Software Asset Management Market Size, Share & Industry Analysis By Component (Solution, Services), By Deployment Mode (On-Premise, Cloud), By Organization Size (Small & Medium Enterprises, Large Enterprises), By Industry (BFSI, Government, Healthcare, Retail & E-commerce) And Regional Forecast, 2024-2032

Software asset management (SAM) is a business strategy tool that involves deployment, maintenance, controlling and automating procurement, and deployment of software applications within an organization. SAM application systematically evaluates, tracks, and manages software licenses, compliance, and optimization. Increasing adoption of cloud and digital transformation in multiple industries such as BFSI, IT & telecom, government, healthcare, and retail, among others is expected to fuel the growth of software asset management (SAM) solutions and services. Additionally, the market is fragmented owing to presence of large number of players across market. Software asset management plays an important role to control risk, reduce software spending, and helps in arriving quickly at outcomes. Owing to these advantages, demand for software asset management marketing is growing among end-use industries which is expected to fuel the growth of the software asset management market.

Software asset management are significantly used in organizations as it provides faster outcomes at lower cost. The technologies involved in SAM program are complex and constantly changing. It requires skilled personnel, resources to implement SAM program in small and medium size enterprises and large enterprises. Adoption of SAM program helps organizations to reduce risk and at the same time to optimize the complete lifecycle of a company's software assets. Multiple organizations purchase or subscribe to use several software licenses. In small businesses, it is easier to monitor and optimize IT asset. However, in large enterprises, it becomes slightly difficult to manage IT assets. Furthermore, rising need to manage audits and meet regulatory compliance standards across the globe fuels the growth of the market.

IMPACT OF COVID-19 ON SOFTWARE ASSET MANAGEMENT MARKET

The COVID-19 had unprecedented impact on the enterprises, healthcare, manufacturing, and retail sector. Due to pandemic, many organizations faced several challenges, such as ensuring optimal business operations and managing the health of the workforce. The pandemic has resulted in the shift toward remote working environments which created new complex barriers for many businesses to overcome. However, software asset management tool helped businesses, BFSI, manufacturing, retail, and IT sector across the globe to provide faster outcomes at lower cost and to meet rising demand of customers for optimized IT assets during the crisis. Also, the pandemic has increased the need for companies in the various sector to incorporate digital technologies and connect with the power of software asset management solutions. Thus, it is analyzed that post COVID-19 demand for software asset management tool has significantly increased among all end-user industry and it is expected to drive the market during forecast period.

KEY INSIGHTS

The report will cover following key insights:

• Micro Macro Economic Indicators


• Drivers, Restraints, Trends and Opportunities


• Business Strategies Adopted by the Players


• Impact of COVID-19 on Software Asset Management Market


• Consolidated SWOT Analysis of Key Players

REGIONAL ANALYSIS

North America is expected hold the largest market share in the global market. Rising need for an optimized IT asset at lower cost is anticipated to boost the demand for software asset management. For instance, in the United States many federal agencies use software asset management tool for software license management and other information technology (IT) assets at lower cost. Additionally, presence of major market players such as BMC Software, IBM Corporation, ServiceNow, Microsoft Corporation, and Flexera, among others in the region intensify the competition among them and helps in generating revenue in the region.

Asia Pacific is anticipated to have significant growth during forecast period. Growing adoption of software asset management tool in organizations across developing countries such as India, China, Singapore, South Korea and others to ensure a secured, healthy, and productive IT infrastructure is expected to drive the market growth rapidly in this region. In addition, presence of adequate number of market vendors is propelling demand for software asset management in the region.

KEY PLAYERS COVERED

The report will include the profiles of key players such as Snow Software, Flexera, USU Software AG, Ivanti, BMC Software, Certtero, Broadcom Corporation, Eracent, USU Software AG, ServiceNow, IBM Corporation, Micro Focus, Microsoft Corporation, and others.

Key players in the market like Flexera, USU Software AG, Ivanti, USU Software AG, and ServiceNow etc. are entering into strategic partnerships and collaborations to expand the business. Market players are focused on new product launch and product enhancement in existing product to accelerate market growth.

SEGMENTATION

KEY INDUSTRY DEVELOPMENTS

• March 2021- Ivanti acquired Cherwell Software, a provider of service management solutions to enterprises. With the help of this acquisition, Ivanti aims to enlarge the range of its Neurons platform, that provides asset management and end-to-end service to IT businesses.


• October 2020- ServiceNow partnered with IBM Corporation to help companies reduce operational risk at an affordable cost by applying artificial intelligence (AI) technology to automate IT operations.