Software asset management refers to managing and optimizing the purchase, maintenance, deployment, utilization, and disposal of software assets within an enterprise. The primary objective of a software asset management is the reduction of IT costs and limiting operational, legal, and financial risks to the ownership and use of such software. It brings people, processes, and technology together for the control and optimization of the use of software in the organization. SAM processes aid businesses to optimize spending habits while optimizing technology, improving the overall IT capabilities and the infrastructure to achieved greater results.
The global software asset management market is anticipated to reach a market valuation of USD 2.45 billion by the end of the forecast period. As suggested in the report by Market Research Future (MRFR), the global software asset management market is estimated to witness a robust CAGR of 14.18% by the end of 2023, owing to the factors mentioned above.
The key factor driving the global software asset management market is increasing the need for managing the lifecycle of assets due to increasingly dynamic information technology (IT) environments, and the demand for efficiency with regards to the ability to effectively access, manage, and secure both software and hardware assets. Other factors driving the market are cost management, improved IT operations productivity and enhanced cybersecurity. However, lack of awareness among small & medium enterprises (SME’s) regarding software asset management can hinder the market growth.
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Detailed Regional Analysis
The regional segmentation of the global software asset management market segments the market into continent-based regional markets known as North America, Europe Asia Pacific, and the rest of the world (RoW). Due to the maximum technological advancements in North America, this region has been anticipated to lead the global market during the forecast period. Due to technological advancement and increasing adoption of digital business strategies, there is a need to manage the lifecycle of the software assets that are complex in nature. Many major market players are also based in North America. This raises the value of North America as a market. The most important country-specific markets in this region are the United States of America (USA), Canada, and Mexico.
Europe is the second biggest regional market due to maximum technological advancement after North America, and this region has a high density of population. The market in this region is also growing due to heavy industrialization in the past decade in various technologically advanced countries like France, Germany, Italy, Spain, and the United Kingdom (UK).According to the report, the market in the Asia Pacific region is expected to witness the highest growth during the forecast period. The significant country-specific markets in this region are China, India, Japan, and South Korea.
The RoW segment covers the Middle East & Africa (MEA) and Latin America. In Latin America, Argentina and Brazil have strong economies, and they might emerge as big markets in the future. The MEA region shows limited market slow and steady growth. The reasons for the slow market growth in this region are lack of awareness, lack of education, lack of technological development, political instability.
The global software asset management market is segmented by component, deployment, organization size, and region. Based on component, the global software asset management market is segmented into solutions and services. The solution segment is further studied for the sub-segments of license management, audit & compliance management, metering, software discovery, optimization, configuration management, contract management, and others. The services segment is sub-segmented and analysed into professional services and managed services.
By deployment, the global SAM market is segmented into on-cloud and on-premise. Based on organization size, the report has mentioned the market segments of small & medium enterprises and large enterprises. Based on vertical, the global software asset management market is gaining influential applications in the BFSI, IT and telecommunications, retail, and healthcare sectors.
Some notable players in the SAM market include Aspera Technologies (US), BMC Software (US), CA Technologies (US), Microsoft (US), Symantec (US), Certero (UK), Cherwell Software (US), Flexera (US), IBM (US), Ivanti (US),Micro Focus (UK), Scalable Software (US), ServiceNow (US), CloudFabrix Software Inc.(U.S), and Snow Software (Sweden).
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Global Software Asset Management Market Research Report, By Component (Solution, & Services), Deployment (On-Premise, & Cloud), Organization Size (Small and Medium, Large), Vertical (BFSI, Healthcare, IT & Telecommunication, Retail) – Forecast till 2023