According to Research report "Software Asset Management Market by Solution (License Management, Audit and Compliance Management, Software Discovery, Optimization, and Metering), Service, Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2022", The software asset management market size is expected to grow from USD 1.16 Billion in 2017 to USD 2.32 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period.
The increasing need to manage the life cycle of assets and compliance-readiness are expected to be the major drivers of the market.
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Rapid adoption of software asset management solutions, owing to strong and well-established economies, is expected to make North America the largest regional market
North America is estimated to be the largest contributor to the software asset management market in terms of regional revenue. This region comprises developed countries, such as the US and Canada. The region is open to the adoption of new and emerging technologies, and its strong financial position enables it to invest majorly into leading tools and technologies for effective business operations. The need for compliance-readiness in enterprises in the US and Canada has encouraged the adoption of software asset management solutions. This gives organizations in North America a competitive edge over the other organizations from other regions.
The manufacturing industry vertical is expected to hold the largest market size during the forecast period
As the world’s economy is improving, the manufacturing industry vertical is said to be gaining traction. The manufacturing industry vertical requires software asset management solutions to streamline its maintenance process, extend the longevity of software assets, and improve its productivity. The data collected from the asset performance software helps predict the exact failure point of a critical asset in the industry vertical, thereby increasing the uptime. Manufacturing firms are partnering with or outsourcing their processes to other firms for monitoring and managing the overall software workflow process. The manufacturing industry vertical is labor-intensive and prone to costly errors. The industry vertical has the need to understand the competency level, conduct software metering for audits, and optimize the software for reducing the costs that are required to increase its market share in the software asset management market. However, compliance and quality assurance are some of the other points that this industry vertical needs to take care of. To manage such issues, manufacturing enterprises are readily adopting software asset management solutions and associated services.
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The large enterprises segment is expected to hold a larger market share during the forecast period
Organizations with more than 1,000 employees are categorized as large enterprises. The use of software asset management solutions in large enterprises is relatively higher than that of the Small and Medium-sized Enterprises (SMEs). This is due to the affordability and high economies of scale that enable the large organizations to benefit from software asset management solutions. Enterprises leave no stone unturned to compete in today’s cut-throat competitive market. Therefore, they invest significantly in software optimization, license management, and analytics. All these solutions are favorably welcomed and highly adopted by large organizations. The software asset management market in the large enterprises segment is expected to grow significantly during the forecast period.
The major vendors in the software asset management market include Aspera Technologies (US), BMC Software (US), CA Technologies (US), Certero (UK), Cherwell Software (US), Flexera (US), IBM (US), Ivanti (US), Micro Focus (UK), Microsoft (US), Scalable Software (US), ServiceNow (US), Snow Software (Sweden), and Symantec (US).
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