Software Asset Management Market worth $4.8 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 19, 2021 /PRNewswire/ -- According to a new market research report "Software Asset Management Market with COVID-19 Impact, by Component, Deployment Model (On-premises, Cloud), Organization Size (Large Enterprises, SMEs), Vertical, & Region (North America, Europe, APAC, MEA, and Latin America) - Global Forecast to 2026", published by MarketsandMarkets™, the global Software Asset Management Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.1% during the forecast period, to reach USD 4.8 billion by 2026 from USD 2.0 billion in 2021.
Key factors that are expected to drive the growth of the market are the rising need to manage audits and meet regulatory compliance standards, growing need to manage and optimize the purchase, deployment, maintenance, utilization, and disposal of software applications within the business, and lower software spend cost. These factors are driving the demand for software asset management.
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464 – Tables
69 – Figures
359 – Pages
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Services segment to hold a larger market size during the forecast period
Based on services, the Software Asset Management Market is segmented into two categories: professional and managed services. These services assist in building, assessing, and leveraging software asset management environments to avoid time wastage and effort on a failed implementation. These services help optimize software licensing costs, IT assets, and ensure compliance standards by managing audits. Enterprises need active support from skilled professionals to minimize their software asset downtime during the pre-and post-installation of software asset management solutions. These services provide the necessary support to uphold the efficiency of business processes, increase enterprise growth, and reduce unwanted IT expenses.
SMEs segment to grow at the highest CAGR during the forecast period
SMEs are defined as organizations with an employee strength ranging from 1 to 1,000. These enterprises face greater challenges of a limited budget as compared to large enterprises and require better methods to resolve complexities for improving the cost optimization of their business processes. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. Due to the limited budget, SMEs mostly prefer cloud-based solutions over on-premises solutions, and this adoption trend is expected to accelerate in the years to come, enabling the cloud deployment model to have a considerable market size during the forecast period. SMEs use software asset management solutions for license management, software discovery, optimization, and metering. These factors are also expected to encourage more SMEs to adopt software asset management solutions and services at a rapid pace. This segment has a huge potential and will continue to flourish in the Software Asset Management Market in the coming years.
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Healthcare and life sciences industry vertical to grow at the highest CAGR during the forecast period
Healthcare and life sciences is one of the fastest-growing verticals with respect to the adoption of advanced technologies and services in terms of the Software Asset Management Market. It is in fact, a highly regulated one. Software asset management solutions can help healthcare organizations, hospitals, and clinics in tracking, monitoring, and managing their software assets to improve the efficiency. Healthcare institutions using software asset management solutions for operational activities and management of medical devices have to adhere to regulations as per the laws of governing bodies. In the recent years, the focus on the healthcare and life sciences industry vertical is increasing across the regions. The risk associated with selecting and managing the appropriate software is of utmost importance to this industry vertical. The strict laws governing the healthcare and life sciences industry vertical encourage the healthcare companies to adopt effective software asset management solutions and associated services.
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North America to account for the highest market share during the forecast period
The Software Asset Management Market is segmented into five regions: North America, Europe, APAC, MEA, and Latin America. The software asset management report provides insights into these regional markets in terms of market size, growth rates, future trends, market drivers, and COVID-19 impact. North America is expected to hold the highest market share in the overall Software Asset Management Market during the forecast period. Following North America, Europe is expected to hold the second-highest market share during the forecast period. High need to optimize software licensing cost and manage audits to meet compliance standards is expected to drive the North American and European markets. APAC and MEA are also expected to witness high growth rates during the forecast period.
The Software Asset Management Market comprises major providers, such as Snow Software (Sweden), Flexera (US), USU Software AG (Germany), Ivanti (US), BMC Software (US), ServiceNow (US), Certero (UK), Matrix42 (Germany), Broadcom (US), Eracent (US), Scalable Software (US), Belarc (US), IBM (US), Micro Focus (UK), Microsoft (US), ManageEngine (US), Xensam (Sweden), InvGate (Argentina), Symphony SummitAI (US), 1E (UK), Open iT (US), Lansweeper (Belgium), and License Dashboard (UK). The study includes an in-depth competitive analysis of key players in the Software Asset Management Market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
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