Software Asset Management Market Size – USD 2.00 billion in 2021, CAGR of 18.2%, growing need for audit management and regulatory compliance compliance
NEW YORK, NY, USA, September 20, 2022 /EINPresswire.com/ — Growing need for IT and contract management teams to streamline software lifecycle process and growing need to reduce software expenditures are key factors driving the market revenue growth
The Global software asset management market the size was USD 2.00 billion in 2021 and is expected to register a CAGR of 18.2% over the forecast period, according to the latest Reports and Data report. Market revenue growth is expected to be driven by the growing need for audit management and regulatory compliance compliance.
Software Asset Management (SAM) ensures compliance with software publisher-user agreements. SAM enables systemic IT asset management by integrating people, process and technology. These standards help companies rationalize their IT assets, deploy assets, and plan IT expenditures more effectively. IT asset management tool collects asset details in one place. The information is used to produce valuable insights into how assets are used in the business and their current life cycle, which increases the demand for software asset management solutions. The market revenue growth is expected to be driven by the growing need for enterprises to maximize their investments at each phase of their life cycle and implement an IT asset management strategy to acquire more for less, harvest unnecessary equipment and properly dispose of obsolete equipment. .
The 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 highlights of the report
• The Solutions segment is expected to register a rapid revenue growth rate over the forecast period owing to the growing need to analyze, track and maintain an organization’s asset requirements. These solutions improve software efficiency, maintain software usage records, and identify licensed software by helping organizations track their software usage. Organizations are increasingly adopting solutions to enable discovery, measurement and optimizations, enabling compliance and making the right decisions. Additionally, manufacturing plants and healthcare facilities are deploying solutions to monitor equipment maintenance and ensure proper equipment operation. These factors are driving the revenue growth of the segment.
• The cloud segment is expected to lead in terms of revenue contribution to the global market over the forecast period owing to the growing need to minimize business costs related to IT infrastructure. The cloud solution allows companies to focus on core business skills in security and data protection. According to a 2020 survey, 82% of enterprises use hybrid clouds to store sensitive data in a private cloud while running business applications on a public cloud.
• The small and medium enterprises (SME) segment is expected to account for the largest share of revenue during the forecast period. SMEs still face challenges in implementing asset management properly. Therefore, asset management software enables SMBs to stay competitive through transformation, while adapting to changes in an organized manner, thereby increasing productivity. These factors are expected to drive the revenue growth of the segment over the forecast period.
• The manufacturing segment is expected to register a steady revenue growth rate over the forecast period owing to the growing need to extend life, improve productivity and streamline maintenance processes. The industry is labor intensive and susceptible to costly mistakes. The solutions reduce costs and are necessary to increase the share of the industry. Manufacturing companies use asset management software to manage the full life cycle of their factory assets, such as equipment, parts, production lines, and buildings.
• The North America market is expected to account for the largest share of global market revenue during the forecast period. The rapid growth rate of the market is attributed to the rising presence of major market players such as ServiceNow, Microsoft Corporation, Danaher, and IBM, among others, which is expected to drive the market revenue growth in the region. A growing number of companies are using software asset management to optimize value through active control and purchasing automation. According to the data, the United States had 6.1 million registered companies in 2019.
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For the purposes of this report, Reports and Data has segmented the global software asset management market on the basis of component type, deployment, organization size, end-use, and region:
Component Type Outlook (Revenue, USD Billion; 2019-2030)
Deployment Outlook (Revenue, USD Billion; 2019-2030)
• On the site
Organization Size Outlook (Revenue, USD Billion; 2019-2030)
• Small and medium-sized enterprises (SMEs)
• Large companies
End-Use Outlook (Revenue, USD Billion; 2019-2030)
• IT & Telecom
• Retail and consumer goods
Regional Outlook (Revenue, USD Billion; 2019-2030)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Key Benefits of Software Asset Management Report:
• Identification and analysis of market size and competition
• Qualitative and quantitative analysis of market data
• Data validated by industry experts after extensive primary and secondary research
• In-depth regional analysis of the Software Asset Management industry
• Profiling of key players with their company overview, business strategies, agreements and partnerships, and product portfolio
• SWOT analysis and Porter’s five forces for an in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, constraints, challenges, risks and limitations
In conclusion, all aspects of the Software Asset Management Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.