Analysis By Industry
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Enterprise Size
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ million) Analysis By Enterprise Size, 2019 to 2023
10.3. Current and Future Market Size (US$ million) Analysis and Forecast By Enterprise Size, 2024 to 2034
10.3.1. Small Offices (1 to 9 Employees)
10.3.2. Small Enterprises (10 to 99 Employees)
10.3.3. Medium-sized Enterprise (100 to 499 Employees)
10.3.4. Large Enterprises (500 to 999 Employees)
10.3.5. Very Large Enterprises (1,000+ Employees)
10.4. Market Attractiveness Analysis By Enterprise Size
11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
11.1. Introduction / Key Findings
11.2. Historical Market Size (US$ million) Analysis By Region, 2019 to 2023
11.3. Current and Future Market Size (US$ million) Analysis and Forecast By Region, 2024 to 2034
11.3.1. North America
11.3.2. Latin America
11.3.3. Europe
11.3.4. East Asia
11.3.5. South Asia Pacific
11.3.6. Middle East and Africa
11.4. Market Attractiveness Analysis By Region
12. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
12.1. Introduction
12.2. Historical Market Size (US$ million) Trend Analysis By Market Taxonomy, 2019 to 2023
12.3. Current and Future Market Size (US$ million) Forecast By Market Taxonomy, 2024 to 2034
12.3.1. By Solution
12.3.2. By Asset Type
12.3.3. By Industry
12.3.4. By Enterprise Size
12.3.5. By Country
12.3.5.1. United States
12.3.5.2. Canada
12.3.5.3. Mexico
12.4. Market Attractiveness Analysis
12.4.1. By Solution
12.4.2. By Asset Type
12.4.3. By Industry
12.4.4. By Enterprise Size
12.4.5. By Country
12.5. Market Trends
12.5.1. Key Market Participants - Intensity Mapping
13. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
13.1. Introduction
13.2. Historical Market Size (US$ million) Trend Analysis By Market Taxonomy, 2019 to 2023
13.3. Current and Future Market Size (US$ million) Forecast By Market Taxonomy, 2024 to 2034
13.3.1. By Solution
13.3.2. By Asset Type
13.3.3. By Industry
13.3.4. By Enterprise Size
13.3.5. By Country
13.3.5.1. Brazil
13.3.5.2. Chile
13.3.5.3. Latin America
13.4. Market Attractiveness Analysis
13.4.1. By Solution
13.4.2. By Asset Type
13.4.3. By Industry
13.4.4. By Enterprise Size
13.4.5. By Country
14. South Asia & Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034
14.1. Introduction
14.2. Historical Market Size (US$ million) Trend Analysis By Market Taxonomy, 2019 to 2023
14.3. Current and Future Market Size (US$ million) Forecast By Market Taxonomy, 2024 to 2034
14.3.1. By Solution
14.3.2. By Asset Type
14.3.3. By Industry
14.3.4. By Enterprise Size
14.3.5. By Country
14.3.5.1. India
14.3.5.2. Indonesia
14.3.5.3. Malaysia
14.3.5.4. Singapore
14.3.5.5. Australia & New Zealand
14.3.5.6. South Asia and Pacific
14.4. Market Attractiveness Analysis
14.4.1. By Solution
14.4.2. By Asset Type
14.4.3. By Industry
14.4.4. By Enterprise Size
14.4.5. By Country
15. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
15.1. Introduction
15.2. Historical Market Size (US$ million) Trend Analysis By Market Taxonomy, 2019 to 2023
15.3. Current and Future Market Size (US$ million) Forecast By Market Taxonomy, 2024 to 2034
15.3.1. By Solution
15.3.2. By Asset Type
15.3.3. By Industry
15.3.4. By Enterprise Size
15.3.5. By Country
15.3.5.1. China
15.3.5.2. Japan
15.3.5.3. South Korea
15.4. Market Attractiveness Analysis
15.4.1. By Solution
15.4.2. By Asset Type
15.4.3. By Industry
15.4.4. By Enterprise Size
15.4.5. By Country
16. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034
16.1. Introduction
16.2. Historical Market Size (US$ million) Trend Analysis By Market Taxonomy, 2019 to 2023
16.3. Current and Future Market Size (US$ million) Forecast By Market Taxonomy, 2024 to 2034
16.3.1. By Solution
16.3.2. By Asset Type
16.3.3. By Industry
16.3.4. By Enterprise Size
16.3.5. By Country
16.3.5.1. Germany
16.3.5.2. Italy
16.3.5.3. France
16.3.5.4. United Kingdom
16.3.5.5. Spain
16.3.5.6. BENELUX
16.3.5.7. Nordics
16.3.5.8. Western Europe
16.4. Market Attractiveness Analysis
16.4.1. By Solution
16.4.2. By Asset Type
16.4.3. By Industry
16.4.4. By Enterprise Size
16.4.5. By Country
17. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034
17.1. Introduction
17.2. Historical Market Size (US$ million) Trend Analysis By Market Taxonomy, 2019 to 2023
17.3. Current and Future Market Size (US$ million) Forecast By Market Taxonomy, 2024 to 2034
17.3.1. By Solution
17.3.2. By Asset Type
17.3.3. By Industry
