Effective management of software assets is a critical aspect of IT governance, and the Software Asset Management (SAM) market addresses this need. SAM solutions assist organizations in tracking, optimizing, and managing their software licenses throughout the entire lifecycle. This not only ensures compliance with licensing agreements but also helps in minimizing costs associated with software procurement and usage.
Software Asset Management Market: Dive into the Latest News and Updates
The global Software Asset Management (SAM) market is experiencing a period of robust growth, fueled by several key factors. Businesses are increasingly recognizing the need to optimize their software spending and mitigate compliance risks,
Some of Software Asset ManagementCompanies Listed Below:
Strategies Adopted for Market Share:
In the competitive Software Asset Management market, players are deploying various strategies to differentiate themselves and gain an edge. This includes:
Factors Influencing Market Share Analysis:
When analyzing market share within the SAM landscape, several factors come into play, including:
Emerging Companies to Watch:
Apart from established players, several new and emerging companies are making waves in the SAM market. These companies are often characterized by:
Current Investment Trends:
Companies in the SAM market are witnessing significant investment activity, driven by factors such as:
Latest Company Updates:
November 17, 2023:
December 7, 2023:
January 8, 2024:
February 7, 2024:
Software Asset Management Market Size was valued at USD 2.72 billion in 2022. The Software Asset Management market is projected to grow from USD 3.17 Billion in 2023 to USD 8.1146 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 16.90% during the forecast period (2023 - 2030). The increasing adoption of software asset management tools in different industries and easier monitoring and optimize IT assets in small businesses are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Software asset management (SAM) is a business strategy tool that involves deploying, maintaining, controlling, and automating software application procurement and deployment within an organization. The SAM application systematically evaluates, tracks, and manages software licenses, compliance, and optimization. The growing adoption of cloud and digital transformation across multiple industries, including BFSI, IT & telecom, government, healthcare, and retail, is expected to drive the growth of software asset management (SAM) solutions and services. Furthermore, the market needs to be more cohesive due to the presence of many players. Software asset management is critical for risk management, reducing software spending, and achieving results quickly. Because of these benefits, demand for software asset management marketing is expected to rise among end-use industries. Software asset management is widely used in organizations because it provides faster results at a lower cost. The technologies used in the SAM program are complex and ever-changing. SAM program implementation in small, medium, and large enterprises necessitates skilled personnel and resources. The adoption of a SAM program assists organizations in reducing risk while optimizing the entire lifecycle of a company's software assets. Several software licenses are purchased or subscribed to by multiple organizations. It is easier to monitor and optimize IT assets in small businesses. However, managing IT assets becomes slightly more difficult in large enterprises. Furthermore, the growing need to manage audits and meet regulatory compliance standards worldwide drives the market growth. The process of controlling and optimizing the procurement, deployment, maintenance, consumption, and disposal of software applications within a company is known as software asset management (SAM). Its primary goal is to reduce IT costs and business and legal risks associated with software ownership and use, which aids in improving IT responsiveness and end-user efficiency. It combines people, processes, and technology to regulate and optimize the organization's software consumption. Thus, driving the Software Asset Management market revenue.
Based on components, the software asset management market segmentation includes solutions and services. The solution segment dominated the market, and real-time location systems (RTLS), barcodes, mobile computers, labels, and the positioning system (GPS) are all part of the solution segment. The barcode segment is helping the solution segment gain market share. Image-based barcode scanners are increasingly being adopted across many industries and industry verticals, including healthcare, logistics, food and beverage, and consumer products, due to their 2D code-reading capabilities, long-term reliability, and multiple code-reading abilities have enhanced the Software Asset Management market CAGR across the globe in recent years.
Figure 1: Software Asset Management Market by Component, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Based on deployment, the software asset management market segmentation includes on-premise and cloud. The cloud segment held the majority share in 2022 concerning the Software Asset Management market revenue. Because of the low cost and ease of access to cloud-based IT Asset Management Software Market solutions. Cloud-based IT Asset Management Software Market solutions are increasingly used in banking, financial services, insurance (BFSI), healthcare, retail, government, IT and telecommunication, manufacturing, etc. Cloud-based IT Asset Management Software Market solutions enable the migration of data, applications, and all critical business elements from on-premise data centers to the cloud or from one cloud to another.
