Software Asset Management Market – Global Industry Analysis and Forecast (2023-2029)

Software Asset Management Market was valued at US$ 2.34 Bn. in 2022 and is expected to reach US$ 7.02  Bn. by 2029, at a CAGR of 17% during a forecast period.
Software Asset Management Market Overview:
Its main purpose is to decrease IT costs as well as the business and legal risks connected with software ownership and use that helps for improving IT responsiveness and end-user efficiency. To regulate and optimise the organization's software consumption, it blends people, processes, and technology.To know about the Research Methodology :- Request Free Sample Report

COVID 19 impact:

The COVID19 pandemic arrival in 2022 has prompted the large number of challenges for global market operations. Because the healthcare infrastructure of developed economies has collapsed as a result of rising cases of patients, the public healthcare emergency will necessitate the government and market players intervening and assisting in the revival of market operations and revenue through collaborative efforts of research and development initiatives undertaken to recover the losses during the forecast period, which ends in 2029. In addition, the market's prospects in the coming years are bright because the number of investments and investors are increased.

Software Asset Management (SAM):Asset Management: The asset management is the systematic approach for the governance and realization of value foe enter group or entity over the whole lifecycle. Transparency into software estate and usage exchange of hardware and software data to app like service now.

Characteristics of SAM:

1. Cost Savings and Optimization
2. Budgeting
3. Security Risk Reduction
4. Elimination of Waste and Redundancy
5. Integration of Other Managed Services
Software Asset Management Market Dynamics:

The Software Asset Management Market is expected to grow significantly in the future years as the demand for asset lifecycle management grows. It's fueled by an organizations to increasing number of audits, the complexity of licensing systems, high license costs, and excessive compliance. In the software assets management industry, virtualization and cloud solutions are two modern technologies that help for increasing the market growth. However, the market oppose a number of problems, including complicated software licencing, budget limits, a lack of awareness, and a low priority for software asset management solutions and services adoption.By spreading computing resources across settings, most enterprises are increasingly adopting cloud-based models. Because of its flexibility, scalability, and low cost, cloud-based software asset management has grown in popularity. It also makes it simple to gather and analyses data by allowing enterprises to centrally examine data created from numerous places and collect data from diverse software assets. Software asset management providers such as Snow Software, IBM, and Service Now have released software asset management Software-as-a-Service (SaaS) products to meet the demand for SaaS across regions as a result of the cloud transition.

The evolution of market operations global solutions has resulted in significant changes that operate in a highly competitive and dynamic corporate environment. IT leaders in the sector are expressing their concerns about the rising cost of software. During the forecast period of 2022-2029, this is posing significant growth constraints to the market. As a result, leading market participants are attempting to ensure audit readiness through their services, which plays a vital role in avoiding penalty charges associated with licensing non-compliance. All this factors are helpful for increasing the growth of the market.
Software Asset Management Market segment analysis:
Based on component, solution segment held largest market share of xx% in 2022. The solution segment is further divided into Real-Time Location Systems (RTLS), barcodes, mobile computers, labels, and the Global Positioning System (GPS), among other things. The barcode section is assisting the solution segment in gaining market share. Due to its 2D code-reading capabilities, long-term reliability, and multiple code-reading abilities, image-based barcode scanners are progressively being embraced across many industries and industry verticals, including healthcare, logistics, food and beverage, and consumer products.

Based on organization size, small enterprise segment held largest market share of xx% in 2022. In comparison to large firms, these businesses confront more budget constraints and demand better approaches to address difficulties in order to improve the cost optimization of their business processes. During the forecast period, however, the SMEs segment is expected to increase at a faster CAGR. Because of their restricted budgets, SMEs prefer cloud-based solutions to on-premises solutions, and this trend is projected to continue in the coming years, resulting in a significant market size for the cloud deployment model during the projection period.



