Software Asset Management Market Size to Worth US$ 5,150.51 Million by 2028 - Exclusive Report by The Insight Partners

The software asset management market is expected to grow from US$ 2,250.37 million in 2021 to US$ 5,150.51 million by 2028; it is estimated to grow at a CAGR of 12.6% from 2021 to 2028.

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Software asset management in a large organization may be so complicated that it requires the development and maintenance of a database that maintains information about software purchases, subscriptions, licenses, and patches. A team like this is often in charge of renewing software licenses, negotiating new license agreements, and detecting and removing software that is rarely or never utilized. The software asset management market will audit the number of software licenses purchased and reconcile it with the number of licenses installed to automate how information is obtained from numerous mobile, desktop, data center, and cloud inventory sources. SAM tools may also keep track of how many licenses are left. To keep expenses down, this knowledge may be utilized to delete or reallocate software that is not being used.

Major vendors covered in this report:
• Microsoft Corporation
• Ivanti
• Snow Software
• Bmc Software, Inc.
• Certero
• Flexera
• Ibm Corporation
• Micro Focus
• Servicenow
• Broadcom, Inc.

The administration of systems, rules, and procedures that enable the acquisition, implementation, usage, maintenance, and disposal of software applications inside an organization is known as software asset management (SAM). The software asset management market is a component of IT asset management that aims to guarantee that the company follows licensing agreements and does not overspend on software. The identification of software assets, the validity of end-user license agreements (EULAs), and the appropriate usage of free software are all crucial goals of any SAM endeavor. SAM documentation can protect one's company from anti-piracy lawsuits, minimize unintended license misuse, and provide control over the shadow software on the network.

Market Insights - Software Asset Management Market
Increasing Need for Asset Lifecycle Management Boost the Demand For Software Asset Management Market

All procedures and IT infrastructure users need to manage, regulate, and safeguard the company's software assets throughout their life cycles. IT asset management (ITAM), IT service management (ITSM), and hardware asset management (HAM) are all subsets of software asset management (SAM). ITAM aims to improve software and hardware asset management while optimizing cost savings and limiting audit risks. Modern businesses consider software to be an integral element of their everyday operations. On average, an organization employs 288 applications to assist employees with various tasks. With the implementation of a successful asset life cycle management or life cycle asset management (LCAM), strategy businesses can determine when an asset will achieve its peak performance and how long it has left to serve the business. For instance, Blissfully is a software asset management and software as a service (SaaS) management application that can help save money, manage all software providers, improve productivity, and increase the software system's security. Thus, the increasing need for asset lifecycle management boosts the demand for the software asset management market.

Software Asset Management Market Segmented by Region/Country:
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Central & South America

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Deployment Type Segment Insights - Software Asset Management Market

Based on deployment type, the software asset management is categorized into on-premise and cloud-based. Cloud-based software asset management solutions are more convenient to use on various devices with different screen sizes (desktop, laptop, tablet, hand-held devices, and smartphones). Data from RFID, barcoding, and NFC may also be saved in the cloud, making retrieval easier. Cloud-based systems are ideal for multi-location and a combination of internal and external asset audits, owing to their ease of access. It is usually simpler to upload asset photos and add remarks from many devices. A cloud-based software asset management solution can easily facilitate version control, auditing, and multi-approval chains.

Organization Type Segment Insights

Based on organization type, the software asset management market can be categorized into small and medium enterprises and large enterprises. Large enterprises can make huge investments in high-end software to increase productivity in the company. A SAM tool will be required for larger enterprises. Manual processes may be automated, accelerated, and improved using a software asset management tool. Moreover, software asset management helps organizations across various verticals effectively improve the performance and agility of their IT assets.

Industry Vertical Segment Insights - Software Asset Management Market

Based on industry vertical, the software asset management market is segmented into government, retail & consumer goods, healthcare & life sciences, BFSI, media & entertainment, manufacturing, IT & telecom, and others. Digital technologies are transforming the way the manufacturing industry approaches its business. Technology is estimated to play a massive role in Industry 4.0. Software asset management will be a key piece of this new age of manufacturing.

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