Software Asset Management Market Size Worth $5,150.51 Million, Globally, by 2028 at 12.6% CAGR - Exclusive Report by The Insight Partners
The Software Asset Management Market Size to reach US$ 5,150.51 million by 2028 from US$ 2,250.37 million in 2021 to grow at a CAGR of 12.6% from 2021 to 2028 driven by organizational preference toward cloud-based deployments and increasing need for asset lifecycle management.
NEW YORK, Jan. 12, 2022 /PRNewswire/ -- According to the new market research report "Software Asset Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solutions and Services), Deployment Type (On-premises and Cloud-Based), Organization Size (SMEs and Large Enterprises), and Industry Vertical (BFSI, IT and Telecom, Manufacturing, Retail and Consumer Goods, Government, Healthcare and Life Sciences, Media and Entertainment, and Others)", published by The Insight Partners.
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Software Asset Management Market: Competitive Landscape and Key Developments
BMC SOFTWARE, INC.; CERTERO; CHERWELL SOFTWARE, LLC; FLEXERA; IBM Corporation; IVANTI; MICRO FOCUS; Microsoft Corporation; SERVICENOW; and SNOW SOFTWARE are among the major companies operating in the software asset management market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.
In February 2020, Certero, a provider of ITAM and SAM hybrid technology and service solutions, released Version 7 of its Unified Platform, including Enterprise ITAM and SAM products. Certero for Cloud has been significantly improved in this edition, and clients may now minimize their subscription costs across a larger selection of prominent enterprise SaaS providers.
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The administration of systems, rules, and procedures that enable the acquisition, implementation, usage, maintenance, and disposal of software applications inside an organization is known as software asset management (SAM). The Software Asset Management Market is a component of IT asset management that aims to guarantee that the company follows licensing agreements and does not overspend on software. The identification of software assets, the validity of end-user license agreements (EULAs), and the appropriate usage of free software are all crucial goals of any SAM endeavor. SAM documentation can protect one's company from anti-piracy lawsuits, minimize unintended license misuse, and provide control over the shadow software on the network. Software asset management in a large organization may be so complicated that it requires the development and maintenance of a database that maintains information about software purchases, subscriptions, licenses, and patches. A team like this is often in charge of renewing software licenses, negotiating new license agreements, and detecting and removing software that is rarely or never utilized. The software asset management market will audit the number of software licenses purchased and reconcile it with the number of licenses installed to automate how information is obtained from numerous mobile, desktop, data center, and cloud inventory sources. SAM tools may also keep track of how many licenses are left. To keep expenses down, this knowledge may be utilized to delete or reallocate software that is not being used.
Impact of COVID-19 Pandemic on Global Software Asset Management Market:
The COVID-19 pandemic has benefited the industry for software asset management market. Businesses are facing new challenges due to the COVID-19. The COVID-19 outbreak has highlighted the necessity to adopt digital technologies and leverage the potential of software asset management solutions and services to optimize licenses and costs and increase ROI on IT assets. Further, the pandemic's arrival in 2020 has prompted a slew of challenges for global market operations. Because developed economies' healthcare infrastructures have collapsed as a result of rising cases, the public healthcare emergency will require the government and market players to intervene and assist 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 2028. In addition, the increased investments bode well for the software asset management market in the following years.
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All procedures and IT infrastructure users need to manage, regulate, and safeguard the company's software assets throughout their life cycles. IT asset management (ITAM), IT service management (ITSM), and hardware asset management (HAM) are all subsets of software asset management (SAM). ITAM aims to improve software and hardware asset management while optimizing cost savings and limiting audit risks. Modern businesses consider software to be an integral element of their everyday operations. On average, an organization employs 288 applications to assist employees with various tasks. With the implementation of a successful asset life cycle management or life cycle asset management (LCAM), strategy businesses can determine when an asset will achieve its peak performance and how long it has left to serve the business. For instance, blissfully is a software asset management and software as a service (SaaS) management application that can help save money, manage all software providers, improve productivity, and increase the software system's security. Blissfully discovers and tracks all of the tools that clients utilize at their company. Users can see which applications they are using and how much time the team spends on each application through a single dashboard. Thus, the increasing need for asset lifecycle management propels the growth for the software asset management market.
Software Asset Management Market: Component Type Overview
Based on component type, the software asset management market is segmented into solutions and services. In 2020, the solutions segment held a larger market share in global software asset management market. The software asset management solutions help data center operations managers to identify, locate, visualize, and manage all assets and plan capacity for future growth. Implementing a SAM program has a tactical purpose – matching the number of software licenses acquired with the number of actual licenses consumed or used. A successful SAM program must verify that all installed software is used following the terms and conditions of the individual vendor licensing agreement and balancing the number of licenses purchased with the quantity of consumption. Thus, the attributed offered by the solution contributing to the growth of software asset management market.
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Browse Adjoining Reports:
IT Asset Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (Cloud, On-Premises); Enterprise Size (Small and Medium Enterprises, Large Enterprises); End User (BFSI, IT and Telecom, HealthCare, Transportation, Manufacturing, Others) and Geography
Fixed Asset Management Solutions Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Components (Software, Services) ; Enterprise Size (Large Enterprises, SMEs) ; Deployment Type (Cloud, On-Premises) ; Industry Vertical (Manufacturing, Energy and Utilities, Transportation and Logistics, Healthcare and Life Sciences, IT and Telecommunications, Others) and Geography
Web Content Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Digital Channels Content Management, Social and Mobile Content Management, Content Lifecycle Management, Digital Asset Management, Web Experience Management, Multiple Channel Management, Website Management); Industry Vertical (BFSI, Healthcare, Government, Retail, Education, IT and Telecom, Media and Entertainment, Travel and Hospitality) and Geography
End User Computing Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Solution (Virtual Desktop Infrastructure, Unified Communication, Device Management, Software Asset Management); Service (Consulting, Support and Maintenance, Training and Education, System Integration, Managed Services); Industry Vertical (IT and Telecom, Banking Financial services and Insurance, Education, Healthcare, Government, Retail, Media and Entertainment, Manufacturing, Media and Entertainment, Manufacturing) and Geography
Digital Asset Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offerings (Solution, Service); Type (On premise, Cloud); End user Industry (IT and Telecom, BFSI, Healthcare and Pharmaceutical, Manufacturing, Government, Others); Business Function (Human Resource (HR), Sales and Marketing, Information Technology, Others) and Geography
Enterprise Asset Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution, Services); Deployment (On-Premise, Cloud); Industry Vertical (Manufacturing, Transportation and Logistics, Oil and Gas, Healthcare, Energy and Utilities, Others) and Geography
AI in Asset Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (Cloud, On-premises); Application (Portfolio Optimization, Conversational Platform, Risk and Compliance, Data Analysis, Process Automation, Others); Vertical (BFSI, Healthcare, Retail and E-commerce, Media and Entertainment, Automotive, Others) and Geography
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