Software Asset Management Market Research Report – Forecast to 2023
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 estimated to upscale at a fast pace during the forecast period, as stated in the latest MRFR analysis. This can be owed to the upscaling need for lifecycle management of assets. In the current dynamic IT environment, the ability to effectively access, manage, and secure the software and hardware assets is more critical than ever, hence, driving the adoption of the same in organizations during the forecast period. Software asset management enables IT organizations to contrast future and current cost of assets. This happens on the basis of improvement of IT operations, projections, productivity, and the enhancement of cybersecurity. However, lacking awareness within small and medium enterprises towards the benefits of the adoption of software asset management solutions is hampering market growth during the forecast period.
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.
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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.
Detailed Regional Analysis
The global software asset management market is studied for the regional segments of North America, Europe Asia Pacific, and the rest of the world. North America is estimated to boast the foremost position in the global SAM market. This can be owed to the rising shift of organizations towards new and upgraded technologies and mounting adoption of digital business strategies. Also, the regional market is anticipated to flourish due to the rising investment in technology, which is catering to the needs of lifecycle management of complex software, stringent laws, and regulations towards the purchase of software assets.
Europe is estimated to trail North America, accounting for the second-largest market share during the forecast period. This can be causative to the heavy industrialization in the past decade in several technologically mature countries such as France, the UK, and Germany. However, Asia Pacific is assessed to be a significant growth pocket for the software asset management market during the forecast period.
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
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