New York, USA, May 10, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Software Asset Management Market By Offering, By Type, By Technology, By Application - Forecast to 2030”, the market is predicted to thrive substantially during the assessment era from 2023 to 2030 at a healthy CAGR of approximately 16.90% to attain a valuation of around USD 8.1146 billion by the end of 2030.
Software asset management (SAM) is an organization's strategy tool that involves implementing, managing, regulating, and automating the acquisition and deployment of software applications within an organisation. The SAM application examines, tracks, and maintains software licences, compliance, and optimisation in a systematic manner.
The increasing adoption of cloud and digital transformation across a wide range of industries, including BFSI, IT & telecom, government, healthcare, and retail, is likely to support the expansion of software asset management (SAM) solutions and services. Furthermore, due to the presence of numerous players, the market requires greater cohesion. Software asset management is crucial for risk control, software cost reduction, and speedy outcomes. Because of these advantages, end-user industries are likely to increase their demand for software asset management marketing. Because it produces faster results at a lower cost, software asset management is widely used in organisations. The SAM program's technologies are complicated and ever-changing. Implementing a SAM programme in a small, medium, or big organisation requires trained employees and resources.
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Adopting a SAM programme helps organisations reduce risk while optimising the whole lifecycle of their software assets. Multiple organisations purchase or subscribe to a variety of software licences. Small organisations find it easier to monitor and optimise their IT assets. In large enterprises, however, managing IT assets becomes slightly more difficult. Furthermore, the growing need to manage audits and meet regulatory compliance standards around the world drives market expansion. Software asset management (SAM) is the process of controlling and optimising the acquisition, implementation, maintenance, consumption, and disposal of software applications inside a firm. Its major purpose is to lower IT expenses as well as the commercial and legal risks connected with software ownership and use, therefore boosting IT responsiveness and end-user satisfaction.
It integrates people, procedures, and technology to govern and optimise the software consumption of the organisation. As a result, the Software Asset Management market revenue is increasing.
Software Asset Management Industry Key Players
- Snow Software (Sweden),
- CloudFabrix Software Inc. (US),
- ServiceNow (US),
- Scalable Software (US),
- Micro Focus (UK),
- Ivanti (US),
- IBM (US),
- Flexera (US),
- Cherwell Software (US),
- Certero (UK),
- Symantec (US),
- Microsoft (US),
- CA Technologies (US),
- BMC Software (US),
- Aspera Technologies (US)
Market Report Scope:
| Report Metrics | Details |
| Software Asset Management Market Size by 2030 | USD 8.1146 billion |
| Software Asset Management Market CAGR during 2023-2030 | 16.90% |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Key Market Dynamics | Optimize IT assets in small businesses |
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Insights into Segmentation
The software asset management market is divided into two components: solutions and services. The solution category dominated the market, and it includes real-time location systems (RTLS), barcodes, mobile computers, labels, and the global positioning system (GPS).
The software asset management industry is divided into two segments based on deployment: on-premise and cloud. In terms of Software Asset Management market revenue in 2022, the cloud segment held the most share.
The software asset management market data is divided into three categories based on the size of the organisation: small, medium, and large. When compared to large corporations, the small category generated the most income. These companies face more budget constraints and require better approaches to dealing with problems to improve the cost optimisation of their business processes.
The software asset management sector is divided into four verticals: BFSI, healthcare, IT & telecommunications, and retail. Healthcare services will have the highest market share during the anticipated period.
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Regional Analysis
The study divides the market into four regions: North America, Europe, Asia-Pacific, and the Rest of the World. This industry will be dominated by the North American Software Asset Management market. Rising demand for an optimised IT asset at a lower cost will drive up demand for software asset management.
Many federal agencies in the United States, for example, use software asset management tools to manage software licences and other information technology (IT) assets at a lower cost.
The second-largest market share is held by Europe's Software Asset Management market. This is because of the increased automation of many modes of transportation, particularly trains, made possible by cloud computing. The software asset management software keeps track of the locations of buses in the area. The arrival time is determined by cloud computing technologies and presented on the real-time information system at the bus stop. Furthermore, the German Software Asset Management market had the largest market share, while the UK Software Asset Management market had the fastest growth in the European region.
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From 2023 to 2030, the Asia Pacific Software Asset Management Market size is predicted to develop at the quickest CAGR. The growing use of software asset management solutions in organisations in developing countries like India, China, Singapore, and South Korea to maintain a secure, healthy, and productive IT infrastructure is likely to fuel strong market expansion in this area. Furthermore, the region's demand for software asset management is driven by a sufficient number of market vendors. Furthermore, the India Software Asset Management market had the largest market share, while the China Software Asset Management market was the Asia Pacific region's fastest-growing market.
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