Based on verticals, healthcare and life science segment held largest market share of xx% in 2022. In terms of the software asset management industry, healthcare and life sciences is one of the fastest-growing verticals in terms of advanced technology adoption and services. It is, after all, a heavily regulated industry. Healthcare firms can benefit from software asset management systems. Healthcare organisations that use software asset management solutions for operational activities and medical device management must follow governing body regulations.
Regional Insight:
The North America region held largest market share of xx% in 2022. In terms of infrastructure development and technological adoption, North America has established a substantial lead. In the United States and Canada, a significant presence of large IT corporations and rapid digitization would boost regional market growth. The market is also predicted to rise due to the increasing adoption of connected, smart, and secure technologies for asset-centric applications.

Asia Pacific is the second dominant region and it held xx% of share in 2022. The regional market is being driven by the increasing adoption and deployment of modern technologies such as cloud-based solutions, AI, IoT, and big data analytics. The Asia Pacific region is also home to developing economies like as India and China, providing considerable prospects for asset management systems and services implementation. The existence of a big number of SMEs in the region is also driving demand for cloud-based solutions, which are typically very cost-effective.

Software Asset Management Market Recent Developments:

• Snow Atlas, the first comprehensive platform developed to help enterprises identify, manage, and optimise their technology investments both on-premises and in the cloud, was released in July 2021. SAM, SaaS management, and ITSM integrations, which were previously supplied as a service, are now accessible in early access on the new cloud-native platform.

• Flexera's Software Vulnerability Manager product and VMware Workspace ONE Unified Endpoint Management will be interoperable in May 2021. (UEM). Customers will be able to identify, prioritise, and satisfy the need for third-party patch deployment to repair software vulnerabilities thanks to this compatibility.

• To get an advantage over its competitors, Scalable Software (US) spends a significant amount of money on research and development. This will aid in the company's sales volume growth. Because of the increasing tendency toward upgraded and new technologies, the North American area holds the greatest market share in the software asset management market.

The objective of the report is to present a comprehensive analysis of the Software Asset Management market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Software Asset Management market dynamics, structure by analyzing the market segments and projects the Software Asset Management market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Software Asset Management market make the report investor’s guide.
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Software Asset Management Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 2.34 Bn.


Forecast Period 2023 to 2029 CAGR:
17%
Market Size in 2029:
US $ 7.02Bn.


 Segments Covered:
by Component
Services
Solution


by Deployment Model
Cloud
On-Premises


by Organization Size
Large Enterprises
Small & Medium Enterprises


by Vertical
Government
BFSI
Healthcare & Life sciences
Retail & Consumer Goods
Telecom & IT
Manufacturing
Media & Entertainment
Education
Others



Software Asset Management Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. Snow Software
2. Flexera
3. USU Software AG
4. Ivanti
5. BMC Software
6. ServiceNow
7. Certero
8. Matrix42
9. Broadcom
10. Eracent
11. Scalable Software
12. Belarc
13. IBM
14. Micro Focus
15. Microsoft
16. ManageEngine
17. Xensam
18. InvGate
19. Symphony SummitAI
20. 1E
21. Open iT

Frequently Asked Questions:

1. Which region has the largest share in Software Asset Management Market?
Ans: North America region holds the highest share in 2022.

2. What is the growth rate of Software Asset Management Market?
Ans: The Software Asset Management Market is growing at a CAGR of 17 % during forecasting period 2023-2029.

3. What segments are covered in Software Asset Management market?
Ans: Software Asset Management Market is segmented into component, deployment, organization Size, Verticals and region.

4. Who are the key players in Software Asset Management market?
Ans: The important key players in the Software Asset Management Market are – Snow Software, Flexera , USU Software AG , Ivanti , BMC Software, ServiceNow , Certero, Matrix42 , Broadcom, Eracent , Scalable Software , Belarc , IBM

5. What is the study period of this market?
Ans: The Software Asset Management Market is studied from 2022 to 2029.