IT Asset Management Statistics


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IT Asset Management Statistics 2023: Facts about IT Asset Management outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on IT Asset Management, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will IT Asset Management Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top IT Asset Management Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 21 It Asset Management Statistics on this page 🙂

IT Asset Management “Latest” Statistics

  • The market growth for asset management systems is expected to continue at a CAGR of 10.3% between 2020 and 2025.[1]
  • The working capital locked up in inventory is equivalent to 7% of the U.S Gross Domestic Product.[1]
  • Despite the need for adequate security, research has found that 35% of corporate data is not safeguarded at all.[1]
  • There was a situation with a medical institution in New England where, after implementing a tagging system, dangerous administration mistakes plummeted by a startling 41%.[1]
  • The Knight Foundation started a program in 2010 to diversify the management of its endowment assets, and as of June 2018, it has invested $830 million in enterprises controlled by people of color, accounting for 36% of its endowment holdings.[2]
  • Statista projects that the worldwide market for fixed asset management software will increase from $3 billion in 2019 to $5.2 billion in 2024.[3]
  • Firms lost over 51.2 million worth of heavy machinery, trucks, and equipment between 2004 and 2014.[3]
  • The results show that 80% of workers squander, on average, 30 minutes each day looking for information.[3]
  • Businesses in 2017 spent an average of 80% of their time responding to maintenance problems rather than avoiding them.[3]
  • In 2020, retail investors were the primary source of net inflow, accounting for 4.4% of net new capital raised, more than double the amount contributed by institutional investors by 2.2%.[4]
  • Retail portfolios, accounting for 41% of global assets at 42 trillion, increased by 11% in 2020, while institutional investments, accounting for 59% of the market, also increased at a similar rate to reach 61 trillion.[4]
  • The USD100 trillion machine has recovered from the worldwide pandemic in good shape, with assets expected to expand by 11% in 2020 to reach 103 trillion by year’s end.[4]
  • Assets under management increased by 12% to reach 49 trillion in 2020, continuing the biggest asset management expansion double-digit trend.[4]
  • Financial managers’ employment is anticipated to expand by 17% between 2021 and 2031, which is substantially faster than the average for all professions.[5]
  • AUM increased by 13% while total revenues and operating profits increased by 7% and 9%, respectively.[6]
  • Last but not least, the industry’s cost base increased by $8 billion at a quicker rate than in the pre-epidemic years of 6% vs. a longer-term average of 4%.[6]
  • However, the best quartile of conventional asset managers that are publicly traded trade on average at a premium of around 50% to the sector.[6]
  • In North America, AUM increased 13% in 2020, driven by net fresh flows of 2.3%, which were much higher than the average over the previous five years.[6]
  • Growth extended beyond asset appreciation, with net new client flows clocking in at an astonishing 2.7% of the beginning-of-year.[6]
  • Following a 34% decline in U.S. stock markets in March 2020, the financial markets recovered even more sharply, with share values slowly rising to 34% above pre-COVID-19 highs by the end of August 20.21.[6]
  • When businesses follow best practices to maximize the utilization of assets and software licenses, they may save expenditure by up to 30%.[7]

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How Useful is It Asset Management

One of the key benefits of IT asset management is cost savings. By keeping track of all IT assets within an organization, businesses can identify redundant or underutilized assets and eliminate inefficiencies. This not only helps to reduce unnecessary expenditures but also ensures that maximum value is derived from the existing assets. Furthermore, IT asset management allows organizations to optimally allocate resources, making sure that investments are aligned with business objectives.

IT asset management also plays a vital role in ensuring compliance with regulations and standards. Organizations are subject to various laws and regulations governing the use and disposal of IT assets, and failure to comply can result in heavy fines and damage to reputation. By maintaining accurate records of all IT assets, businesses can easily demonstrate compliance to regulatory authorities and ensure that they are not exposed to unnecessary risks.

Moreover, IT asset management helps in enhancing security and reducing vulnerabilities within an organization. In today’s digital age, data breaches and cybersecurity threats are on the rise, making it paramount for organizations to safeguard their IT assets. By implementing robust asset management practices, businesses can identify potential security risks, remediate vulnerabilities, and strengthen the overall security posture. This not only protects sensitive data but also ensures business continuity in the event of a cyber-incident.

Furthermore, effective IT asset management streamlines operations and improves productivity. By leveraging asset management tools and technologies, organizations can automate routine tasks such as inventory tracking, software licensing, and asset allocation. This helps to reduce manual errors, increase operational efficiency, and free up valuable resources for more strategic initiatives. Additionally, by centralizing IT asset information, businesses can enable seamless collaboration between different departments, thereby fostering a culture of innovation and continuous improvement.

In conclusion, IT asset management is an indispensable practice for organizations looking to stay competitive and thrive in the digital age. By effectively managing IT assets, businesses can drive cost savings, ensure compliance, enhance security, and improve productivity. As technology continues to evolve and shape the business landscape, investing in robust asset management practices is essential for long-term success.Companies that prioritize IT asset management will be better positioned to adapt to changing market dynamics, mitigate risks, and capitalize on emerging opportunities.

Reference

  1. gocodes – https://gocodes.com/asset-management-statistics/
  2. knightfoundation – https://knightfoundation.org/reports/diversifying-investments-a-study-of-ownership-diversity-and-performance-in-the-asset-management-industry/
  3. assetinfinity – https://www.assetinfinity.com/blog/business-statistics-and-how-asset-management-software-overcomes-them
  4. bcg – https://www.bcg.com/publications/2021/global-asset-management-industry-report
  5. bls – https://www.bls.gov/ooh/management/financial-managers.htm
  6. mckinsey – https://www.mckinsey.com/industries/financial-services/our-insights/crossing-the-horizon-north-american-asset-management-in-the-2020s
  7. servicenow – https://www.servicenow.com/products/it-asset-management/what-is-itam.html

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