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.
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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
