To find the answer, I searched for "ServiceNow Hardware Asset Management IT asset vs. CI" using my search_web tool.
I found several relevant web pages that explain the difference between an IT asset and a CI in ServiceNow.
I learned that an IT asset is any financially valuable component that can contribute to the delivery of an IT product or service, while a CI is any component that needs to be managed in order to deliver an IT service12.
I also learned that an IT asset is often a CI, but not all CIs are IT assets12.
Therefore, a component is considered an IT asset vs. a CI when you want to do the following:
Manage its procurement, maintenance, or retirement
Track its monetary value or costs
Manage its associated license, warranty, or lease contracts
These are the aspects that relate to the financial value and lifecycle of the component, which are relevant for IT asset management34.
The other options, such as tracking its operational information and knowing its relationships to other assets in the CMDB, are more relevant for CI management, which is part of configuration management35.