17.3.4. By Enterprise Size
17.3.5. By Country
17.3.5.1. Russia
17.3.5.2. Poland
17.3.5.3. Balkan & Baltics
17.3.5.4. Eastern Europe
17.4. Market Attractiveness Analysis
17.4.1. By Solution
17.4.2. By Asset Type
17.4.3. By Industry
17.4.4. By Enterprise Size
17.4.5. By Country
18. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034
18.1. Introduction
18.2. Historical Market Size (US$ million) Trend Analysis By Market Taxonomy, 2019 to 2023
18.3. Current and Future Market Size (US$ million) Forecast By Market Taxonomy, 2024 to 2034
18.3.1. By Solution
18.3.2. By Asset Type
18.3.3. By Industry
18.3.4. By Enterprise Size
18.3.5. By Country
18.3.5.1. KSA
18.3.5.2. Other GCC
18.3.5.3. Türkiye
18.3.5.4. South Africa
18.3.5.5. Middle East and Africa
18.4. Market Attractiveness Analysis
18.4.1. By Solution
18.4.2. By Asset Type
18.4.3. By Industry
18.4.4. By Enterprise Size
18.4.5. By Country
19. Key Countries Analysis - Market
19.1. United States Market Analysis
19.1.1. By Solution
19.1.2. By Asset Type
19.1.3. By Industry
19.1.4. By Enterprise Size
19.2. Canada Market Analysis
19.2.1. By Solution
19.2.2. By Asset Type
19.2.3. By Industry
19.2.4. By Enterprise Size
19.3. Mexico Market Analysis
19.3.1. By Solution
19.3.2. By Asset Type
19.3.3. By Industry
19.3.4. By Enterprise Size
19.4. Brazil Market Analysis
19.4.1. By Solution
19.4.2. By Asset Type
19.4.3. By Industry
19.4.4. By Enterprise Size
19.5. Chile Market Analysis
19.5.1. By Solution
19.5.2. By Asset Type
19.5.3. By Industry
19.5.4. By Enterprise Size
19.6. Germany Market Analysis
19.6.1. By Solution
19.6.2. By Asset Type
19.6.3. By Industry
19.6.4. By Enterprise Size
19.7. Italy Market Analysis
19.7.1. By Solution
19.7.2. By Asset Type
19.7.3. By Industry
19.7.4. By Enterprise Size
19.8. France Market Analysis
19.8.1. By Solution
19.8.2. By Asset Type
19.8.3. By Industry
19.8.4. By Enterprise Size
19.9. United Kingdom Market Analysis
19.9.1. By Solution
19.9.2. By Asset Type
19.9.3. By Industry
19.9.4. By Enterprise Size
19.10. Spain Market Analysis
19.10.1. By Solution
19.10.2. By Asset Type
19.10.3. By Industry
19.10.4. By Enterprise Size
19.11. BENELUX Market Analysis
19.11.1. By Solution
19.11.2. By Asset Type
19.11.3. By Industry
19.11.4. By Enterprise Size
19.12. Russia Market Analysis
19.12.1. By Solution
19.12.2. By Asset Type
19.12.3. By Industry
19.12.4. By Enterprise Size
19.13. Poland Market Analysis
19.13.1. By Solution
19.13.2. By Asset Type
19.13.3. By Industry
19.13.4. By Enterprise Size
19.14. Balkan & Baltics Market Analysis
19.14.1. By Solution
19.14.2. By Asset Type
19.14.3. By Industry
19.14.4. By Enterprise Size
19.15. China Market Analysis
19.15.1. By Solution
19.15.2. By Asset Type
19.15.3. By Industry
19.15.4. By Enterprise Size
19.16. Japan Market Analysis
19.16.1. By Solution
19.16.2. By Asset Type
19.16.3. By Industry
19.16.4. By Enterprise Size
19.17. South Korea Market Analysis
19.17.1. By Solution
19.17.2. By Asset Type
19.17.3. By Industry
19.17.4. By Enterprise Size
19.18. India Market Analysis
19.18.1. By Solution
19.18.2. By Asset Type
19.18.3. By Industry
19.18.4. By Enterprise Size
19.19. Australia and New Zealand Market Analysis
19.19.1. By Solution
19.19.2. By Asset Type
19.19.3. By Industry
19.19.4. By Enterprise Size
19.20. KSA Market Analysis
19.20.1. By Solution
19.20.2. By Asset Type
19.20.3. By Industry
19.20.4. By Enterprise Size
19.21. GCC Countries Market Analysis
19.21.1. By Solution
19.21.2. By Asset Type
19.21.3. By Industry
19.21.4. By Enterprise Size
19.22. Turkey Market Analysis
19.22.1. By Solution
19.22.2. By Asset Type
19.22.3. By Industry
19.22.4. By Enterprise Size
19.23. South Africa Market Analysis
19.23.1. By Solution
19.23.2. By Asset Type
19.23.3. By Industry
19.23.4. By Enterprise Size
20. Market Structure Analysis
20.1. Market Analysis by Tier of Companies
20.2. Market Share Analysis of Top Players
20.3. Market Presence Analysis
21. Competition Analysis
21.1. Competition Dashboard
21.2. Competition Deep Dive
21.2.1. Business Overview
21.2.2. Solution Portfolio
21.2.3. Go-To-Market Approach & Strategies
21.2.4. Recent Developments (Partnerships, Mergers)
21.3. Hardware Vendors
21.3.1. Microsoft Azure
21.3.2. IBM Cloud
21.3.3. Oracle
21.3.4. Dell
21.3.5. HP
21.3.6. Broadcom
21.3.7. BMC Software
21.3.8. Service Now
21.3.9. Flexera Software
21.3.10. Ivanti
21.3.11. Solar Winds
21.3.12. Freshworks Inc.
21.3.13. Manage Engine
21.3.14. Asset Sonar
21.3.15. 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
