Press release
Software License Management Market Reach USD 9.1 Billion by 2032 at 14% CAGR
The software license management market was valued at $2.8 billion in 2023, and is estimated to reach $9.1 billion by 2032, growing at a CAGR of 14% from 2024 to 2032.
The global software license management market is growing due to several factors such as the rise in adoption of cloud and SaaS solutions, and the rise in the number of software audits are some of the main factors anticipated to propel the growth of the market.
Prime determinants of growth
The global software license management market is growing due to several factors such as the rise in adoption of cloud and SaaS solutions, and the rise in the number of software audits are some of the main factors anticipated to propel the growth of the market. However, the lack of internal cross-functional collaboration concerns acts as a restraint for the software license management market. In addition, the rise of cloud governance will provide ample opportunities for the market's development during the forecast period.
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The proprietary license segment held the highest market share in 2023
Based on the licensing type, the proprietary license segment held the highest market share in 2023 This segment's prominence is due to the widespread adoption of proprietary software by businesses that seek robust, feature-rich solutions supported by dedicated vendor services. This in turn expected to propel the growth of this segment in the global market
The on-premise segment held the highest market share in 2023
Based on the deployment mode, the on-premise segment held the highest market share in 2023. This is attributed to numerous advantages offered by on-premise deployment such as a high level of data security and safety.
The large enterprises segment held the highest market share in 2023
Based on the organization size, the large enterprises segment held the highest market share in 2023. This is attributed to an increase in the adoption of software license management technology by businesses to gain strategic and a competitive advantage over their competitors. Customers use software license management to discover new insights on large-scale diverse data, including historical and recent data. This technology is suitable for the collection of data and running algorithms and analysis across a large set of data to find relevant relationships, entities, and insights.
The healthcare & life sciences segment held the highest market share in 2023
Based on the end user, the healthcare & life sciences segment held the highest market share in 2023. This can be attributed to the increasing adoption of digital technologies and software solutions in the healthcare industry. The demand for advanced software for patient management, electronic health records (EHR), telemedicine, and various other healthcare applications drives the need for effective software license management.
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North America held the highest market share in 2023
Based on region, North America held the highest market share in terms of revenue in 2023 and is expected to boost in terms of revenue throughout the forecast period. This demand can be attributed to the rising need for internet services to address the increasing adoption of digital technologies in several sectors. Individuals are choosing digital services to improve their knowledge and skills.
Major Players:
• Flexera Software
• IBM Corporation
• Muduslink Global Solutions Inc.
• Inishtech Technology Ventures Ltd.
• Microsoft Corporation
• Safenet, Inc.
• Agilis International
• Dimension Data
• HP, Inc.
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The report provides a detailed analysis of these key players in the global software license management market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Development:
• On April 2024, Iris Business Services launched a SaaS software called IRIS Myeinvois for Malaysia market. The platform is aimed at providing solutions to end taxpayers in e-invoice compliance as per Malaysia's tax regulator (LHDN) mandate.
• On July 2024, Summit launched a smart expense management solution built specifically for finance managers of small to medium-sized enterprises (SMEs) . to "modernize and automate" traditionally manual processes for employee expense claim and accounts payable functions.
• On December 2023, VSPAGY launched its AI-powered SaaS 3.0 (Beta) platform. This unique software-as-a-service offering is set to revolutionize the content marketing capabilities of small and medium-sized enterprises (SMEs) and small office/ home office (SOHO) entrepreneurs, providing intuitive DIY creator tools to generate personalized interactive (PI) images, GIFs, and videos to distribute them at scale.
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