Based on the organization size, the software asset management market data includes small, medium and large. The small category generated the most income as compared to large corporations, these companies face more budget constraints and require better approaches to dealing with problems to improve the cost optimization of their business processes. However, the SME segment is expected to grow at a faster CAGR during the forecast period. SMEs prefer cloud-based solutions to on-premises solutions due to limited budgets. This trend is expected to continue in the coming years, resulting in a significant market size for the cloud deployment model during the projection period. Implants for software asset management, positively impacting the market growth.
Based on the vertical, the software asset management industry includes BFSI, healthcare, IT & telecommunication, and retail. Healthcare services dominate the market holding the maximum market share during the forecasted period. In terms of advanced technology adoption and services, healthcare and life sciences are one of the fastest-growing verticals. After all, it is a highly regulated industry. Software asset management systems can help healthcare organizations.
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America Software Asset Management market will dominate this market. The rising demand for an optimized IT asset at a lower cost is expected to drive up demand for software asset management. In the United States, for example, many federal agencies use software asset management tools to manage software licenses and other information technology (IT) assets at a lower cost.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SOFTWARE ASSET MANAGEMENT SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Software Asset Management market accounts for the second-largest market share. This is due to the increase in the automation of various forms of transportation, particularly railroads, facilitated by cloud computing. The software asset management tracks the locations of buses in the area. Cloud computing technology determines the arrival time to be displayed on the real-time information system at the bus stop. Further, the German Software Asset Management market held the largest market share, and the UK Software Asset Management market was the fastest-growing market in the European region.
The Asia Pacific Software Asset Management Market is expected to grow at the fastest CAGR from 2023 to 2030. The increasing adoption of software asset management tools in organizations across developing countries such as India, China, Singapore, and South Korea to ensure a secure, healthy, and productive IT infrastructure is expected to drive rapid market growth in this region. Furthermore, a sufficient number of market vendors drives the region's demand for software asset management. Moreover, the India Software Asset Management market held the largest market share, and the China Software Asset Management market was the fastest-growing market in the Asia Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Software Asset Management market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Software Asset Management industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Software Asset Management industry to benefit clients and increase the market sector. The Software Asset Management industry has recently offered some of the most significant medical advantages. Major players in the Software Asset Management market, including 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) and others, are attempting to increase market demand by investing in research and development operations.
Snow Software (Sweden) is transforming how businesses think about technology investments, enabling IT and business leaders to drive transformation with precision and agility today and in the future. Technology intelligence is transforming how businesses manage their IT assets. You can use Snow to go beyond discovery and inventory to understand your technology’s use. You have the authority to optimize your budget and maximize your impact, elevating IT to the role of change and agility agent. Our entire team at Snow is dedicated to our customer’s success. A single platform comprised of the most innovative products has the potential to revolutionize our industry. Today's IT leaders have a once-in-a-lifetime opportunity to transform and protect their organizations, and we're here to help.
ServiceNow (US) is a digitally native company that assists organizations in reinventing themselves and realizing their full potential. In a bar, four friends. That's how our story started in 2003. They shared a common dream, which we continue to pursue: to be the best company to deliver profound organizational transformations while creating career opportunities for IT professionals worldwide. Globant is committed to customer satisfaction by ensuring the suitability and effectiveness of our Quality Policy goals. This policy serves as the foundation for establishing goals for evaluating the effectiveness of our Quality Management System.
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)
June 2021: Snow Atlas, the first comprehensive platform designed to assist enterprises in identifying, managing, and optimizing their technology investments on-premises and in the cloud, will be released. SAM, SaaS management, and ITSM integrations, previously provided as a service, are now available on the new cloud-native platform in early access.
August 2022: Flexera's Software Vulnerability Manager and VMware Workspace ONE Unified Endpoint Management will be interoperable. (UEM). Because of this compatibility, customers can identify, prioritize, and satisfy the need for third-party patch deployment to repair software vulnerabilities.
January 2021: Scalable Software (US) invests heavily in research and development to gain a competitive advantage. This will help the company's sales volume increase.
Solution
Services
On-Premise
Cloud
Small
Medium
Large
BFSI
Healthcare
IT & Telecommunication
Retail
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
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