Growing need for IT and contract management teams to streamline software lifecycle process and increasing need to reduce software expenditures are key factors driving market revenue growth
Market Size – USD 2.00 Billion in 2021, Market Growth – at a CAGR of 18.2%, Market Trends – Growing need for audit management and meeting regulatory compliance
The Global Software Asset Management Market size was USD 2.00 Billion in 2021 and is expected to register a revenue CAGR of 18.2% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is expected to be driven by the growing need for audit management and meeting regulatory compliance.
Software Asset Management (SAM) ensures compliance with publisher-user software contracts. SAM enables systemic management of IT assets by integrating people, processes, and technology. These standards help firms streamline their IT assets, deploy assets, and plan IT expenses more efficiently. IT asset management tool collects asset details in one place. The information is utilized to produce valuable insights into how assets are used throughout the company and their current life cycle, which increases the demand for software asset management solutions. The revenue growth of the market is expected to be driven by the increasing need for businesses to maximize their investments at every phase of their lifecycle and implement an IT asset management strategy to acquire more for less, harvest unneeded equipment, and dispose of obsolete equipment properly.
Companies profiled in the market report are ServiceNow, Microsoft Corporation, Danaher, IBM, Sonata Software, Lansweeper, InvGate, License Dashboard, Belarc, Inc., and Xensam AB.
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Some Key Highlights From the Report
- Solutions segment is expected to register a rapid revenue growth rate during the forecast period owing to the increasing need for analyzing, tracking, and maintaining asset requirements in an organization. These solutions enhance software efficiency, maintain software usage records, and identify licensed software by helping organizations track their software usage. Organizations increasingly adopt solutions to enable discovery, metering, and optimizations, enabling compliance and making the right decisions. In addition, manufacturing facilities and healthcare institutions deploy solutions to monitor equipment maintenance and ensure proper equipment operation. These factors are driving revenue growth of the segment.
- The cloud segment is expected to lead in terms of revenue contribution to the global market over the forecast period owing to the increasing need for minimizing enterprise costs related to IT infrastructure. Cloud solution enables enterprises to focus on core business competencies providing security and data protection. According to a survey of 2020, 82% of enterprises use hybrid clouds to store sensitive data in a private cloud while running enterprise applications on a public cloud.
- The Small and Medium-sized Enterprises (SMEs) segment is expected to account for the largest revenue share over the forecast period. SMEs always face difficulties implementing asset management properly. Consequently, asset management software enables SMEs to remain competitive through transformation, while also adjusting to changes in an organized manner, increasing productivity. These factors are expected to drive revenue growth of the segment during the forecast period.
- Manufacturing segment is expected to register a steady revenue growth rate during the forecast period owing to the increasing need for extending lifespan, improving productivity, and streamlining maintenance processes. The industry is labor-intensive and susceptible to expensive errors. The solutions reduce cost and are required to increase industry share. Manufacturing companies use asset management software to manage entire lifecycle of their plant assets, such as equipment, parts, production lines, and buildings.
- Market in North America is expected to account for the largest revenue share in global market during the forecast period. Rapid growth rate of the market is attributed to the increasing presence of major market players such as ServiceNow, Microsoft Corporation, Danaher, and IBM, among others which is expected to drive market revenue growth in the region. Growing numbers of corporate companies are utilizing software asset management to optimize value through active control and automation of procurement. According to data, the U.S. had 6.1 million registered corporate companies in 2019.
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For the purpose of this report, Reports and Data has segmented the global software asset management market based on component type, deployment, organization size, end-use, and region:
Component Type Outlook (Revenue, USD Billion; 2019-2030)
Deployment Outlook (Revenue, USD Billion; 2019-2030)
Organization Size Outlook (Revenue, USD Billion; 2019-2030)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- IT & Telecom
- Retail & Consumer Goods
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Latin America
- Middle East & Africa
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Key Advantages of Software Asset Management Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Software Asset Management industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Software Asset Management market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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