Software Asset Management Market Trends, Size, Share, Growth, Industry Analysis, Advance Technology and Forecast 2026
The global software asset management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.1% during the forecast period, to reach USD 4.8 billion by 2026 from USD 2.0 billion in 2021. Key factors that are expected to drive the growth of the market are the rising need to manage audits and meet regulatory compliance standards, growing need to manage and optimize the purchase, deployment, maintenance, utilization, and disposal of software applications within the business, and lower software spend cost. These factors are driving the demand for software asset management.
Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=235932482
Services segment to hold a larger market size during the forecast period
Based on services, the software asset management market is segmented into two categories: professional and managed services. These services assist in building, assessing, and leveraging software asset management environments to avoid time wastage and effort on a failed implementation. These services help optimize software licensing costs, IT assets, and ensure compliance standards by managing audits. Enterprises need active support from skilled professionals to minimize their software asset downtime during the pre-and post-installation of software asset management solutions. These services provide the necessary support to uphold the efficiency of business processes, increase enterprise growth, and reduce unwanted IT expenses.
SMEs segment to grow at the highest CAGR during the forecast period
SMEs are defined as organizations with an employee strength ranging from 1 to 1,000. These enterprises face greater challenges of a limited budget as compared to large enterprises and require better methods to resolve complexities for improving the cost optimization of their business processes. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. Due to the limited budget, SMEs mostly prefer cloud-based solutions over on-premises solutions, and this adoption trend is expected to accelerate in the years to come, enabling the cloud deployment model to have a considerable market size during the forecast period. SMEs use software asset management solutions for license management, software discovery, optimization, and metering. These factors are also expected to encourage more SMEs to adopt software asset management solutions and services at a rapid pace. This segment has a huge potential and will continue to flourish in the software asset management market in the coming years.
Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=235932482
Unique Features in the Software Asset Management Market
Automated discovery techniques that can search and locate software assets on a network within an organisation are being incorporated into advanced SAM systems. This facilitates tracking licence compliance and keeping an accurate inventory of installed software.
Features for optimising software licences were available in SAM tools, ensuring that businesses adhere to licencing agreements. This entails monitoring licence utilisation, balancing licences, and avoiding excessive or insufficient licencing.
SAM systems were growing in their ability to manage software assets in cloud environments as cloud services became more widely used. This covers monitoring consumption, controlling subscriptions, and guaranteeing adherence in cloud-based software.
One increasingly important function was integration with ITSM platforms. SAM solutions were made to integrate easily with ITSM systems, allowing for a more comprehensive approach to IT administration and promoting cooperation between IT processes.
Usage tracking and analytics elements were added to SAM solutions to give insights into the organization-wide software asset utilisation. Making educated decisions about software optimisations and renewals is made easier with the use of this information.
Major Highlights of the Software Asset Management Market
Cloud-based SAM solutions were becoming more and more popular. The scalability, flexibility, and accessibility of cloud-based platforms boosted an organization’s ability to manage software assets in dynamic IT settings.
In order to prevent situations when an organisation issues too many or too few licences, SAM systems have been emphasising licence optimisation more and more. Key components included advanced capabilities including usage tracking, licence reconciliation, and compliance monitoring.
SAM tools coupled with Mobile Device Management (MDM) solutions, in response to the growing trend of mobile devices in the workplace. This made it possible for businesses to maintain compliance across numerous platforms and manage software assets on mobile devices.
By evaluating the risks connected to various software vendors, SAM solutions started to handle vendor risk management. This involved taking into account things like compliance issues, security flaws, and software vendors’ financial soundness.
SAM products now prominently feature security and compliance. Solutions aimed at assisting companies with the tracking and management of security patches, guaranteeing that software assets were safe and up to date, therefore reducing any risks.
Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=235932482
Top Key Companies in the Software Asset Management Market
The software asset management market comprises major providers, such as Snow Software (Sweden), Flexera (US), USU Software AG (Germany), Ivanti (US), BMC Software (US), ServiceNow (US), Certero (UK), Matrix42 (Germany), Broadcom (US), Eracent (US), Scalable Software (US), Belarc (US), IBM (US), Micro Focus (UK), Microsoft (US), ManageEngine (US), Xensam (Sweden), InvGate (Argentina), Symphony SummitAI (US), 1E (UK), Open iT (US), Lansweeper (Belgium), and License Dashboard (UK). The study includes an in-depth competitive analysis of key players in the software asset management market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements, partnerships, mergers and acquisitions, have been the most dominating strategies adopted by the major players from 2019 to 2021, which helped them strengthen their offerings and broaden their customer base.
Snow Software is a technology intelligence solutions company. It offers software asset management, Software-as-a-Service (SaaS) management, asset discovery and inventory, cloud automation and orchestration, as well as audit defense solutions. The company aims to help organizations understand and manage their technology consumption. It is one of the major providers of on-premises and cloud-based software asset management solutions across the world. Snow Software offers software recognition and normalization for over 700,000+ applications so organizations can easily get the insights they need from top vendors with the largest IT spend including Oracle, IBM, Microsoft, VMware, SAP, Micro Focus, and Citrix. Snow Software has its footprint around the globe, with offices in Europe, North America, Latin America, and APAC.
USU Software AG is one of the leading providers of smart software and services for IT and customer service management and is a holding company for various subsidiaries that operate as international software and service companies. On January 2021, the USU Group announced that it would unit all of its subsidiaries under the common USU umbrella brand. As part of the new branding, software asset management solutions leader, Aspera GmbH, is now operating exclusively under the brand name USU. Aspera software asset management solutions are now complemented by USU Software AGs integrated solution portfolio, featuring innovative digital-first AI and cloud technologies.
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/software-asset-management-market-235932482.html
