Hardware Asset Management Market

Hardware Assessment Management Market Snapshot (2023 to 2033)

According to FMI’s estimates, the global market for hardware asset management was worth US$ 24 billion in 2022 and will reach US$ 26.17 billion in 2023. The market for hardware asset management is expected to reach US$ 92 billion in 2033, with a CAGR of 13.4% from 2023 to 2033.

Market growth of hardware assessment management is supported by:

• Streamline processes on one platform
• Reduces the risk associated with technology
• Enhance lifecycle automation
• The cost of production is reduced
• Improved agility of the business
• Prolonged asset life
• A reduction in overhead costs
• Enhanced efficiency of operations
• Retain asset contracts
• Increased security

Rapidly shifting business models, operating models, and workforce paradigms have made hardware an important tool to optimize IT expenditures, detect risks, improve speed, efficiency, and employee productivity in the market. By properly implementing the HAM process, IT teams can determine which hardware assets need to be maintained or retired and determine maintenance strategies.

Increasing demand for effective monitoring and control of business hardware costs to enable better budgeting and spending control demand for HAM is growing. By providing proper maintenance and servicing to the companies, HAM ensures efficient operation of the hardware, avoiding costly downtimes and repairs.

In addition to providing visibility, HAM's unified dashboard ensures better security for its users. Tracking and securing hardware resources can help organizations reduce the risk of data breaches, loss, and theft. A strong authentication process, an audit trail, and management of inventory are all supported by HAM.

Maintaining hardware assets helps businesses identify and resolve problems proactively, improving operational efficiency. HAM offers the possibility of gathering reports listing hardware usage to identify areas that may require additional hardware.

Increasing technological advancements, like IoT, AI, AR, and predictive maintenance, are driving hardware asset management demand. Among the major markets for hardware asset management, North America, followed by Europe, is primarily driven by a growing need to manage IT assets and the adoption of cloud-based services. Due to the adoption of new technologies and the increasing demand for IT applications in the United States, the region is expected to be the largest market in the region, followed by Canada.

Key producers are working on developing software platforms to track hardware assets and data to gain a greater market share. Some of these companies include Dell Inc., Microsoft, IBM, BMC Software Inc., HP Inc., ServiceNow Inc., Oracle, Flexera Software LLC, Ivanti, and more.

Tracking assets, automating processes, minimizing risk, and reducing costs are all activities performed by these companies in the technology industry. In addition to those established players in the hardware asset management market, there are several new and emerging players in the market, particularly in the Southeast Asia Pacific region, which is expected to drive further growth in the market in the future.

For instance, AMI has introduced a new feature for self-certifying users in AssetTrack for ServiceNowTM, one of the most popular HAM solutions on the platform. With this feature, employees can easily verify computers and peripherals, regardless of whether they have been borrowed or purchased to facilitate remote work.

Asset tracking and asset management continue to be important elements of asset management for organizations. The sophistication of HAM systems is increasing, giving organizations real-time access to monitoring, managing, and analyzing their asset inventory. By implementing new technologies, companies can gain a deeper understanding of their asset utilization and make more informed investment decisions. In addition to reducing costs, increasing efficiency, and providing more transparency and security, HAM systems are increasingly being recognized as a cost-saving tool.

Hardware Asset Management Market Overview

Hardware asset management refers to the management of physical computing solutions and components like laptops and desktops, starting from the procurement phase to the retirement stage of such assets. Hardware asset management is usually included by enterprises and organizations in their overall scope and these end-users align their operations with IT processes to ensure that hardware asset management is a major part of IT departments.

Like software, hardware solutions are also required to be managed properly in order to ensure that the end user is harnessing the maximum potential that the asset has to offer. Enterprise processes are required to be in place in order to manage assets from point of request to the point where the assets are retired from use.

Effective hardware asset management can have a major impact on time taken to fix hardware related faults, malfunctions and other issues. With efficient hardware asset management in place, end-users can dramatically reduce the time it usually takes them to fix or procure hardware.

