Software Asset Management Market is projected to expand at a CAGR of 16.90% and will reach up to USD 8.1 Billion by 2030

 

Market Highlights

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.

Software Asset Management involves managing and optimizing the purchase, deployment, maintenance, utilization, and disposal of software assets within an organization. The objective of SAM is to reduce IT costs and limit operational, financial and legal risks related to the ownership and use of software. It brings together people, processes, and technology to control and optimize the use of software in the organization. Software asset management comprises of all activities regarding the management and optimization of the purchase, deployment, maintenance, utilization, and disposal of software assets (that have outgrown their utility) within an organization. IBM Tivoli, BMC IT Asset Management, CA IT Asset Management, Oracle PeopleSoft, HP Asset Management and Servicenow Asset Management are some of the growing products which have established themselves as leaders in the software asset management area.

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Key Players:

·         Aspera Technologies (USA)

·         BMC Software (USA)

·         CA Technologies (USA)

·         Certero (UK)

·         Cherwell Software (USA)

·         CloudFabrix Software Inc. (USA)

·         Flexera (USA)

·         IBM (USA)

·         Ivanti (USA)

·         Micro Focus (UK)

·         Microsoft (USA)

·         Scalable Software (USA)

·         ServiceNow (USA)

·         Snow Software (Sweden)

·         Symantec (USA).

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.

Segmentation:

By component, the market is segmented into solution and services. Solution is sub-segmented into license management, audit and compliance management, software discovery, metering, and optimization, contract management, configuration management, and others. Services is sub-segmented into professional services and managed services.

By deployment, the market is segmented into on-premise and on cloud.

By organization size, the market is segmented into small and medium enterprises and large enterprises.

By vertical, the market is segmented into BFSI, IT & telecom, government, healthcare, retail, and others

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