Software Asset Management Market Growth Report, Size Gain

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Software Asset Management Market

According to MarketsandMarkets. 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 2 .0 billion USD in 2021. Key factors that are expected to drive the growth of the market are growing need to manage audits and meet regulatory compliance standards, growing need to manage and optimize the purchase, deployment, maintenance, use and disposal of software applications within the enterprise, and to reduce software purchase costs. These factors are driving the demand for software asset management.

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Browse in-depth TOC on “Software Asset Management Market”
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The software asset management market includes major vendors, 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 major Software Asset Management market players with their company profiles, recent developments, COVID-19 developments, and key market strategies.

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Services segment will hold larger market size during the forecast period

Based on services, the software asset management market is segmented into two categories: professional services and managed services. These services help create, assess and leverage software asset management environments to avoid wasted time and effort in the event of implementation failure. These services help optimize software license costs, IT assets, and ensure compliance standards by managing audits. Companies need the active support of trained professionals to minimize downtime of their software assets during pre-installation and post-installation of software asset management solutions. These services provide the support needed to keep business processes efficient, increase business growth, and reduce unwanted IT expenses.

The SME segment is expected to grow at the highest CAGR during the forecast period

SMEs are defined as organizations with a workforce ranging from 1 to 1,000 employees. These companies face greater challenges of a limited budget compared to large enterprises and need better methods to solve the complexities to improve the cost optimization of their business processes. However, the SME segment is expected to grow at a higher CAGR during the forecast period. Due to the limited budget, SMBs generally prefer cloud-based solutions over on-premises solutions, and this adoption trend is expected to accelerate in the coming years, allowing the cloud deployment model to scale considerable market share over the forecast period. SMBs use software asset management solutions for software license management, discovery, optimization, and measurement. These factors should also encourage more SMBs to quickly adopt software asset management solutions and services. This segment has huge potential and will continue to thrive in the software asset management market in the coming years.

Healthcare & Life Sciences Vertical Industry Expected to Grow at Highest CAGR Over Forecast Period

Healthcare and life sciences is one of the fastest growing verticals when it comes to the adoption of advanced technologies and services in terms of software asset management market. It is in fact a highly regulated system. Software asset management solutions can help healthcare organizations, hospitals, and clinics track, monitor, and manage their software assets to improve efficiency. Healthcare institutions using software asset management solutions for operational activities and medical device management must adhere to regulations as per governing body laws. Over the past few years, the focus on the healthcare and life sciences industry vertical has grown across all regions. The risk associated with selecting and managing the right software is of utmost importance to this industry vertical. Strict laws governing the healthcare and life sciences vertical industry encourage healthcare companies to adopt effective software asset management solutions and associated services.

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North America will account for the highest market share during the forecast period

The software asset management market is segmented into five regions: North America, Europe, APAC, MEA and Latin America. The Software Asset Management report provides insights into these regional markets in terms of market size, growth rate, future trends, market drivers and the impact of COVID-19. North America is expected to hold the highest market share in the overall software asset management market during the forecast period. After North America, Europe is expected to hold the second highest market share during the forecast period. The high need to optimize the cost of software licenses and manage audits to meet compliance standards is expected to drive the North American and European markets. APAC and MEA are also expected to witness high growth rates during the forecast period.

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