CHICAGO, June 28,
2024 /PRNewswire/ -- The Software Asset
Management Market is expected to grow from USD 3.5 billion in 2024 to USD 7.3 billion by 2029 at a Compound Annual
Growth Rate (CAGR) of 16.0% during the forecast period, according
to a new report by MarketsandMarkets™. Software asset management
solutions provide comprehensive tools for tracking, managing, and
optimizing software assets throughout their lifecycle. To ensure
efficient and accurate asset management, software asset management
integrates various data sources and technologies, including
real-time usage metrics, license compliance tools, contract
management systems, and automation features. These solutions enable
organizations to monitor software usage, identify cost-saving
opportunities, ensure regulatory compliance, and enhance
cybersecurity measures, ultimately supporting better
decision-making and maximizing the value of their software
investments.
Browse in-depth TOC on "Software Asset Management
Market"
288 - Tables
52 - Figures
401 - Pages
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Scope of Report
Report
Metrics
|
Details
|
Market Size Available
For Years
|
2019–2029
|
Base Year
Considered
|
2023
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Billion)
|
Segments
Covered
|
Offering, Deployment
Model, Organization Size, and Vertical
|
Regions
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, and Latin
America
|
Companies
Covered
|
Flexera
(US), Snow Software (Sweden), 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),
OpenText (Canada), Microsoft (US), ManageEngine (US), InvGate
(Argentina), SymphonyAI
(US), 1E (UK), Open iT (US), Lansweeper
(Belgium), License Dashboard
(UK), Xensam (Sweden), Licenseware (Romania), CoreView (US), Zylo
(US), Lexcomply (India), and StandardFusion
(Canada)
|
By organization size, the large enterprise segment will hold
a larger market size during the forecast period.
Organizations with an employee strength of more than 1,000 can
be considered large enterprises. Software asset management in large
enterprises is evolving beyond mere compliance and cost-saving
measures. With the advent of hybrid work environments, enterprises
are increasingly leveraging software asset management to drive
innovation and agility. Modern software asset management solutions
are integrated with advanced analytics and machine learning
algorithms that provide predictive insights, enabling proactive
management of software assets; this allows enterprises to
anticipate future software needs and align them with strategic
business goals. Additionally, software asset management in large
enterprises focuses on enhancing cybersecurity. Ensuring that all
software is up-to-date and properly licensed, software asset
management helps minimize vulnerabilities that cyber threats could
exploit. Integrating software asset management with broader IT
asset management (ITAM) frameworks also enables a unified approach
to managing hardware and software assets, improving overall IT
governance.
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Furthermore, sustainability is becoming a significant aspect of
software asset management in large enterprises. Companies now use
software asset management to optimize their software usage to
reduce digital waste, contributing to their overall environmental,
social, and governance (ESG) goals. Software asset management tools
are also being utilized to support remote work by managing software
licenses and ensuring employees can access necessary tools without
compromising security or compliance.
By region, the Middle East
& Africa will grow at the
second-highest growth rates during the forecast period.
In the Middle East and
Africa region, including GCC
countries, South Africa,
Egypt, Nigeria, Turkey, and others, the Software Asset
Management Market is expanding rapidly amid growing digital
transformation initiatives and increased ICT investments. Countries
across the region are enhancing their digital infrastructure to
support economic growth, with software asset management playing a
crucial role in managing software licenses and ensuring compliance
with regulatory standards.
The market is characterized by a strong demand for software
asset management solutions to optimize software usage, reduce
costs, and mitigate risks associated with software audits. Local
vendors like Ettesaq, specializing in software licensing
consulting, help large enterprises navigate the complexities of
software contracts and optimize their software portfolios. Their
services cover everything from software procurement and compliance
to ongoing asset management.
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The Software Asset Management Market in the Middle East and Africa is witnessing distinct trends,
including heightened digital transformation efforts, increased
regulatory scrutiny, and growing cloud adoption. In the Gulf
Cooperation Council (GCC) countries, particularly the UAE and
Saudi Arabia, there is a strong
push towards intelligent government initiatives and digital
economies, driving the demand for robust software asset management
solutions to manage extensive software portfolios. In South Africa, businesses increasingly invest
in software asset management to ensure compliance with complex
software licensing agreements and optimize costs amid economic
pressures. Nigeria and
Kenya are emerging markets where
the adoption of software asset management is accelerating, fueled
by the expansion of IT infrastructures and a growing awareness of
the benefits of effective software management. Across the region,
incorporating AI and machine learning in software asset management
tools is a key trend, enhancing predictive analytics capabilities
and improving asset tracking and utilization.
Top Companies in Software Asset Management Market:
Some of the key players operating in the Software Asset
Management Market are – Flexera (US), Snow Software(Sweden), USU Software AG(Germany), Ivanti(US), BMC Software(US),
ServiceNow(US), Certero(UK), Matrix42(Germany), Broadcom(US), and
Eracent(US).
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