Hardware Asset Management: Market Dynamics

Having hardware asset management can save a fortune for end-users, with regards to both, hardware and related software solutions. Active management of hardware and software assets throughout their lifecycles leads to reduction in procurement expenditure.

Reduction in maintenance costs, hardware budgets, software spending, and focus on harnessing the potential to save money through disposal processes are some factors motivating enterprises to implement hardware asset management.

Capturing financial objectives of asset lifecycles helps enterprises make operational decisions based on measurable financial parameters. This also enables end-users to forecast IT budgets for coming years in terms of both hardware and software spending.

Knowledge of specifications, department and location of the asset allows service desks to retrieve assets that are no longer used or required. Asset management also helps record hardware assets that are available in the inventory and are deployment-ready.

Sudip Saha

Principal Consultant

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Impact of COVID-19 Pandemic Outbreak on Hardware Asset Management Market

Rising infections across the globe are forcing national governments to declare nationwide lockdowns. These lockdowns entail that employees have to work from home. Large enterprises are estimated to continue procuring hardware asset management solutions and services at the same rate as before lockdowns.

However, an increase in adoption of hardware asset management solutions and services is being observed among small- and medium-sized enterprises, as the sudden move to off-site operations is forcing them to ensure hardware as well as software security. Thus, a spike in the overall hardware asset management market growth rate is estimated during the ongoing COVID-19 pandemic.

Hardware Asset Management Market: Competition Landscape

Some of the key vendors in the global hardware asset management market are

• Dell Inc.
• Microsoft
• IBM
• BMC Software Inc.
• HP Inc.
• ServiceNow Inc.
• Oracle
• Flexera Software LLC
• Ivanti
• Aspera Technologies Inc.
• Cherwell Software LLC
• Snow Software AB
• Broadcom
• Freshworks Inc.
• Others.

Following are some key strategies incorporated by companies competing in the global hardware asset management market:

• Solutions and service providers are focused on expanding their offerings. These vendors are striving to deploy extensive services and indulging in development of innovative features to attract prospects and enhance revenue generation.
• Developers are enhancing their sales and distribution networks and channels to better reach customers in emerging regional markets, while tactfully maintaining relationship with their existing clientele.

Hardware Asset Management Market: Regional overview

Currently, the hardware asset management market in North America is leading all other regional markets. The dominance may be owed to the high demand for IT asset monitoring and management solutions in the region. Hardware asset management market in Southeast Asia Pacific region is projected to register the fastest growth over the forecast period, followed by the regional markets in Latin America and Middle East and Africa.

Rising demand for reverse logistics in economies like India, ASEAN countries, Brazil, Mexico, Turkey and Israel is likely to enable these regional markets record the highest growth rates during the forecast period.

The Hardware Asset Management market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.

The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.

The report covers exhaustive analysis on

• Hardware Asset Management Market Segments
• Hardware Asset Management Market Dynamics
• Hardware Asset Management Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Technology Landscape
• Value Chain of the Market
• Market Drivers and Restraints

Regional analysis includes

• North America (USA, Canada)
• Latin America (Mexico, Brazil, Rest of Latin America)
• Europe (Germany, Italy, United Kingdom, Spain, France, Nordic countries, BENELUX, Russia, Rest of Europe)
• East Asia (China, South Korea, Japan)
• South Asia & Pacific (India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific)
• Middle East and Africa (GCC Countries, Turkey, South Africa, Res of MEA)

Hardware Asset Management Market: Segmentation

The hardware asset management market can been segmented on the basis of solution, enterprise size and industry.

Solution :

• Software
  • Standalone Solutions
  • Integrated Platforms
• Services
  • Professional Services
  • Managed Services

Enterprise size :

• Large Enterprises
• Small- and Medium-sized Enterprises (SMEs)

Industry :

• IT and Telecommunications
• Banking, Financial Services and Insurance (BFSI)
• Healthcare
• Retail and e-commerce
• Manufacturing
• Government and Public Sector
• Other