31-Jul-2020 | Zion Market Research
As per Zion Market Research, the global software asset management market accounted for USD 1.37 billion in 2019 and is estimated to attain USD 3.75 billion by 2025, developing at a CAGR of 14.2% during the forecasted period 2019–2025. Software asset management is a commercial practice that includes managing & optimizing the purchase, maintenance, utilization, deployment, and clearance of software applications in a company. It is aimed to decrease IT (information technology) costs and reduce business & legal risk concerning the ownership and utilization of software while optimizing IT awareness & end-user efficiency.
Some of the leading players in the global market are BMC Software; Aspera Technologies; Microsoft; CA Technologies; Certero; Symantec; Flexera; Cherwell Software; Ivanti; IBM; Scalable Software; Micro Focus; CloudFabrix Software Inc.; ServiceNow; and Snow Software. The major players keep investing and innovating in research & development activities. The merger and acquisitions amongst various players are transforming the market structure.
Rising Need To Manage The Lifecycle Of Assets To Fuel The Global Software Asset Management Market
The software asset management market is likely to develop significantly in the upcoming years owing to an augmenting requirement for managing the lifecycle of assets. It is mainly driven by the surging number of audits in a company, the complicated nature of the licensing plans, high costs on the licenses, and over compliance. The existing technologies in the software assets management market are cloud solutions and virtualization that are resulting in many growth prospects for the market. Nevertheless, the market witnesses some challenges as software licensing is multifaceted. Other apprehensions such as lack of awareness, budget constraint, and a low order of importance for the implementation of software asset management solutions & services are impacting the market growth.
The global software asset management market is bifurcated on the basis of component, deployment model, organization size, vertical, and regional analysis. Based on the component, the market is divided into services and solutions. Based on the deployment model, the market is divided into cloud and on-premises. Based on the organization size, the market is divided into small & medium enterprises and large enterprises. Based on the vertical, the market is divided into BFSI, government, education, manufacturing, healthcare & life sciences, retail & consumer goods, telecom & IT, and others.
The North America Region Projected To Dominate The Global Software Asset Management Market
Based on geographical analysis, the global software asset management market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The North America region is anticipated to dominate the software asset management market over the estimated period since several organizations are moving toward innovative and updated technologies with the rising adoption of digital business strategies. In addition, this region is likely to dominate owing to high investment in technology, serving the requirements of lifecycle management of complicated software, and stringent laws & regulations related to the purchase of assets.
Browse the full “Software Asset Management Market: by Component (Solutions and Services) by End User (Small & Medium Enterprises (SMEs) and Large Enterprises) by Deployment (Cloud and On Premises) by Industry Vertical (Retail, BFSI, IT & Telecom, Healthcare, Government Sector, Energy and Power, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 – 2025..” Report at https://www.zionmarketresearch.com/report/software-asset-management-industry
The global software asset management market is segmented as follows:
By deployment model:
By organization size:
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