Global Software Asset Management (SAM) Market Size to Reach USD 13.17 Billion in 2032 | Emergen Research

Vancouver, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global Software Asset Management (SAM) market achieved a significant milestone in 2022, boasting a total market size of USD 2.50 billion. What's particularly noteworthy is the projected growth, with a steady revenue Compound Annual Growth Rate (CAGR) of 18.1% anticipated throughout the forecast period, as reported by the latest analysis conducted by Emergen Research.

The driving forces behind this impressive revenue growth can be attributed to several key factors. Firstly, there's a growing imperative for businesses to effectively oversee and optimize various aspects of software programs within their operations. This includes the efficient management of software distribution, acquisition, utilization, maintenance, and even the proper disposal of software assets. By doing so, companies can realize substantial cost savings, especially in terms of software procurement.

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Furthermore, the increasing emphasis on managing audits and ensuring compliance with regulatory requirements has become paramount. Software Asset Management plays a pivotal role in helping organizations maintain adherence to these norms. In essence, SAM serves as a comprehensive business process, encompassing activities such as purchase optimization, maintenance management, deployment oversight, efficient utilization, and the responsible retirement of multiple software applications within an enterprise.

Software Asset Management (SAM) holds a pivotal role in enhancing cost-efficiency while concurrently mitigating the risks associated with penalties and license audits. It also contributes to optimizing software licensing, bolstering security measures, and ensuring the efficient utilization of software assets.

An additional driver of revenue growth in this market stems from the recent advancements in Artificial Intelligence (AI). AI's significant advantages, such as predictive maintenance improvements, optimized allocation of assets, streamlined operational processes, enhanced safety and regulatory compliance, and extended asset lifespan, have played a pivotal role in boosting market prospects. Consequently, major companies have been quick to leverage AI technology to enhance the functionality of their software asset management systems.

For instance, on December 6, 2022, TIFIN, renowned for its wealth management AI platform, introduced the TIFIN AMP platform, aimed at eliminating distribution obstacles within the asset management sector. These companies have also secured funding from capital firms to bolster the introduction of AI-driven asset management software in the market. An example of this is Akros, which received a significant investment of USD 2.3 million from Z Venture Capital on December 9, 2022. Their objective is to disrupt the existing asset management landscape with an AI-powered platform that leverages market data for stock analysis.

However, it's crucial to acknowledge some challenges hindering market growth. One such challenge is the scarcity of a skilled workforce, primarily stemming from inadequate training programs. This limitation could potentially impede the realization of the full market potential. Additionally, budget constraints have posed difficulties for the adoption of software asset management services and solutions, particularly among Small and Medium Enterprises (SMEs). SMEs face unique hurdles in achieving a satisfactory Return on Investment (RoI) from software asset management solutions due to the complexity of managing a diverse array of software across multiple devices, compared to their larger counterparts.

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Scope of Research

Major Companies and Competitive Landscape

The global Software Asset Management (SAM) market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective SAM solutions. Some major players included in the global SAM market report are:

• Scalable
• Matrix42 GmbH
• Flexera
• Ivanti
• BMC Software, Inc.
• Snow Software
• USU Software AG
• Certero
• Eracent 
• Belarc, Inc. 

Strategic Development

• On 15 March 2022, IBM introduced new solutions in collaboration with Flexera, an IT management software business, and IBM Turbonomic Application Resource Management (ARM) to assist organizations in using automation to streamline IT asset management. The new solutions are designed to assist organizations in reducing costs and automating the increasingly complicated responsibilities of software license compliance and optimization.
• On 18 May 2021, Flexera, a firm that assists businesses in getting the most out of their technological investments, announced a strategic partnership that made it possible for its Software Vulnerability Manager solution to interact with VMware Workspace ONE Unified Endpoint Management (UEM).

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Some Key Highlights From the Report

• The solution accounted for largest revenue share in the global SAM market in 2022. This is because SAM systems decrease risks and expenses, increase competitiveness, eliminate penalties, improve security, and provide optimum software asset utilization. The most recent innovation of Radio Frequency Identification (RFID) in software asset management offers faster physical validation, automated checking in and checking out, increased traceability, big volume upgrade, and cost reduction. As a result, prominent corporations are working together to improve their asset management solutions. For example, on 5 April 2023, SML, a leading provider of retail RFID technology and solutions, announced an exclusive cooperation with PervasID, a manufacturer of high-precision UHF RFID reader systems for inventory and asset management automation.
• The cloud segment is expected to register steadily fast revenue growth rate in the global SAM market during the forecast period. This is because cloud technology offers advantages such as enhanced cost effectiveness, scalability and accessibility, and data centralization. Cloud spending has increased and is expected to increase further in the coming years, overtaking traditional on-premises software spending. According to research, over two-thirds of application spending in 2025 will be devoted toward cloud software. SAM for cloud settings focuses on cost management, software portfolio management, and compliance challenges, either in place or in addition to managing software assets. As a result, major companies are collaborating with each other to launch new products and upgrade existing products by adopting this technology.
• The healthcare and lifesciences segment is expected to account for significantly large revenue share in the global SAM during the forecast period. This is due to major benefits of deploying SAM systems in healthcare and life sciences , which include improving health of patients, enhancing staff productivity, reducing long-term costs, accessing insights, and safe disposal of medical wastes. In addition, these systems enhance local and global marketing with reusability of assets. As a result, major companies are partnering to acquire digital healthcare solutions for the benefit of their organization.
• The North America market accounted for largest revenue share in the global SAM market in 2022. This is attributed to the latest technological advancements and upgrading along with the launch of new platforms for more efficient usage and faster operations of the asset management systems. For instance, on 15 March 2022, IBM announced the launch of new Information Technology (IT) asset management automation solutions alongside Flexera, a provider of IT management software, and IBM Turbonomic Application Resource Management (ARM). The goal of new solutions was to reduce expenses for organizations while automating the increasingly difficult chores of software license compliance and optimization.

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 Emergen Research has segmented the global SAM market on the basis of component, deployment, organization size, industry, and region:

• Component Outlook (Revenue, USD Billion; 2019-2032)

• • Solution

• • License Management
  • Audit and Compliance
  • Software Discovery, Optimization, and Metering
  • Contract Management
  • Configuration Management
  • Others

• • Services

• • Professional Services
  • Managed Services
• Deployment Outlook (Revenue, USD Billion; 2019-2032)

• • On- Premises
  • Cloud

• Organization Size Outlook (Revenue, USD Billion; 2019-2032)

• • Large Enterprises
  • Small and Medium-sized Enterprises (SMEs)

• Industry Outlook (Revenue, USD Billion; 2019-2032)
  • Banking, Financial Services and Insurance (BFSI)
  • Government

• • Healthcare and Lifesciences
  • Education
  • Telecom
  • Retail and Commerce
  • IT and Commerce
  • Media and Entertainment
  • Retail and Manufacturing
  • Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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