Software Asset Management Market Size worth $5.15 Billion, Globally, by 2028 - Exclusive Report by The Insight Partners

Software Asset Management Market is growing at a CAGR of 12.6% from 2021 to 2028.

Pune, India., Oct. 31, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Software Asset Management Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component (Solutions and Services), Deployment Type (On-premises and Cloud-Based), Organization Size (SMEs and Large Enterprises), and Industry Vertical (BFSI, IT and Telecom, Manufacturing, Retail and Consumer Goods, Government, Healthcare and Life Sciences, Media and Entertainment, and Others), and Geography” the market in terms of revenue was estimated to be worth $2.25 billion in 2021 and is poised to reach $5.15 billion by 2028, growing at a CAGR of 12.6% from 2021 to 2028.

The growth of the software asset management market is driven by increasing need for asset lifecycle management, and rising demand to manage audits and comply with regulatory compliance standards. However, emergence of IoT, BI and analytics, and AI-enabled deployment model is emerging as a future trend in the industry.

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Global Software Asset Management Market Scope:

Report Coverage Details
Market Size Value in USD 2.25 Billion in 2021
Market Size Value by USD 5.15 Billion by 2028
Growth rate CAGR of 12.6% from 2021 to 2028
Forecast Period 2021-2028
Base Year 2021
Segments covered Component, Deployment Type, Organization Size, Industry Vertical, and Geography.
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.
Country scope Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Report coverage Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Increasing Need for Asset Lifecycle Management to Propel Global Software Asset Management Market Growth:

All procedures and IT infrastructure users need to manage, regulate, and safeguard the company's software assets throughout their life cycles. IT asset management (ITAM), IT service management (ITSM), and hardware asset management (HAM) are all subsets of software asset management (SAM). ITAM aims to improve software and hardware asset management while optimizing cost savings and limiting audit risks. Modern businesses consider software to be an integral element of their everyday operations. On average, an organization employs 288 applications to assist employees with various tasks. With the implementation of a successful asset life cycle management or life cycle asset management (LCAM), strategy businesses can determine when an asset will achieve its peak performance and how long it has left to serve the business. For instance, Blissfully is a software asset management and software as a service (SaaS) management application that can help save money, manage all software providers, improve productivity, and increase the software system's security. Blissfully discovers and tracks all of the tools that clients utilize at their company. Users can see which applications they are using and how much time the team spends on each application through a single dashboard. Thus, the increasing need for asset lifecycle management propels the growth for the software asset management market.

The administration of systems, rules, and procedures that enable the acquisition, implementation, usage, maintenance, and disposal of software applications inside an organization is known as software asset management (SAM). The software asset management market is a component of IT asset management that aims to guarantee that the company follows licensing agreements and does not overspend on software. The identification of software assets, the validity of end-user license agreements (EULAs), and the appropriate usage of free software are all crucial goals of any SAM endeavor. SAM documentation can protect one's company from anti-piracy lawsuits, minimize unintended license misuse, and provide control over the shadow software on the network. Software asset management in a large organization may be so complicated that it requires the development and maintenance of a database that maintains information about software purchases, subscriptions, licenses, and patches. A team like this is often in charge of renewing software licenses, negotiating new license agreements, and detecting and removing software that is rarely or never utilized. The software asset management market will audit the number of software licenses purchased and reconcile it with the number of licenses installed to automate how information is obtained from numerous mobile, desktop, data center, and cloud inventory sources. SAM tools may also keep track of how many licenses are left. To keep expenses down, this knowledge may be utilized to delete or reallocate software that is not being used.

Global Software Asset Management Market: Segmental Overview

The software asset management market is analyzed based on component, deployment, enterprise size, industry vertical, and geography. Based on component type, the software asset management market is segmented into solutions and services. In 2020, the solutions segment held a larger market share. In terms of deployment type, the software asset management market is segmented into on-premise and cloud. In 2020, the cloud segment accounted for a larger market share in global software asset management market. Based on enterprise size, the market is segmented into SMEs and large enterprises. In 2020, the large enterprises segment accounted for a larger market share in global software asset management market. In terms of industry vertical, the global software asset management market is segmented into BFSI, IT and Telecom, manufacturing, retail, and consumer goods, government, healthcare and life sciences, media and entertainment, and others. In global software asset management market, the manufacturing segment held the largest market share in 2020. Geographically, the software asset management market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. In 2020, North America accounted for a significant share in the global software asset management market.

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Global Software Asset Management Market: Competitive Landscape

BMC SOFTWARE, INC.; CERTERO; CHERWELL SOFTWARE, LLC; FLEXERA; IBM Corporation; IVANTI; MICRO FOCUS; Microsoft Corporation; SERVICENOW; and SNOW SOFTWARE are among the major companies operating in the software asset management market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.

Recent Developments:

  • In 2020: Certero, a provider of ITAM and SAM hybrid technology and service solutions, released Version 7 of its Unified Platform, including Enterprise ITAM and SAM products. Certero for Cloud has been significantly improved in this edition, and clients may now minimize their subscription costs across a larger selection of prominent enterprise SaaS providers.
  • In 2021: Interoperability between Flexera's Software Vulnerability Manager and VMware Workspace ONE Unified Endpoint Management has been announced (UEM). Customers will be able to identify, priorities, and satisfy the need for third-party patch deployment to repair software vulnerabilities thanks to this compatibility.
  • In 2021: Snow Atlas is the only integrated platform developed from the ground up to help enterprises identify, monitor, and optimize their technology investments, both on-premises and in the cloud, according to Snow Software, the global leader in technology intelligence. Software asset management (SAM), software-as-a-service (SaaS) management and IT service management (ITSM) integrations delivered as a service are the first solutions accessible on the new cloud-native platform, which are present in early access.

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