Asset Management Software Market Size – USD 2.00 Billion in 2021, CAGR of 18.2%, Growing demand for audit management and regulatory compliance response
NEW YORK, NY, UNITED STATES, September 20, 2022 /EINPresswire.com/ — Growing need for IT and contract management teams to streamline the software lifecycle process and the increasing need to reduce costs software are key factors driving revenue growth in the market
The size of the Global Software Asset Management Market is USD 2.00 Billion in 2021 and is expected to register a revenue CAGR of 18.2% during the forecast period, according to the latest report by Reports and Data. Market revenue growth is expected to be driven by growing demand for audit management and regulatory compliance response.
Software Asset Management (SAM) ensures compliance with publisher-user software contracts. SAM enables the systemic management of IT assets by integrating people, processes, and technology. These standards help companies streamline their IT assets, deploy assets, and plan IT expenditures more efficiently. IT asset management tools collect asset details in one place. The information is used to produce valuable insights into how assets are being used across the company and their current life cycle, increasing the demand for software asset management solutions. Market revenue growth is expected to be driven by the increasing need for businesses to maximize their investments at each stage of their lifecycle and implement an IT asset management strategy to get more out of more. cheap, 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
• The Solutions segment is expected to register a rapid revenue growth rate during the forecast period due to the increasing need for analysis, monitoring, and maintenance of asset requirements in an organization. These solutions improve software efficiency, maintain records of software usage, and identify licensed software by helping organizations track their software usage. Organizations continue to use solutions to enable discovery, measurement, and optimization, enabling compliance and making the right decisions. In addition, manufacturing facilities and healthcare institutions are deploying solutions to monitor equipment maintenance and ensure proper equipment operation. These factors drive the segment’s revenue growth.
• The cloud segment is expected to lead in terms of revenue contribution to the global market during the forecast period owing to the increasing demand for minimizing business costs associated with IT infrastructure. The cloud solution allows businesses to focus on core business capabilities that provide security and data protection. According to a 2020 survey, 82% of businesses use hybrid clouds to store sensitive data in a private cloud while running enterprise applications in a public cloud.
• The Small and Medium-sized Enterprises (SMEs) segment is expected to account for the largest revenue share during the forecast period. SMEs always struggle with implementing asset management properly. As such, asset management software enables SMEs to stay competitive through change, while also adjusting to changes in an organized manner, increasing productivity. These factors are expected to drive the segment’s revenue growth during the forecast period.
• The manufacturing segment is expected to register a steady revenue growth rate during the forecast period due to increasing demand for extending lifespan, improving productivity, and streamlining maintenance processes. The industry is labor-intensive and prone to costly mistakes. Solutions reduce cost and are required to increase industry share. Manufacturing companies use asset management software to manage the 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 the global market during the forecast period. The 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 that are expected to drive the revenue growth of the market in the region. A growing number of corporate companies are using software asset management to optimize value through active acquisition control and automation. According to the data, the US had 6.1 million registered corporate companies in 2019.
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For the purpose of this report, Reports & Data has segmented the global asset management software market based on component type, deployment, organization size, end-use, and region:
Segment Type Outlook (Revenue, USD Billion; 2019-2030)
• Solutions
• Services
Deployment Outlook (Revenue, USD Billion; 2019-2030)
• In place
• Clouds
Organization Size Outlook (Revenue, USD Billion; 2019-2030)
• Small and Medium Enterprises (SMEs)
• Big Business
End-use Outlook (Revenue, USD Billion; 2019-2030)
• Manufacturing
• IT and Telecom
• BFSI
• Merchandise and Consumer Goods
• Others
Regional Outlook (Revenue, USD Billion; 2019-2030)
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
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Key Advantages of Software Asset Management Report:
• Identification and analysis of market size and competition
• Qualitative and quantitative analysis of market data
• Data verified by industry experts after extensive primary and secondary research
• Extensive regional analysis of Software Asset Management industry
• Profiling of key players 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 and qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market that provides an overall statistical study of this market based on market drivers, limitations and future prospects.
Nikhil Morankar
Reports and Data
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