ID: MRFR/ICT/4726-HCR | February 2021 | Region: Global | 100 pages
Software Asset Management Market Overview:
The software asset management market closed its operations for the historic period that ended in 2019 at a final market valuation worth USD 1.16 billion. Based on the market trends and analysis of the market done from the end of the market leaders and industry players during the ongoing forecast period of 2021-2028. Owing to the increasing need for the management of the lifecycle of the business assets, The software asset management market is expected to reach approximately USD 2.45 Billion by 2023 growing at a ~14.18% CAGR over the forecast period 2018–2023.
The global market trends are witnessing the rising pressure on both the software users and vendors to adhere to the regulations and compliances that are promising a good expansion return to the market operations and help in the expansion of the market during the ongoing forecast period of 2021-2028.
Software Asset Management Market COVID 19 Analysis:
The arrival of the pandemic in 2020 has invited various struggles for the global market operations. The healthcare infrastructure of developed economies have collapsed due to the rising cases and hence, the public healthcare emergency will require the government and market players to intervene and help in the revival of the market operations and revenue with collaborative efforts of the research and development initiatives undertaken to recover the losses during the forecast period that ends in 2028. Also, the rising investments have good prospects in store for the market in the upcoming years.
Software Asset Management Market Dynamics
The software asset management market provides both solutions and services with a motive to deal with license software, monitoring the usage of software, and also, ensuring the audit compliances to give the enterprises a comprehensive and elaborated view of the whole life cycle of the software and further, optimize the IT spending of the global market players. The enterprises are increasing their expenditure in acquiring advanced technology that acts as an asset for managing an array of software portfolios is considered to be a complex procedure. Hence, the need of the market is to adopt efficient management tools of optimization of their spendings.
The evolution of the global solutions offered by the market operations has brought major transformations that operate in a business environment that is highly competitive and dynamic. The IT leaders that are a part of the market are putting forward their concerns related to the increased cost of the software. This is presenting major growth restraints to the market during the ongoing forecast period of 2021-2028. Hence, the key market players through their services are trying to ensure the audit readiness that has an important role to play in avoiding the penalty expenses related to license non-compliance.
Software Asset Management Market Technology Analysis:
Considering the global demand and rising trend of BYOD across various organizations and verticals, it is becoming necessary for enterprises to both track and monitors the usage of the diverse software on a variety of electronic devices such as tablets and smartphones with a motive to protect themselves from making use of the unauthorized or pirated software licenses.
Software Asset Management Market Segmentation:
The software asset management market has been divided all across the globe based on the component, deployment, organization size, and verticals.
Based on the Type:
The market has been divided all across the globe based on the type into services and solutions. The solution type is further sub-divided into configuration management, contract management, metering & optimization, software discovery, audit & compliance management, license management, and others. The service type is further sub-divided into managed services and professional services.
Based on the Deployment:
The market has been divided all across the globe based on the deployment into on cloud basis and on-premise basis.
Based on the Organization Size:
The market has been divided all across the globe based on the organization size into large enterprises and small and medium enterprises.
Based on the Verticals:
The market has been divided all across the globe based on the verticals into the retail sector, healthcare sector, IT & Telecom sector, BFSI sector, and others.
Software Asset Management Market Regional Analysis:
The software asset management market has been divided all across the globe based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the software asset management market is held by the North American region owing to changing trend towards upgraded and new technologies. Moreover, the adoption of advanced technology as business strategies also drives the market demand.
The second-largest market share in the software asset management market is held by the European region owing to increasing industrialization and urbanization. Moreover, the presence of countries like France, the UK, Germany, and Italy drives the market demand to this region.
Being the fastest-growing region, the third-largest market share in the software asset management market is held by the Asia-Pacific region owing to the presence of highly populated countries like India and China that drives the market demand to this region. Increasing industrialization is another contributing factor.
The least market share is held by the Latin American region and the Middle East and African region owing to the presence of low infrastructure in both these regions. Low per capita disposable income is another contributing factor that restricts the market growth in these regions.
Software Asset Management Market Competitive Landscape:
The most prominent major key players in the software asset management market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the software asset management market in the global market by going for mergers, and acquisitions, by collaborating, establishing a partnership, developing a new production process, setting up a new joint venture, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the software asset management all across the globe.
All the major key players are highly investing in mergers and acquisitions, new product launches, and joint ventures.
Scalable Software (US) is spending a huge sum of money on research and development to get an upper edge over its competitors. This will help the company in increasing its sales volume.
The largest market share in the software asset management market is held by the North American region owing to changing trend towards upgraded and new technologies.
This global software asset management market research report consists of the following elements mentioned below:
This market research report contains factors that drive the growth of the software asset management market in the global market along with the factors that restrict its growth in the global market. The technical analysis during the forecasted period is mentioned. The impact of COVID 19 on the software asset management market all across the globe is mentioned. The future growth rate in the software asset management market during the forecasted period is estimated and mentioned.
Advisory firms, third-party software vendors, investors and venture capitalists, resellers and distributors, cloud platform providers, system integrators, managed service providers (MSPs), professional service providers, regulators, software asset management providers, training and consulting service providers.
Frequently Asked Questions (FAQ) :
The software asset management market can thrive at 14.18% CAGR by 2023.
The software asset management market can value at USD 2.45 Bn by 2023.
ServiceNow (US), Scalable Software (US), Snow Software (Sweden), CloudFabrix Software Inc. (U.S) are some reputed names in the software asset management market.
Enterprises are actively deploying license management solutions; which cam prompt the global software asset management market expansion.
The North America software asset management market can surge owing to the presence of advanced technologies.