IT Asset Management (ITAM) is the process of managing an organization’s IT assets, including hardware, software, and digital data. IT resource optimizations, operational efficiency improvements, and cost reductions occur because the ITAM process properly manages assets throughout their lifecycle. This drives cost-optimized asset acquisition and utilization, maximizes return on investment, minimizes risk associated with software licensing and compliance, and ensures business continuity.
Analysts valued the global ITAM market at $6.6 billion in 2022. However, a recent study projects it will reach $12.14 billion by 2030. Savvy organizations are not just investing in ITAM, but integrating it with SAP – maintaining a single source of data but also enabling employees to use real-time SAP data directly in their front-end systems, like ServiceNow.