Software Asset Management Market
The software asset management market is expected to grow from US$ 2,250.37 million in 2021 to US$ 5,150.51 million in 2028; it is estimated to grow at a CAGR of 12.6% from 2021 to 2028.
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Software asset management in a large organization can be so complex that it requires building and maintaining 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 used. 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 captured from multiple mobile, desktop, data center, and cloud inventories source. SAM tools can also track how many licenses are left. To reduce costs, this knowledge can be used to delete or reassign unused software.
Key vendors covered in this report:
• Microsoft Corporation
• Ivanti
• Snow Software
• Bmc Software, Inc.
• Certero
• Flexera
• IBM Corporation
• Micro Focus
• Servicenow
• Broadcom, Inc.
The administration of systems, rules, and procedures that enable the acquisition, implementation, use, maintenance, and disposal of software applications within an organization is known as software asset management (SAM). The software asset management market is a part of IT asset management that aims to guarantee that the company complies with licensing agreements and does not overspend on software. The identification of software assets, the validity of end-user license agreements (EULAs), and the appropriate use of free software are all important goals of any SAM effort. SAM documentation can protect a company from anti-piracy lawsuits, reduce unintended license usage, and provide control over shadow software on the network.
Market Insights – Software Asset Management Market
Increasing Need for Asset Lifecycle Management Boosts Demand For Software Asset Management Market
All processes and users of the IT infrastructure need to manage, organize, and protect 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 view software as an essential element of their day-to-day operations. On average, an organization uses 288 applications to assist employees in various tasks. By implementing successful asset life cycle management (LCAM), business strategies can determine when an asset will achieve its peak performance and how much time is left to serve the business. For example, 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 software system security. Thus, increasing demand for asset lifecycle management is fueling the demand for asset management software market.
Software Asset Management Market Segmented by Region/Country:
• North America
• Europe
• Asia-Pacific
• Middle East and Africa
• Central and South America
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Deployment Type Segment Insights – Software Asset Management Market
Based on the type of deployment, asset management software is categorized into on-premise and cloud-based. Cloud-based software asset management solutions are more convenient to use on different devices with different screen sizes (desktops, laptops, tablets, hand-held devices, and smartphones). Data from RFID, barcoding, and NFC can also be saved in the cloud, making retrieval easier. Cloud-based systems are ideal for multiple locations and a combination of internal and external asset audits, due to their ease of access. It’s usually simpler to upload asset photos and add comments from multiple devices. A cloud-based software asset management solution can easily facilitate version control, auditing, and multi-approval chains.
Organization Type Segment Insights
Based on the type of organization, the software asset management market can be categorized into small and medium enterprises and large enterprises. Large businesses can make large investments in high-end software to increase productivity in the company. A SAM tool will be required for large enterprises. Manual processes can be automated, accelerated, and improved with a software asset management tool. Moreover, software asset management helps organizations across different verticals effectively improve the performance and agility of their IT assets.
Industry Vertical Segment Insights – Software Asset Management Market
Based on industry vertical, the software asset management market is segmented into government, retail and consumer goods, healthcare and life sciences, BFSI, media and entertainment, manufacturing, IT and telecom, and others. Digital technologies are changing the way the manufacturing industry approaches its business. Technology is expected to play a major role in Industry 4.0. Software asset management will be an integral part of this new age of manufacturing.
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