The Worldwide Software Asset Management Industry is Expected to Reach $5.3 Billion by 2027

DUBLIN, March 31, 2022 /PRNewswire/ -- The "Global Software Asset Management Market By Component, By Deployment Type, By Enterprise Size, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.

The Global Software Asset Management Market size is expected to reach $5,370.4 Million by 2027, rising at a market growth of 17.3% CAGR during the forecast period.

Software asset management (SAM) refers to the business mechanism, which includes handling and optimizing different aspects like the purchase, utilization, maintenance, deployment, and scrapping software applications in a company. By adopting SAM, companies aim to decrease information technology (IT) costs and business & legal issues regarding the ownership and usage of software while simultaneously increasing IT responsiveness and end-user productivity.

Software asset management is a constant and emerging way through which companies manage their licenses and other software assets. It requires the inclusion of all the employees of every level of the company, from the executive management team to every end-user.

Software asset management facilitates control and accountability for expenditure and standards via user management & approval procedure that is expected to lead to the top-class practice at the procurement phase. It also enables responsibility and control for the retirement of IT/software assets maintained by financial & physical goals.

By adopting SAM tools, companies can also ensure that there is no overbuying and over-licensing. Along with that, it also lays down the foundation for choosing the best-fit license types, developing the highest flexibility on the basis of current & future needs, and reducing the risk of cost-oriented surprises.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic has disturbed all aspects & sections of life & society along with businesses. In the current scenario, widespread communication is possible because of the internet and hence, is playing a crucial role in managing and operating businesses. The pandemic has provided a great opportunity for businesses to go digital.

In addition, consumer demand has consequently decreased because customers are gradually decreasing non-essential spending from their budgets as the normal economic status of most people has been strictly affected by the pandemic. Due to this, the demand for Solutions is expected to witness a decline.

Market Growth Factors:

The increasing requirement for managing and optimizing software applications activities among companies

The software is one of the crucial parts of various business processes and management of several types of software is also becoming an important part of business strategies because companies are increasingly spending on building an advanced IT infrastructure. There is an increase in demand for software asset management solutions among enterprises to manage and optimize their IT assets in order to stay updated with the swiftly changing landscape.

High adoption of cloud-based solutions

With the high penetration of the internet and growing digitalization across the globe, companies are widely adopting and allocating their budget to advanced solutions to build a strong IT infrastructure. There is increasing popularity of cloud-based software asset management in the market since they offer a wide range of benefits including scalability, flexibility, and low cost. This is expected to further create lucrative opportunities for the key market players.

Marketing Restraining Factor:

Limited budget of SMEs along with the dearth of knowledge among them

There are a high number of SMEs that exist across the world, which are contributing majorly to the economy of the world. These SMEs generally have a limited budget for their business operations, which discourage them to adopt various advanced technology, software, or solutions. In addition, SMEs find it challenging to understand the ROI from software asset management solutions and services in comparison to the large enterprises, because the complications in the management of a wide range of software on several devices are prevalent in large enterprises than SMEs.

Component Outlook

The software asset management market is classified into solutions (license management, audit and compliance management, software discovery, optimization, and metering, contract management, configuration management, and others) and services (managed services and professional services). The solution segment is estimated to acquire the highest market share over the forecast period.

Deployment Type Outlook

The software asset management market is divided into on-premises and cloud. The on-premises deployment model is estimated to garner the highest market share during the forecast period. It is because companies across different regions are moving to cloud to bring digital transformation at speed.

Enterprise Size Outlook

The software asset management market is bifurcated into large enterprises and SMEs. The SMEs segment is anticipated to witness a significant growth rate in the market over the forecast period. These enterprises is expected to encounter several challenges due to their restricted budget and is expected to need better ways to resolve complications for enhancing the cost optimization of their business procedures.

End-User Outlook

The software asset management market is fragmented into education, BFSI, healthcare, IT & telecom, manufacturing, government, retail & eCommerce, and others. Manufacturing segment is expected to obtain the largest revenue share of the market during the forecast period.

Regional Outlook

The software asset management market is analyzed across North America, Europe, Asia Pacific, and LAMEA. North America is anticipated to garner the largest share in the software asset management market over the forecast period. Europe is estimated to acquire the second-largest market share over the forecast period followed by North America.

Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Geographical Expansions:
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements: 2017, Jun - 2021, Jun) Leading Players

Chapter 4. Global Software Asset Management Market by Component
4.1 Global Solution Market by Region
4.2 Global Solution Market by Type
4.2.1 Global License Management Market by Region
4.2.2 Global Contract Management Market by Region
4.2.3 Global Audit and Compliance Management Market by Region
4.2.4 Global Software Discovery, Optimization, and Metering Market by Region
4.2.5 Global Configuration Management Market by Region
4.2.6 Global Other Solution Type Market by Region
4.3 Global Services Market by Region

Chapter 5. Global Software Asset Management Market by Deployment Type
5.1 Global On-premise Market by Region
5.2 Global Cloud Market by Region

Chapter 6. Global Software Asset Management Market by Enterprise Size
6.1 Global Large Enterprises Market by Region
6.2 Global Small & Medium Enterprises Market by Region

Chapter 7. Global Software Asset Management Market by End User
7.1 Global Manufacturing Market by Region
7.2 Global BFSI Market by Region
7.3 Global IT & Telecom Market by Region
7.4 Global Healthcare Market by Region
7.5 Global Retail & Ecommerce Market by Region
7.6 Global Government Market by Region
7.7 Global Others Market by Region

Chapter 8. Global Software Asset Management Market by Region

Chapter 9. Company Profiles
9.1 USU Software AG
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Segmental and Regional Analysis
9.1.4 Research & Development Expenses
9.1.5 Recent strategies and developments:
9.1.5.1 Partnerships, Collaborations, and Agreements:
9.1.5.2 Product Launches and Product Expansions:
9.1.5.3 Geographical Expansions:
9.2 Certero
9.2.1 Company Overview
9.2.2 Recent strategies and developments:
9.2.2.1 Partnerships, Collaborations, and Agreements:
9.2.2.2 Product Launches and Product Expansions:
9.3 Matrix42 AG (Corten Capital)
9.3.1 Company Overview
9.3.2 Recent strategies and developments:
9.3.2.1 Partnerships, Collaborations, and Agreements:
9.3.2.2 Acquisition and Mergers:
9.4 Eracent
9.4.1 Company Overview
9.4.2 Recent strategies and developments:
9.4.2.1 Partnerships, Collaborations, and Agreements:
9.4.2.2 Product Launches and Product Expansions:
9.5 Scalable Software
9.5.1 Company Overview
9.8 ServiceNow, Inc.
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Regional Analysis
9.8.4 Research & Development Expenses
9.8.5 Recent strategies and developments:
9.8.5.1 Product Launches and Product Expansions:
9.8.5.2 Acquisition and Mergers:
9.9 Broadcom, Inc.
9.9.1 Company Overview
9.9.2 Financial Analysis
9.9.3 Segmental and Regional Analysis
9.9.4 Research & Development Expense
9.9.5 Recent strategies and developments:
9.9.5.1 Partnerships, Collaborations, and Agreements:
9.9.5.2 Acquisition and Mergers:
9.10 BMC Software, Inc. (KKR & Co., Inc.)
9.10.1 Company Overview
9.10.2 Financial Analysis
9.10.3 Recent strategies and developments:
9.10.3.1 Partnerships, Collaborations, and Agreements:
9.10.3.2 Acquisition and Mergers:

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