Software Asset Management Market Drivers and Forecasts by 2028

[Research Report] The software asset management market is expected to grow from US$ 2,250.37 million in 2021 to US$ 5,150.51 million by 2028; it is estimated to grow at a CAGR of 12.6% from 2021 to 2028.

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.

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Software Asset Management Market: Strategic Insights

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Impact of COVID-19 Pandemic on Software Asset Management Market

The COVID-19 pandemic has benefited the software asset management market. Businesses are facing new challenges due to the COVID-19 pandemic such as the development of remote work environments. 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.

Market Insights - Software Asset Management Market

Increasing Need for Asset Lifecycle Management Boost the Demand For Software Asset Management Market

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. Thus, the increasing need for asset lifecycle management boosts the demand for the software asset management market.

Component Segment Insights – Software Asset Management Market

Based on component, the software asset management market is segmented into solutions and services. 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 software asset management program has a tactical purpose – matching the number of software licenses acquired with the number of actual licenses consumed or used. A successful software asset management 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. In the case of an audit by a software vendor or a third party such as the Business Software Alliance (BSA), companies can reduce the liabilities associated with software piracy.

Deployment Type Segment Insights – Software Asset Management Market

Based on deployment type, the software asset management is categorized into on-premise and cloud-based. Cloud-based software asset management solutions are more convenient to use on various devices with different screen sizes (desktop, laptop, tablet, hand-held devices, and smartphones). Data from RFID, barcoding, and NFC may also be saved in the cloud, making retrieval easier. Cloud-based systems are ideal for multi-location and a combination of internal and external asset audits, owing to their ease of access. It is usually simpler to upload asset photos and add remarks from many devices. A cloud-based software asset management solution can easily facilitate version control, auditing, and multi-approval chains.

Organization Type Segment Insights

Based on organization type, the software asset management market can be categorized into small and medium enterprises and large enterprises. Large enterprises can make huge investments in high-end software to increase productivity in the company. A SAM tool will be required for larger enterprises. Manual processes may be automated, accelerated, and improved using a software asset management tool. Moreover, software asset management helps organizations across various 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 & consumer goods, healthcare & life sciences, BFSI, media & entertainment, manufacturing, IT & telecom, and others. Digital technologies are transforming the way the manufacturing industry approaches its business. Technology is estimated to play a massive role in Industry 4.0. Software asset management will be a key piece of this new age of manufacturing.

The market players focus on new product innovations and developments by integrating advanced technologies and features to compete. Snow Atlas is the only integrated platform developed from the ground up to help enterprises identify, monitor, and optimize their technology investments, both on-premises and in the cloud, according to Snow Software, the global leader in technology intelligence. Software and asset management (SAM), software-as-a-service (SaaS) management, and IT service management (ITSM) integrations delivered as a service are the first solutions accessible on the new cloud-native platform, which are present in software access management solutions.

Based on component, the software asset management market is segmented into solutions and services. In terms of deployment type, the software asset management is categorized into on-premise and cloud-based. Based on organization type, the software asset management market can be categorized into small and medium enterprises and large enterprises. Based on industry vertical, the software asset management market is segmented into government, retail & consumer goods, healthcare & life sciences, BFSI, media & entertainment, manufacturing, IT & telecom, and others. Based on region, the global software asset management market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Software Asset Management Market Regional Insights

The regional trends and factors influencing the Software Asset Management Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Software Asset Management Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Software Asset Management Market Report Scope

Software Asset Management Market Players Density: Understanding Its Impact on Business Dynamics

The Software Asset Management Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Software Asset Management Market – Company Profiles

• Microsoft Corporation
• IVANTI                 
• SNOW SOFTWARE          
• BMC SOFTWARE, INC.                  
• CERTERO     
• FLEXERA
• IBM Corporation               
• MICRO FOCUS           
• SERVICENOW
• BROADCOM, INC.