Software Asset Management comprises of all activities regarding the management and optimization of the purchase, deployment, maintenance, utilization, and disposal of software assets (that have outgrown their utility) within an organization. Market Research Future (MRFR) has published a research report regarding the global software asset management market that visualizes massive success for this market with 26% CAGR (Compound Annual Growth Rate) for this market between 2018 and 2023.
The key factor driving the global software asset management market is increasing the need for managing the lifecycle of assets due to increasingly dynamic information technology (IT) environments, and the demand for efficiency with regards to the ability to effectively access, manage, and secure both software and hardware assets. Other factors driving the market are cost management, improved IT operations productivity and enhanced cybersecurity. However, lack of awareness among small & medium enterprises (SME’s) regarding software asset management can hinder the market growth.
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Major Key Players
The prominent players keep innovating and investing in research and development to present cost-effective offerings. Merger and acquisitions among various players are changing the market structure.
According to MRFR, The global Software Asset Management Market is expected to reach approximately USD 2.45 Billion by 2023 growing at a ~14.18% CAGR over the forecast period 2018–2023.
Latest Industry News
Accenture has introduced a new software asset management tool based on distributed ledger technology (DLT). The new system can track software events from origination to purchase. It helps to simplify tracking, usage and audit functions. 13 NOV 2018
The McBurney Transport Group has introduced a new asset management software that can support the management of its fleet of 1,400 vehicles and trailers. 12 NOV 2018
The global software asset management market has been segmented on the basis of component, deployment, organization size, vertical, and lastly, region. Based on the component, this market has been segmented into solution and services. The solution is sub-segmented into audit & compliance management, configuration management, contract management, license management, metering, optimization, software discovery, and others. Services segment has been sub-segmented into managed services and professional services.
On the basis of deployment, the market segmentation covers on cloud deployment and on-premise deployment. As per organization size, the market has been segmented into small and medium enterprises (SMEs) and large enterprises. The vertical-based segmentation segments the market into Banking, Financial Services and Insurance (BFSI), IT & telecom, government, healthcare, retail, and others.
The regional segmentation of the global software asset management market segments the market into continent-based regional markets known as North America, Europe Asia Pacific, and the rest of the world (RoW). Due to the maximum technological advancements in North America, this region has been anticipated to lead the global market during the forecast period. Due to technological advancement and increasing adoption of digital business strategies, there is a need to manage the lifecycle of the software assets that are complex in nature. Many major market players are also based in North America. This raises the value of North America as a market. The most important country-specific markets in this region are the United States of America (USA), Canada, and Mexico.
Europe is the second biggest regional market due to maximum technological advancement after North America, and this region has a high density of population. The market in this region is also growing due to heavy industrialization in the past decade in various technologically advanced countries like France, Germany, Italy, Spain, and the United Kingdom (UK).According to the report, the market in the Asia Pacific region is expected to witness the highest growth during the forecast period. The significant country-specific markets in this region are China, India, Japan, and South Korea.
The RoW segment covers the Middle East & Africa (MEA) and Latin America. In Latin America, Argentina and Brazil have strong economies, and they might emerge as big markets in the future. The MEA region shows limited market slow and steady growth. The reasons for the slow market growth in this region are lack of awareness, lack of education, lack of technological development, political instability.
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List of Tables
Table 1 Software Asset Management Market: By Region, 2018-2023
Table 2 North America Software Asset Management Market: By Country, 2018-2023
Table 3 Europe Software Asset Management Market: By Country, 2018-2023
Table 4 Asia Pacific Software Asset Management Market: By Country, 2018-2023
Table 5 The Middle East & Africa Software Asset Management Market: By Country, 2018-2023
Table 6 Latin America Software Asset Management Market: By Country, 2018-2023
Table 7 Global Software Asset Management by Component Market: By Regions, 2018-2023
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