The product has found its application in limiting the legal as well as financial risks associated with the ownership of the asset. This, in turn, is poised to drive the proliferation of the software asset management market in the years to come. In addition, the procurement of the product ensures a reduction in IT costs, which is presumed to induce rapid developments in the global market.
Assets are investments of the organization which requires proper management throughout its lifecycle and even for disposal. It is poised to motivate the adoption of software asset management solutions over the next couple of years. However, lack of awareness in SMEs is expected to impede growth of the software asset management market in the nearby future.
Software asset management enables efficient optimization of operations such as purchase, deployment, disposal, utilization, etc. In this report by Market Research Future, the assessment of the global software asset management market is covered in detail. It reveals that the market is expected to strike 14.18% CAGR over the review period 2018 to 2023. The market is further assessed to reach a valuation of 2.45 Bn by 2023.
Aspera Technologies (US), CA Technologies (US), BMC Software (US), Microsoft (US), Symantec (US), Cherwell Software (US), Certero (UK), Flexera (US), Ivanti (US), IBM (US), Micro Focus (UK), ServiceNow (US), CloudFabrix Software Inc.(U.S), Scalable Software (US), and Snow Software (Sweden) are few of the key players of the software asset management market profiled in this MRFR report.
Technological innovations by the market participants are expected to intensify the competitiveness in the global marketplace over the next couple of years. In addition, growth strategies such as mergers & acquisitions, product launches, portfolio development, collaborations, strategic alliances, etc. are anticipated to be witnessed in the software asset management market in the upcoming years.
The regional segments of the global software asset management market identified in the regional analysis included in this report are – North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). North America is assessed to hold the dominant position in the marketplace through the forecast period. The enterprises in the region are quick to adopt new technologies. This, in turn, is poised to drive the growth of the software asset management market in the region during the assessment period.
Europe is the second-most prominent software asset management market and is likely to earn substantial revenues over the next few years. Meanwhile, Asia Pacific resonates immense potential for growth. It is anticipated to mark the highest CAGR across the projection period.
Based on component, the segmental analysis of the software asset management market has been divided into solution and services. The sub-segmentation of the solution segment covers – license management, software discovery, audit and compliance management, metering, and optimization, configuration management, contract management, and others. Professional services and managed services are the two sub-segments of the services segment.
On the basis of deployment, the software asset management market size has been bifurcated into on-premise and on cloud.
The segmentation of the software asset management market, on the basis of organization size, comprises of small & medium enterprises and large enterprises.
The vertical based segments of the software asset management market are – BFSI, government, healthcare, IT & telecom, retail, and others.
In October 2019, a leading provider of industrial automation cybersecurity solutions, Radiflow, has jointly announced with Asset Guardian, a dedicated provider of leading-edge protection, the launch of a solution for the expansion of industrial asset monitoring.
In October 2019, iPR Software, a leader in online publication and digital publishing, has announced the launch of its first Artificial Intelligence application, Metatron.