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)
According to our latest market study on "Software Asset Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Enterprise Size, Industry Vertical, and Geography," the market is expected to grow from US$ 2,250.37 million in 2021 and is projected to reach US$ 5,150.51 million by 2028; it is expected to grow at a CAGR of 12.6% from 2021 to 2028.
In addition to managing software assets, software asset management (SAM) for cloud settings focuses on cost management, software portfolio management, and regulatory challenges. In cloud settings, where services are provided, configured, reconfigured, and released in a matter of minutes, software asset management (SAM) as a process must adapt to the quick speed of change. The various cloud approaches – infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS) – have varying effects on software asset management, and organizations will need to carefully and proactively consider the impact their cloud strategy has on their SAM programs, in general, and specifically on their software licensing. For instance, Cloud Economics is a periodic comprehensive service that gives clients transparency and control over their cloud deployment while also assisting them with budgeting, contract renewals, infrastructure changes, mergers and acquisitions, standards, rules, and processes.
The software asset management market is analyzed based on component, deployment, enterprise size, industry vertical, and geography. 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 terms of deployment type, the software asset management market is segmented into on-premise and cloud. In 2020, the cloud segment accounted for a larger market share in global software asset management market. Based on enterprise size, the market is segmented into SMEs and large enterprises. In 2020, the large enterprises segment accounted for a larger market share in global software asset management market. In terms of industry vertical, the global software asset management market is segmented into BFSI, IT and Telecom, manufacturing, retail, and consumer goods, government, healthcare and life sciences, media and entertainment, and others. In global software asset management market, the manufacturing segment held the largest market share in 2020. Geographically, the software asset management market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. In 2020, North America accounted for a significant share in the global software asset management market.
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 pandemic. 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 industry in the following years.
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.
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